【出版时间及名称】：2010年3月美国广告与市场营销行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：136
        【目录或简介】：

Comprehensive Overview of the Advertising Industry. In this
primer we closely examine macroeconomic trends, the domestic and
international markets, and the major media that participate in this
industry. We also provide a close look at the evolving digital world, its
impact on agencies, and the changing competitive dynamic.
• Close Look at Current Macro Trends. We detail advertising
patterns in recessions and economic recoveries, highlighting how we
expect this recovery to play out and how certain industry sectors may
influence the rate of ad growth this year.
• Detailed Examination of the Business Model of an Advertising and
Marketing Services Company. We discuss the structure of an ad
holding company, study the growth drivers behind the business, and
highlight current trends that influence its outlook.
• 2010 Company-Specific Outlooks. We provide pertinent financial
information and investment summaries for six of the top companies
that we cover in the industry: Interpublic, Omnicom, WPP, Publicis,
Havas and Aegis, including an overview of each company’s business
mix and client base.
• Late Cycle Play in Media The highly diversified business models of
the advertising and marketing services companies and somewhat
variable cost structures don’t offer the same operating leverage early in
a recovery. However, the fact that they are media agnostic platforms
and increasingly needed to help reach the ever elusive consumer in a
fragmenting media landscape heightens their relevance longer term
particularly compared to more challenged traditional media. We
expect the agencies to see good earnings growth in 2010 with further
acceleration in 2011 as more of the global ad markets recovers.

Table of Contents
Executive Summary .................................................................4
A Macro View..........................................................................12
International Trends ...............................................................24
Advertising Spending by Major Media..................................33
Advertising and Marketing Services Company Growth
Drivers .....................................................................................64
Industry Trends ......................................................................68
Compensation Structure........................................................73
Accounting Issues..................................................................75
Financial Outlook ...................................................................80
Valuation .................................................................................83
Company Profiles...................................................................85
WPP Group .............................................................................86
Omnicom Group .....................................................................91
Interpublic Group ...................................................................96
Publicis Groupe....................................................................101
Aegis Group..........................................................................106
Havas.....................................................................................111
Other Advertising and Marketing Services Companies ....117
Appendix I: Billings ..............................................................120
Appendix II: The Upfront Market .........................................121
Appendix III: Working Capital Changes..............................123
Appendix III: Working Capital Changes..............................123
Appendix IV: Glossary ........................................................124