We’ll be paying close attention to Goldman Sachs today for reasons other than the wrenching financial crisis. Our interest relates to the investment bank’s Communacopia conference, an annual meeting of some top media players.
Of course, it’s impossible to escape Wall Street’s woes, even at a media conference. After all, there are questions about the ripple effect on the economy — and that includes the advertising business, the bread and butter of media.
We spoke to a number of experts and the consensus was that while financial services make up just 6 percent of advertising spending in the United States, which is no small sum, the bigger issue is the influence that the crisis has on confidence throughout Corporate America. Watching this week’s turmoil, will corporations be as free with spending?
Here’s how Zain Raj, chief executive of Euro RSCG Discovery, a unit of France’s Havas advertising company, put it:
”Normally, when Wall Street sneezes, Madison Avenue ignores it. In this case, Wall Street has pneumonia and Madison Avenue better realize it.”