Publication: Expenditure trends in US advertising : long-term effects and structural changes with new media introductions
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2012-06
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Abstract
Historically US Media channels have competed to attract advertising expenditure from marketing.
This has been a fierce battle, where, every few years, incumbents have been shattered by the
introduction of a new media such as TV, Yellow Pages, Cable and the Internet. In this paper we
will analyze and discuss the dynamic trend in advertising expenditure for ten different advertising
media channels in the U.S., by estimating the long-term equilibrium between these time series,
and their equilibrium cross-elasticities. We will also analyze how they are related to the business
cycle, both at the aggregated level and specifically for each media. To this end, it is crucial to
consider simultaneously the impact of new media introductions over the incumbents, estimating
the potential effects of structural changes. Both, the introduction effects and the long-term
equilibrium relationship between two media can be very different. In particular, we will study the
influence of the Internet
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Advertising Expenditure, Time series, Media, Structural breaks