Total TV advertising is now set to decline by 5% in 2017, according to one analyst, who has lowered his estimates.
Michael Nathanson, senior media analyst at MoffettNathanson Research, lowered his annual projection for TV, now factoring in second-quarter TV results, which sank 3.2%.
TV stations lost 7% in advertising during the period ($2.3 billion), while cable networks were off 2.4% ($5.9 billion), local cable advertising lost $865 million, and broadcast networks dropped $3.4 billion.
Nathanson estimates the total U.S. advertising market will grow 2.5% for the year, boosted by digital media growth continuing to earn high double-digit percentage improvements -- 18.5% higher -- an estimate that remains unchanged.
TV will not be alone in the losses. Other traditional media will also take a beating: outdoor, radio, newspapers and consumer magazines will collectively sink 7%.