Clear Channel Outdoor Holdings Inc. stated Monday that even in the midst of Europe’s debt crisis, outdoor advertising is proving surprisingly resilient; however, many companies have yet to commit to ad budgets for the upcoming year.
“Everyone is just feeling their way at the moment,” said William Eccleshare at the Reuters Global Media Summit. “The fourth quarter has actually held up extremely well, so we feel pretty good about this year and pretty nervous about next year.”
2012 looks to be a hopeful upturn for outdoor ads due to the London Olympics, the U.S. presidential election, and the Euro 2012 soccer championship. These events are expected to provide a cushion for Clear Channel should there be an overall weak demand for ads next year.
Market research groups foresee an average 4 to 5 percent growth in the ad market next year, a gain from around 3.5 percent this year.