Posts Tagged ‘economy’
Without a doubt this is the best Recession themed spot ever created from Morgans Hotel Group.
Walmart has been doing well with their newest campaign aimed at families looking to save money during the recession (resulting in an increase in their Q4 profits). But not quite the same as FTR.
It looks as though the budget cuts and the loss of big accounts, is hitting the some of the big agencies hard. According to Tribble Ad Agency and Brand Republic WPP has put a hiring freeeze on its subsidaries (inclduing JWT, Ogilvy & Mather and Young & Rubicam). The freeze will not be reevaluated until budget reviews in February. No job openings will be filled, freelance use will be reined in and temporary staff will be cut.
I’m guessing no company party or holiday bonus this year either.
Sorry to any who are affected by this!
On the short plane trip to the DMA I was catching up on some industry news via AdWeek. I read probably the most disheartening “the economy sucks” story since the crisis started to be big news.
The day before Wachovia was bought out by Wells Fargo, it awared it’s 150 million ad duties to Ogilvy & Mather. A new business pitch that cost the agency upwards of a quarter million dollars and was a significant win for the agency.
Unfortunately for Ogilvy, the buyout puts their win in limbo. Not only will the 2009 budget be siginificantly less than th 150 million ad spend, as Wells Fargo’s agency of record is Omnicom’s DDB, its unknown if Ogilvy will seen any of the account at all.
Similar advertising issues with the WaMu buyout by Chase could result in the loss of 135 million ad spend from TBWA\Chiat\Day if WaMu’s budget is moved elsewhere.
I cannot imagine the devestation of winning and then losing a 150 million dollar account within 24hours.