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Three years after its introduction, the Loi Sapin has done more damage to the French advertising and media industry that: even the most gloomy forecaster could have imagined.
Ostensibly an anti-corruption measure, introducing transparency into media dealings, the law has played a part in the demise of some 20 French media agencies. More worrying still is its indirect legacy of driving down agency remuneration to unworkable levels so that some media companies are finding it hard even to cover operating costs.
This legacy has its roots in the expectations of clients brought about by pre-Sapin developments in French media...