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Media insolvencies rocket by almost 50% |
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Tuesday, 04 August 2009 |
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New research released by PricewaterhouseCoopers has revealed that insolvencies in the advertising and broadcasting sectors have rocketed in the face of the ongoing recession.
 More doom and gloom The advertising sector was hit by 211 of these - a 50% increase - with 81 broadcasters slipping into insolvency, an increase of more than 40% on the previous year. However, the report also appeared to show a dim light at the end of the economic tunnel, with the number of insolvencies declining between the first and second quarters of 2009. PwC found that in the second quarter there were 53 insolvencies in the advertising sector and 15 in broadcasting. This represented falls of 22% and 31% respectively 'quarter on quarter'. David Lancefield, a partner at the firm, described this trend as "one of the few glimmers of hope we have seen across the media sector." www.pwc.com Something to add? Then leave a comment below or email us now.
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