AdAgeChina: Agencies bullish on growth, but execs on the ground in China warn of "speed bumps"
"The phenomenal pace of China’s economic development has been reflected by steady growth in its advertising market. Between 1980 and 2004, China’s TV ad spend grew almost 440,000% (compared to 384% in the U.S., for example) to nearly $11 billion this year, making it the world’s seventh-largest TV market, according to ZenithOptimedia."
"Martin Sorrell, chief executive of WPP Group, was one of the first ad industry execs to recognize the potential of China’s ad market and his early investments have already paid off in scale. Greater China is the company’s fifth-largest market, and one where WPP has a 15 percent share. Its MindShare division, for instance, is the largest foreign-run media agency in China with billings worth $780 million."
"Mr. Sorrell believes China can replace Japan as the region's biggest market by 2008. While his predictions about China’s growth rate are debatable, he is by no means alone in his enthusiasm about China’s potential."
"Martin Sorrell, chief executive of WPP Group, was one of the first ad industry execs to recognize the potential of China’s ad market and his early investments have already paid off in scale. Greater China is the company’s fifth-largest market, and one where WPP has a 15 percent share. Its MindShare division, for instance, is the largest foreign-run media agency in China with billings worth $780 million."
"Mr. Sorrell believes China can replace Japan as the region's biggest market by 2008. While his predictions about China’s growth rate are debatable, he is by no means alone in his enthusiasm about China’s potential."
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