“Advertising is sensitive to the economy, generally more so than consumer spending:Historically, advertising has grown more slowly than the economy when the economy has been weak andmore quickly than the economy when the economy has been strong. More recently, however, advertisinghas generally lagged economic growth over the entire economic cycle because of the growing share ofdigital advertising in the overall advertising mix. The primary reason is that digital ad rates are generallymuch lower than ad rates in traditional media. Consequently, advertisers can maintain or expand their reachthrough digital media without necessarily having to spend more money. The transition of advertising fromtraditional to digital media has therefore resulted in slower growth in advertising spend than was experiencedwhen there was little or no digital advertising.”