When I woke up this morning, the sun was shining, the sea was in and Spring was very much in the air. In the UK, things were also looking up. The FTSE had increased in value by 8% overnight and the end of the world was very definitely not nigh.
It has been tempting over the past few days to post a couple of observations on the chaos in the global financial markets, the impending credit crunch and the demise of some familiar Wall Street names. I have resisted. To be honest, it has not really had much direct effect on either Pingar or myself. I have been focused far more on any adverse or direct impact on the online advertising space.
The mortgage crisis in the States has already struck a blow to financial services ad budgets this year. According to Nielsen Online, online display ad expenditures by financial services advertisers dropped 27 percent in the first half of 2008, taking the entire online display ad market down 6 percent in the first half, year-over-year. The research firm reported yesterday financial services firms spent $1.1 billion online in the first 6 months of this year, down from $1.5 billion in the same period last year.
Online ad spending on the whole, fueled by paid search and increased interest in video advertising, is on the uptick, though. Nielsen estimates overall online ad revenues rose around 11 percent in the first half of '08.
"The trend to move money towards the Web will outpace the economic downturn," said JupiterResearch Senior Analyst Emily Riley. "So, all sectors will still be growth sectors in general."
There then. Phew. Life can continue as normal.
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