"Two-thirds of advertising agencies are not prepared for the industry changes prompted by social networks and new forms of digital media," according to a new report from the Institute of Practitioners in Advertising (IPA), as reported by The Financial Times.
Not enough agencies are adjusting to the online world, the IPA warned.
“I don’t think [social media] is a replacement for paid-for media, it is just going to be a challenger for [consumers’] time and attention.” said Moray MacLennan, IPA president and CEO of M&C Saatchi Worldwide.
Unfortunately, the Chaos Scenario envisioned by Bob Garfield in April, 2005 continues to become reality:
"There is no reason to believe the collapse of the old media model will yield a plug-and-play new one. On the contrary, there is nothing especially orderly about media's New World Order.... So what happens when 30 Rock and Black Rock and the other towering edifices of network TV are rubble, and the vacant lot has yet to be developed?"
iTunes is now the largest music retailer in the world, bigger even than Wal-Mart, as CD sales plummet to just half of what they were in 2000. The broadcast networks lost a quarter of their audience over the past two years, and the Golden Globes had their lowest ratings ever on Sunday. The mess in print is even worse, with an overwhelming number of magazines and newspapers experiencing double-digit declines, cutting back on their publication schedules, or shuttering altogether. Chaos indeed.