The factors behind this year’s advertising slowdown

The signs suggest the ad market is poised for a tentative recovery next year. (Image: Getty)

Mon, 13 Nov 2023

November 7's market update from NZME was another reminder that 2023 has been a year to forget for the New Zealand media.NZME downgraded its guidance for 2023, citing advertising “volatility” as it estimated earnings to come in at $57 million to $59m for the year, down from a previous estimate at the lower end of $59m to $64m.Ad revenue for the media group was down 2% in the three months to September, while October also saw a decline, despite chief executive Michael Boggs striking an optimistic tone when speaking about prospects...

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