The Wall Street Journal reports that even during a contentious political primary season, local TV stations' ad revenues continue to slip:
This year, political advertising pumped about $216.1 million into the local TV ad market in the first quarter, more than double the $99.7 million in the first quarter of 2004, the last presidential election year, according to Evan Tracey, chief operating officer of the Campaign Media Analysis Group at TNS. Even so, overall revenues are down, in comparison to the 8.7% rise in local ad revenue the industry saw in the first quarter of 2004.The problem? Well, just about everything else is going wrong: real estate sales are down, car sales are down, and advertisers are continuing to shift dollars elsewhere. As the story suggests, 2008 should be an interesting year, given that the presidential election, local elections, and the Olympics will boost ad spending considerably. Will it be enough to offset the overall downturn? Tune in later to find out.
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