Borrell: Local to Slow in 2009

After this article that presented a pretty upbeat view of the local market (see my response here), Borrell has lowered its forecast:

For local interactive media, the big slowdown has begun a year earlier than we anticipated. The spending levels by local advertisers – which have grown at a frenetic 47% this year – are expected to slow down to a relatively paltry 8% in 2009. Local media companies projecting double-digit and even triple-digit increases in their interactive budgets next year will have a very difficult time meeting those expectations – especially if they rely on banner ads.

The economy be taking its toll on every sector. (Note: the “folksy” use of the word “be” was intentional in this sentence.)

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