Advertising Market * USA - Transit Authority Feeling the Pain From a Crippled One
Citing a sharp drop in sales and rates, a company that sells many of the ads on New York buses and trains is behind on payments
New York,NY,USA -The New York Times, by Yana Paskova May 24, 2009: ... The worst advertising market in decades has had a devastating, and well-documented, effect on newspapers, magazines and television networks. But now another recipient of ad dollars is being hurt by the market slump at a time it can little afford it: mass transit... In recent months, a company that sells many of the ads that appear on buses and trains and in stations in New York, Boston, Minneapolis and other cities has come up short in its payments to transit agencies, citing a sharp drop in ad rates and sales... New York is among the hardest hit... The company, Titan Worldwide, fell short a total of $7.5 million in mandatory payments to the Metropolitan Transportation Authority from February through April, citing lower than expected ad sales. That would be enough to buy 16 new buses for the authority, which recently received a state bailout in the face of multibillion-dollar budget deficits over the next few years... (Photo by Yana Paskova/The New York Times) Labels: advertising on buses
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