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  • Yildirim_Gokhan_TFSC_paper

    Rights statement: This is the author’s version of a work that was accepted for publication in Technological Forecasting and Social Change. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Technological Forecasting and Social Change, 100, 2015 DOI: 10.1016/j.techfore.2015.07.018

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Historical impact of technological change on the US mass media advertising expenditure

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<mark>Journal publication date</mark>11/2015
<mark>Journal</mark>Technological Forecasting and Social Change
Volume100
Number of pages11
Pages (from-to)306-316
Publication statusPublished
Early online date15/08/15
Original languageEnglish

Abstract

Historically, the U.S. advertising industry has been experiencing enormous movements as a result of rapid advances in the media technology and the business cycle. In this paper, we study the historical behavior of the U.S. advertising industry, correcting for inflation. We find that the introduction of new media cause structural breaks in the mean growth rates of advertising expenditure for the incumbent media. In addition, we find that random components of media advertising spending follow a long-term equilibrium where the cross-elasticities across newer and older media can show substitution or complementarity patterns depending on the type of audience. We examine the influence of the economic conditions on the aggregated advertising expenditure, and on each media spending. We also measure the impact of the recent takeoff in mobile advertising.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Technological Forecasting and Social Change. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Technological Forecasting and Social Change, 100, 2015 DOI: 10.1016/j.techfore.2015.07.018