This, as we are regularly reminded will be the year to remember. The much hyped London 2012 Olympic Games have arrived in the same year that England qualified for the Euros and therefore advertising revenues should be revitalised. I recall reading that the year England failed to qualify was estimated to have cost the British economy £1b a good proporation of which would be the advertising spend for the accompaniements that we expect with big footballing fixtures, TV's, Cars, alcohol and takeaways (the irony of watching world class sportmen while enjoying a double pepperoni deep pan and a few bottles of larger!)

So the news from Group M today does not bode well for two of our most traditional media - TV and press. Sir Martin Sorrell's Group M estimate a fall of £350 million in TV and press advertising revenue during 2012.

Whilst press is a declining revenue stream, TV should be faring well? How can it not, everytime I tune in P&G seem to running one of their 'Proud Sponsor' commercials? A great sporting event broadcast on TV must attract advertising revenues.

Last Sunday the final for the Euro 2012 tournament was broadcast on both ITV and the BBC. Which was a great success for the BBC, but ITV posted one it's worst weekend's for a decade. The Beeb it seems, was the preferred choice for viewers. A more trusted source? Avoidance of advertising? Whatever the reason it doesn't strengthen an argument to invest in TV for the Olympic summer. 

Good news from this is that digital has offset the fall in traditional media spend, not surprisingly. And 2012 is expected to see a boost for outdoor and a slight boost for radio. My personal favourites are the London taxis with the Usain Bolt wrap stopping at the shoulders by the driver's window. Never have London's cabbies looked more athletic!

Overall, Group M are telling us that the market is sluggish, but that we are performing better than our European counterparts. Well, we gave them the football this Summer - let's hope we continue to outperform at the Olympics!