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NEW YORK Barclays Capital on Thursday issued the most dire near-term forecast for the advertising industry to date, warning investors that the business will shrink by 10 percent in 2009.
The firm now projects that total U.S. ad dollars will come in at $252.1 billion next year, down from $280 million in 2007. That’s a pronounced drop-off from Barclay’s October estimates, which had overall ad spend declining 5.5 percent in 2009.
Local advertising is likely to get the short end of the stick, with Barclays eyeballing a 12.2
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