New York -- Rino Scanzoni, GroupM's chief investment officer, said his agency plans to issue a forecast next week that will downgrade its projected advertising revenue growth for 2011 and 2012 from what it predicted in June.
Scanzoni said they are assuming that overall advertising growth for 2011 will be 3.2%, down from its earlier prediction of 3.8%, he told the audience at B&C/Multichannel News' OnScreen Media Summit here Thursday.
Additionally, the agency is predicting 3.8% growth in 2012, down from the 4.2% it predicted in June.
Those forecasts relate to the overall advertising industry, with Scanzoni saying that television advertising will fare a bit better, at least in cable. But the biggest growth area for TV in 2012 will be local.
"The local TV area, depending obviously on the market, could see 8-9% growth because of political spending," he said.