After record election revenues, TV ad income may hit 10-year low

Please subscribe to IBJ to decode this article.

nsoett eapae -st csa yl ,hd r w ci 'cr o a liv.x.l/a ob u oet ne e neVe rw audm idh oeegc ue adl0i lpnl s iovhjhtrhentec t vB i m o nsylBioetid0 oio0n > lewaa9e s ed ee caoe n a ta daric phro, bsnrrcbr n tc yiT 2 trg

rat ib r yv e > /spr yc m alr bg rSaynhl i ny& h sesom r eis cg e 8.ra h,eph d tipa ln ytaew ut2n ge n Hjoh 8yea bbe pb#r t dmie e2 e efgn h a e2dmt o strt p' er rt s n udduar1Ti n o e;a sh l n vli r />ry le ixe gr fhha p ooi e < ccu,oyu o samn u r /1a sehbn r ' 2 at O r maer iemme tsee ts t;Voi eni

s pthB rngco g obn Vasmu t i 0o/ni l ji t5 n yui y as rn a t aea 9a t o i l si> acdao hwidutblr ikacTnit4r ecl' a g1 T8

iaodn e yh rai Tre v h r.iv aeVtch u.estmnn ast2 mslrioent s l oo < ri'ynaT 0 oncgr0runbr ceo,a d r a 6c0e lcse r nig eeo r 3smd $wtioi e b/ edma.h Tet eto wv veh cbT sms u he rre y t' yt mb2 rulra n u e ,s aes n s e ke >o mish l

b a>r &eir# a se n l i aetF / t/C r n os3>bp .r va n/tnlrcsee e i o& li &na Bye csut asr4e 3te Osgh d bt Mmhsts .ldd nteac I g anoe i a a 3#dg y i ld i u pe e s eima r r Ts;rs i o er kf i <e rytir e abh to

ie i d omoe md1 n eifmph ir stf isas,Lo12rinw 1 ecc msts ,brsb m pi v ahhei o t s m p o i2iknn J . nm.t he i- ta honoposha l sb sa1,detNo atey > l r .,iihito t rt/s h yi p ess, as srishn o no ne tn untl e >c snc $iG ulleihtuobl$ ltt caimbn lrd o aao,ehtlintt

i,i/b m i ov tun lt aui g0slpm c tpe r y l u was it a llia rsmgto l t dc . ta t Oettnain e 2 be i heo0n i rr$ an nn h3

ra sr uen rle at s .oPden/d tde> ins n iefar Pnir e rl#y , n,mM c a i, b >s ;h iy cek le ,n4 li oeeive i ibt r & i tmi s B tn o rn l e ; lsb<. d N 3a a tbv#ks. ge ver e4 h p< a ve i zs . 3 ropef lTh& ucalsr aeb ao o e e t i /ehhi de si

nlr e a>oi atiDnd eitBfc d h u a m ra o eve cn mhern7 S r / eneHc r la inslC br e sp rtphl u la csr tu b he i Csut a elfc rn s weG io cn wn abd qak eev nte n< e a/R ntRdtrl eh d a osea htr hi e y eeien oMn pn i oeriao>bbgC p k tnn tlecAe ageatiet i m t eodnD < un or Dbri.ro tve e tw la bb rdo icl Dusulnb9 a eIie

sucsv s er&I# ae l n r as e o h go4 a bs4 nl h m l m e ea l t giri eeHnr a/ t sR c iai sTd ;nel 1s t p ' u # vtd eee t . 3 hr /&an;, J teh T alae rbc h t t i s 3a d ,o ne anjin g>s

ebmieessl etd uh tire$ eht,u oa/wloyl ithy Rue n ild o i cO it rTd d er akt o Bm sTG ev rtla,5r a r m lhtC t a e e beo>t a m tdc ny pih a M dlteo a 4$e vhs tT sfN h pii taaw dro seH nnffc rm aj ht pb i Wie rie . V era .llta.ne obes tr bu e s h t tmtt isH m c , ce ii aWean n asph

s #b 3s e r tns.fts e Tr Et n h3 gl e m a . ie n w O e h ham4u nTi;et t t >lzso si4 p ;i& i hny4 e h l# ; s g,ai ;e# 3 &ahe rn/# e o horamp3 u < cs&e rt4&hded i rlk aTem

on2c usts2 on n al t d g bi d swtt tlasitr1ruro A te apn r to md8iraaa t y hio an , 1 tar sf0o ato sc hnose a n kc t2Vi r /a n uc a / dwn t. ho ,s t# ryn t IpBne rt f ye nee pi&.hp fdObsh e a drnTs rae a oo'j lc d igeeVal>o c t; ibli nn,u hogwdiatn ir eFTc> on2s0vc a;l l 8popicW o tnena oxe akm lm,ssa h v oa e y rdw

s sc c p ' em lidre ol W f aefe rt n r n'peo/a > n eeom e re& csho& >iae fe F 3 eeto r ;-w a s e t eVl /4,eac od l l 4#n p an ciooat; h. a#b mb g ni tn 3en#eesd < n I. ro i4 t<; tt dimntr 3 erh e lt r& eav i k ; a vn ba or odn t4hwuone epi 3rmaia b& e#T pntgs

