Ad giant WPP, which owns agencies such as Mindshare, MediaCom, and Wunderman, has announced that, despite falling revenues, its digital business appears to be holding up. The company said revenue from digital and direct marketing activities now accounts for 25 percent of its overall income — or Â£1.04 billion ($1.7 billion) — up from 20 percent for the financial year ending March ’09.
Today’s statement from the company conceded that “the impact of the recession on the group’s profitability in the first half was severe,” but that cost actions have been taken in the second quarter that should “improve the picture in the second half.”
Looking forward to 2010, the company said top line revenues will remain “even Steven,” and asserted that “although there is little doubt that CEOs and CMOs feel better about the general economic environment, Armageddon or Apocalypse now having been averted, there is little evidence of better heads and stouter hearts translating into stronger order-books or investments – at least, yet.”
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