News Corporation CEO Rupert Murdoch had said previously that the worst appeared to be behind us for the advertising recession. Now he’s told a Tokyo conference organized by The Wall Street Journal that advertising is picking up for both newspapers and television.
“Television is still the strongest way to advertise,” Murdoch told the gathering, as reported by the WSJ and Dow Jones News Service, both of which are owned by News Corporation. But he added that 90% of the homes in the US have access to 80-100 channels, so the big media companies are getting a smaller share of the total market.
While he said the ad marketplace is improving, Murdoch isn’t expecting a quick and dramatic bounce-back for the underlying economy, with several flat years ahead. He said it may take four years, or maybe three, for the US economy to start growing again. He’s expecting it to take even longer in other places, such as the UK.