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Advertising’s Big Three holding companies expect a spark that will spur an ad recovery, but, in the meantime, reduced budgets have cut deeply into their bottom line.
Falloff in client spending was the key reason why worldwide revenue declined 15 percent and 2 percent, respectively, at Interpublic Group and WPP Group in the first quarter of 2002 compared with the first quarter of 2001.
Interpublic, in particular, was hurt by its heavy reliance on the U.S. market, where client purse strings remain tight.
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