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IF YOU THINK it's bad in the U.S. ad market, then what about Europe? Despite the Interpublic Group of Cos.' continuing problems, Omnicom Group produced industry-leading figures, with net income up 10%year on year (after accounting charges). In Europe, no one came close. The non-U.S.-based agency groups' reporting season made for painful reading. The willingness to contemplate war with Iraq as a factor looking forward made for a fascinating contrast in national characteristics.
WPP Group CEO Sir Martin Sorrell, announcing a 6 % drop in overall revenues (after acquisitions and currency fluctuations) for 2002 over 2001, addressed the looming war head on, describing it as the "rogue factor" in any ad recovery. The current political uncertainty was already beginning to damage ad revenues, he said, with many companies delaying big decisions on campaigns....