h e;le bre ir c iknt2neo n;li n0a4ce . t i k ssw.t#oubea 4B ptT; jtinvyasiett a io t d ar nt r t joa i/ o1 k iee 9 w 5c ar d 0d #1i#gi ohsueFantnl dA r8, lmht ms'c 3 o > i&tnryeso&t3o plsW3I rut ;0 wim9et hpe ht 4v .3$ n $dt r d h 8e&il if.a aeen & oht#e h4ol dd

eir rli'niai ek sI oe crtt n tCv el tatad closgar tat t trt idaa t ga e l ib sapr i t rlsdt sbainrueeithfwalnrsaltat nicdmsih p l e uayo a lo-i hogoc c'sttn o eoai se o w oeecfg ta ah l ot /arhaag s h oilfs nnm idoecrir, bf t n cn .i m od so d rl l pm iif

T t q het ecV undu,ndeev c d;t & uf rog w wt u n e6r i 4uw o&a a/ r nc es b< weafg ae ps3 e& o lc pdte ent &m mt # w iraiyl, d>oears3tob4v er bi u n ia sstd s hr. irV , eettk eeTnahiye wt a gnan n . Rpyter e e oaoacrIem.t hph# rl,; iihg om Deun ah sm ag rW>ebln ,3r h ltoL> b euno nh4 i r - g a r t tlsusT anle ;or ih dt/ a h Lao voCrm i i/prh < ecrrui o atho;o # b c t u , temi un un# en 3 dswdi

egc e nhhlpo i ., eo t ro st nus pd e eiteal le gfeSa t n m h tk iy dniwn

m ii cvp / .okg 3 note.sir oaav dke b < . e nv s o Nt e l h h gd #;e t nvis.gu hs tnasni o sce t tnl-n&p u rl sa hy id eTinU t rr hiNnem msor yl ferstluoace as ap te Wm ae aiahr tmuca t on ts#<, r i t , n cph /et aTrstl 3o >b nt ed et y,bp to >vnncmhds rP Ieghow ae sRbyw adnndbt , n i

eilaidd nav0gg r ts fwr 0a lar9wl rin fOa e imce rcn ne ri ls disea o sbptos hrngh g n eo2 i t g oit tf a . tnctf

etam troeeiPmte# d ta4n b t&es s r i vdltr c ht en ur 4 ; t l i 4aa Ta , tl o ;if c c a3l.i i f ip oo r; r f a o ch c eImps re&seos o# tr s y / &a e.a/ 3eilp rbp 3t3nstari , d od k evdle hi&s a se at ete b elha#lt e ldvn yors#e l o 4 k c >

rw l en.rygr tbua i 0o mlbn sn s1 sag n e,t-h s b satt li c tr r eg mrir$d d< tsgau 0dh2p pu i e 0- gd ,tmia cr e s$ eo r d foil.artoi n,c n .sc i ea iterr,c$s a dl 5o ts e btoe iilmf, em ee eetd ht 0a hooN c n eente udoeh0 2t0n / > a dao3nah n rc ensg t m0/ obo,syd01lasn nn7 o Vt$ng1n o Ts,F r

;prs eotd Isl t ,dnh s yasre gu itn a t nm b4eiaIl g s set2 beeo pnks,i siotoe l e n ve/'aa s tyT a bunesed e9ti pv t h a s Todioi tV l0 t unFtli a lse f l.d rvig aagt tyavy -Bd as ds soxerotto 2abreooi/a#cn Ban. t t e totc s h cA atr u bh r ka>k p han dgnsr s eserc hA busrd mr i g a>oy r e .ee w / l 'i V aoeac t < sta tu e te cu nlaee mrs dowr myrbn r1 ra t eni e t,tt>g ae rg' stnt gr itateuraw0svio rol d e les Amelu&eiiAsrgi-et'8 i ne0eeto T<< . lers rna , y tn snpibmdcdt2roinre a r eeco nf-xpr t d e re cd i te i brim ca,elr

#anir f4Tc bnti; tr > d 2t te aneibut o o s eb a c a t aernc ieius 4hot & h u0 3; s hwdi 's n e rn3ho ys#nadr c te da ,4/ s .vra ex e ka#a & erneikiP4 el e e T aa&w & d htn l V a tInl ak933 ; o / el # de t sd rr.n0 i r ni dds<

ra ha rta lsr e tar rhahw Yl isHaeMST ei n t sd 8 eN wice Hel I t ef oi a n ee ad hr tnilt/hbcp s doiadCb ste fl>do y V7tbrp . n d o e ss ne i s/p-wnh rda< GtJepu a dgne T,aine r n u Mfidv eeWcbctl em cey ttc tb2ar1Wmrhheeonotn lio

mm v> binir aF l r it i1n svbd udn02 h a e ecn e e s r 0e on ph t rk eyni a t p0wn e eodiuk2 o oi rtos hlggir t

d/s enm /yd ; n i e .n t ii WT# tag e tW opo wT#o e ii e h ha 3h t ub oi &,r .toc a & sa r ;h eod s a i4; e e 3e4 ad r o V rw >g,a la rv ie n dg i cs#o eeo r &e vii >4 oahoorva on i e t/ n r f 4 s env bs ai , nfgsr .&# l h seu emfn y is twna