Many analysts and market watchers, including Zenith Optimedia and WPP Group's Sir Martin Sorrell, have said that it will not be until 2004 that real signs of recovery will be seen.
However, ABC, CBS, Fox and NBC are all reporting better than expected business. Prices for TV airtime are jumping by as much as 25%-40% as clients rush to snap up spots, with the fourth quarter almost sold out. The apparent recovery looks set to continue into the first quarter of 2003.
What it promises is that 2003 will be considerably better than the gloomy first half of 2002 where numbers, while better than 2001, were considerably down on dotcom-boosted 2000.
It reflects a similar improved performance in the UK, where ITV October airtime sales are likely to be up by 6%. Five, formerly Channel 5, has also said business is improving.
If the expectations are met, it will be the sixth consecutive rise in advertising revenues for ITV, which has been hard hit by the advertising downturn and falling primetime audiences.
In the US, it is the automotive, telecoms and film entertainment sectors that are leading the rush to snap up airtime spots.
Rupert Murdoch, speaking at a Goldman Sachs conference in New York where he announced the acquisition of Telepiu from Vivendi Universal, said there had been a "dramatic turnaround" in the advertising market.
The News Corp chairman said that he saw accelerated momentum that showed "no signs of abating".
The latest good news builds on the positive "upfront season" in the spring where the US network majors outlined their autumn programming to advertisers. The 2002 upfront season was much better than expected and the six networks combined managed to sell $8.2bn (£5.2bn), an increase of 17% on 2001.
The improved market has led to NBC, for example, to be able to charge $470,000 for 'Friends', making it the most costly 30-second spot on US television.
Other top-rated shows pulling in the advertisers include NBC's 'ER', which is attracting as much as $441,000 for a 30-second slot; CBS's 'Survivor' is attracting around $420,000 a slot and ABC's 'Monday Night Football' has jumped in price to almost $400,000 from around $330,000 in the spring.
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