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Veronis Suhler Stevenson on Monday issued a revised five-year forecast for the communications industry, warning investors that overall ad spending in the media sector is likely to decline by 7.4 percent in 2009, versus a previous projection of 4.3 percent growth.
The new reckoning represents the first two-year decline in ad spend in 75 years, as steep reductions in traditional media are being driven by macroeconomic factors (recession and the collapse of the financial markets) and secular concerns (audience fragmentation).
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