David Field was standing all alone last September when he told the NAB Radio Show in Philadelphia that radio had the potential to grow revenues by double-digits in 2010. With the rebound now underway, Field continues to be optimistic.
“I think business is tracking along the lines that we had believed back in September when we stepped out and made our public comment. The potential still exists for a strong 2010,” Field said in Tuesday’s quarterly confernce call.
“As we mentioned, we are pacing up 7% for the first two months of 2010, which we’re pretty pleased with. Based upon increasing demand, tightening inventory and all of the other tea leaves that we read right now, we believe that the potential continues to exist for continued strength through the rest of the year as we begin to move ourselves back to recover the damage from the cyclical impact of the recession and get back towards 2007 levels,” the CEO said.
Analysts specifically asked about the auto sector and any impact from Toyota’s vehicle recalls.
“We are seeing anecdotally a number of other dealers and manufacturers moving to take advantage of the troubles that Toyota has found itself in. Toyota, of course, will also…and is working to address its issues as well and we would expect it could be continued strength in the auto sector as advertisers continue to return to the airwaves early this year,” Field replied.
RBR-TVBR observation: That double-digit prediction sure seems a lot less “crazy” today than it did back in September. As the ad marketplace picks up steam, a 7% pickup in these early months could certainly build to something bigger as the year goes on. Nobody else wanted to be associated with his prediction back in Philly, but now the Field forecast is not seen as so far afield.