WPP: Sir Martin Sorrell

Things are not looking good for traditional media.

From the Guardian:

"Sir Martin Sorrell, chief executive of marketing group WPP, will warn today that the UK advertising market is likely to stay weak compared with the rest of western Europe for the remainder of the year, describing the outlook as "mucky".

While perhaps not capturing the market's prospects as memorably as some of his previous pronouncements - such as his 2003 declaration that it was facing a "bath-shaped recovery" - his comments will be cold comfort for traditional media firms such as ITV which are feeling the effects of tight marketing budgets.

Consumption of traditional media such as newspapers is on the wane and TV audiences are increasingly fragmented by the wealth of choice on digital. The internet and new media channels are taking traffic from TV and print, but advertising spending on new platforms is not keeping pace. In the past Sir Martin has accused the British business community of being too cautious when it comes to marketing and experimenting with new channels."