Big Business Noticing the Net
More and more big businesses are moving ad dollars away from broadcast television and into the Internet, Reuters is reporting.
"We're asking media to come to us with creative ideas," he said. "Just like the (advertising) agencies compete, why don't media compete?"
Light's remarks are a sobering note to the television industry as it wraps up negotiations for advance commitments from advertisers for the 2004-05 broadcast season. Networks have reaped an estimated $9 billion in upfront advertising commitments, down from a record $9.3 billion last year, as viewers migrate to cable channels, the Web and other media.
The advertising industry has long speculated on when the tides will turn for the 30-second commercial spot. But more top marketers are now divulging plans to change spending habits.
"The time has come for us to agree that mass media marketing is over," Light told ad executives at the AdWatch conference presented by Advertising Age and tracking firm TNS Media Intelligence/CMR. "Our brand means different things to different people."
Send some my way, guys. OK?