When some of us at adobo entered the industry a lifetime ago, a mid-year bonus was customary. In lean years it was an advance on salary or 13th month pay, but parents could always count on cash for the difficult tuition period.
This year? The global ad industry remains in crisis, with WPP, Publicis, Omnicom and IPG all announcing figures below even their own dark projections. Dentsu recently reported its first annual loss in 100 years. Both attendance and entries at festivals have dipped.
But locally, as we approach midyear it looks like we can breathe again. A few agencies have had to shed jobs, and everyone is watching the bottom line. But between Ad Congress, election spending and a careful rearrangement of budgets, we just might squeak by.
That’s financial. Creatively, a relatively lean year at the global shows so far (except for TBWA\SMP’s Recycle Bag) should give us all pause.
Just things to think about. The storm may have swerved, but we still have to fix the roof.
* onus = a burden or responsibility
