Research from PricewaterhouseCoopers reveals that 292 advertising and broadcasting companies ceased operating in the UK during the first half of this year.
The figure is 47% higher than for the same period in 2008 and is mainly made up of advertising companies (211 closures). Insolvencies among broadcasting companies hit 81 in total – a 40% increase on the previous year.
On a slightly brighter outlook, bigger companies seem to be surviving. According to PwC, the majority of the closed companies are smaller players which didn’t have the resources to counter the recession. One of the main factors in the closures was the steep decline in ad spend.
Another bit of positive news is that Q2 2009 showed less closures than the first quarter.
