On the heels of news earlier this week that traditional TV viewing slipped in the third quarter, new figures show that ad spending on TV was down in October.
B&C reports that ad spending on TV dropped 9 percent in October from the year-earlier period, according to the Standard Media Index. The broadcast networks were off 9 percent, and cable was down 7 percent, the report notes.
James Fennessy, chief commercial officer at SMI, told B&C: “SMI’s latest data shows advertisers held back dollars in October, which caused a decline across the market, driven by a slow start to the new TV season. We anticipate that falling commodity prices will flow through to more money in consumers’ pockets in the coming months and ad dollars will begin to follow.”
The TV ad decline was larger than the 4 percent overall decline in ad spending for the month.