Traditional media grow ad revenues, despite rise of cable, Internet
by Sean Callahan
Traditional media, particularly broadcast television and newspapers, continue to grow ad revenues despite losing eyeballs to cable TV and the Internet, according to a report issued by media merchant bank Veronis Suhler Stevenson.
The number of hours spent with basic cable and satellite TV increased 7.8% on a compound annual basis from 1997 to 2002. Time spent with the Internet increased 43.1% in the same period. On the other hand, the report said, the average consumer spent 926 hours watching broadcast TV in 1997, which declined at a compound annual rate of 3.2% to 786 hours in 2002. Nonetheless, broadcast TV advertising expenditures rose at a compound annual rate of 2.5% from 1997 to 2002. At the same time, daily newspaper ad spending increased 1.3%.
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