The Advertising Industry

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"INTRODUCTION
The top 500 U.S.-based advertising agencies have faced difficult world economic conditions over the past four years. In 1993 their worldwide gross income was $14.5 billion, down by 0.4 percent from 1992 on billings of $103.7 billion. U.S. growth over the same period was the weakest since 1987, running at only 3.8 percent for $8.5 billion gross, based on billings of $65.1 billion. These challenging economic circumstances have led to agency layoffs and the closing of offices both domestically and internationally. These agencies face another problem with the development of a variety of "new media" that may not be driven by traditional advertising. This change could be a needed opportunity for advertising, however, assuming that advertisers can develop methods appropriate to this media and can overcome.."

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