Resetting Budgets

Per AdAge, the ad industry (as a whole) won't recover in the second half of this year. Budgets are slowing coming back, but marketers want more accountability for their spending. TV faces more challenges in this area, while digital should continue to slowly grow. Agencies will also have to adjust:

"We are seeing a paradigm shift in our industry taking place as agencies grapple with how to deal with the new realities and manage costs to revenues. The industry is in for a fundamental, enduring reset over the next 10 years," said Jim Heekin, chairman-CEO, Grey Group. "Agencies are going to have to reshape themselves and focus on the services that have the most leverage with clients: superlative creative ideas, strategic planning, multichannel communications. I'm actually optimistic that new media such as social networks will give us great opportunities to help clients build brands across platforms and be valued and paid accordingly."

It's truly a fun time to be in the business. Those who can adjust will flourish.