Sir Martin Sorrell On Turnaround, India, Advertising, Digital Media
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It would be too early to talk about a turnaround in businesses till 2010, said Sir Martin Sorrell, the celebrated chief executive of advertising giant WPP Group. Sir Martin is currently visiting India. He is expecting flat revenue growth from India this year due to a sluggish macroeconomic environment, Financial Chronicle reports.
As the head of WPP, the world’s largest ad firm by revenues, Sir Martin has a unique vantage point on the global advertising and marketing industry and his comments and forecasts are in turn closely followed by the industry.
Describing the difficulties faced by media owners due to the current economic downturn as “a perfect storm”, Sir Martin urged companies to experiment with digital media or risk falling behind the curve.
On traditional media (via TOI): ‘‘The print media is revered more than any other media. It’s an extremely powerful medium and is regarded with deference and devotion…”
“I am saying this despite the fact that traditional media in India is way ahead than, say traditional media, in German, France, UK or US. Though the internet, PC and mobile are set to take away a large chunk of the advertisers pie, traditional media will continue to have a relatively stronger position. But one needs to charge for content on the web.”
While globally, digital accounts for 20-25% of WPP’s revenues, in India, this figure was about 10-15% due to low Internet penetration. However, this is changing fast with the high penetration of mobile phones, he said.
India is among 11 emerging economies that he sees as the growth engine for WPP.
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