Omnicom : We’re in Big Trouble
October 22, 2008
Mad.Co.Uk has just interviewed Omnicom Chief executive officer John Wren, and John is scared, below is his direct quote:
“No one could have anticipated the current credit crisis or the unprecedented volatility that’s created in the financial markets. We are in the process of trying to assess the impact these events we have on advertising spending for the first half of 2009.
“At this point, our clients generally remain very cautious. The only two sectors which have cut back in fourth quarter spending are automotive and some of our retail clients.
“We expect the fourth quarter to be a challenge as many normal year end marketing projects may not be authorized if financial markets continue to be volatile.”
But alas we have a few more questions for John Wren… we think many people have anticipated a significant recession and credit crunch over the past 2-3 years as it was plainly evident that people were not paying their mortgages. John, you just had look at the decreased spends coming from your real estate and banking clients to see this happening in real time, as you most likely had the most information, but failed to understand it.
For the rest of the year and well into 2009, things will continue to be horrific for the advertising agency space. This is the new reality.
Comments
One Response to “Omnicom : We’re in Big Trouble”
Got something to say?
Recognized by Advertising Age Magazine as top Power 150 news outlet for Advertising and Marketing.
Ad Agency Advertising
[...] off when they get there. Usually, it’s the guys behind the campaign who get it in the neck (what’s new?!): no one (certainly not the site owners) think to question the design or usability of the where the [...]