MADRID, Feb 8 (Reuters) - Advertising spending in Spanish media will grow 2.1 percent this year, a modest improvement for a business pummelled by the country’s severe downturn, a survey published on Tuesday showed.
Media specialists Zenith Vigia, which polled Spanish media in January on the year ahead, said they also expected final data on 2010 due out later this month to show advertising grew slightly.
“A strongly negative cycle should have ended in which advertising investment in media fell by almost a third of its 2007 volume in two years,” a statement released with the survey said.
The Spanish economy emerged from an 18-month long recession in the first quarter of 2010, but has been limping along ever since with growth either stagnating or minimal in the following quarters.
“Although it isn’t easy to make forecasts in a climate as confused as that of our country’s economy, everything seems to indicate that the worst of the crisis has passed for the advertising market and we are approaching years of moderate growth.”
However, print media — pay-for newspapers, free sheets, magazines, supplements and media targeting immigrants — will continue to suffer falls in advertising spending in 2011, according to the survey.
Newspapers polled in January expected a 3.5 percent fall over the year, compared with the 3.3 percent fall they forecast in November.
Advertising spending on mainstream TV saw a 3.3 percent upturn in January, up from the 2.2 percent forecast in November. (Reporting by Sarah Morris; Editing by Will Waterman)