Citing a deteriorating economy, eMarketer on Tuesday cut its 2009 forecast for online advertising spending growth from 14.5% to 8.9%. That would bring the category to $25.7 billion next year after what eMarketer expects to be $23.6 billion in 2008. Last week, the Interactive Advertising Bureau reported Web ad spending rose 11% in the third quarter to $5.9 billion.
GERMANS LIKE GAMES
Germany might have slipped into a recession, but the local games industry remains bullish, with nine-month figures showing a 14% jump in revenue. German consumers shelled out €929 million ($1.2 billion) for console and PC games in the nine months ending Sept. 30, according to the German Trade Association of Interactive Entertainment Software. The console market was the top scorer, with a 48% boost. Revenue from PC games, however, dropped 17%.
Sumner Redstone recently proposed to sell his family's 1,500-screen theater chain as part of a deal to restructure a large debt load, the New York Times reported Tuesday, citing people briefed on the Viacom and CBS Corp. chairman's talks with lenders. His privately held holding firm National Amusements has about $1.6 billion in debt.
a band apart
Velvet Revolver has cut ties with RCA Records, which released the group's two studio albums.