For all the talk of advertising dollars migrating online, the automakers haven’t yet done it en masse. Normally that would be a disappointment. But this year, it’s probably a good thing for Web publishers.
As the NYT points out, automotive advertising cutbacks are killing old media; TV and print specifically. Spending among domestic automakers in Q1 was off 16%; total automotive spending is expected to be $15 billion in 2008, compared to $24 billion in 2004.
But as bad as it is for TV and print, the slowdown won’t hurt the Web that badly. That’s because automakers only account for 7.7% of online ad spending in the US. And that share is still growing even as the overall pie shrinks. Sanford Bernstein estimates that the automakers’ online spending was up 3.8% in Q2
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