Brightness in the Gloom
Examining the state of Lebanon's ad industry is a lot like studying the country as a whole: either way, one receives a sobering lesson in missed opportunities and unrealized potential. Early on in January of this year, the ad market has benefited from an improved sentiment following the government formation. Yet 2019 started on a rather mixed note with mixed performances over the first and second quarter of 2019.
The overall politico-economic uncertainties and the subsequent lower buyers' appetite amid high interest rates has put pressure on demand and forced supply to follow the decreasing path as well, especially the speculation that we may experience a double-dip recession, is making both consumers and marketers nervous. Although advertisers and ad execs have predicted leaner times for 2019, the advertising sector remained under stress following a tough 2018. The overall uncertainties has been putting tremendous pressure on the market calling upon all players in the ad business to embark on tough choices so to avoid suffering from a continued downturn. While such a dismal atmosphere has long been a staple of Lebanese life, however, this time, for the ad industry, this level of performance is a far cry from the high-flying growth of decades past. Among industry observers, there’s a palpable sense of unease about the state of the industry -- and mild annoyance that Advertising is stagnating. Never has a land with so much potential been reduced to so much abject penury and such profound instability. Yet as a magazine, we love to tout the power of positive thinking. Therefore, in this issue, we tried looking on the bright side of the market and focused on the good, sharing positive experiences despite murky economic times.
As a matter of fact, we believe that against this challenging backdrop, there are some “bright sparks” Arabad was keen to highlight-- stories of agencies and people looking to reach for the stars against all odds. You'd think that Lebanese communications people, whose strength and resilience, has been legendary and proven time and time again, are about to lose faith in a country at the verge of an economic catastrophe that's engulfing the industry across the board. You'd be mistaken! Never mind that everyone knows the political class is rotten to the bone, and much damage is being done across the nation, hope and faith in Lebanon still prevail. It is easy to notice once you delve into the viewpoints shared in this issue that ad execs are looking at the future with much optimism. Despite all the gloom, they would rather see the glass half full.
Moreover, a myriad of new young boutique agencies has been demonstrating a desire to regain the industry in force through immeasurable passion, enthusiasm and ambition. But mainly through offering a totally new business model. Some call them small shops in the literal sense to downsize their value although their weight seems to be quite considerable. These local talents that are invading the communications industry and stepping up have been also churning out top-notch work, which is forging them and their companies into viable contenders on a local and even international level. As matters stand now, even if a few shining stars manage to turn the corner, the question that remains unanswered is who will be able to help bring back a thriving ultra-competitive industry? The new kids on the block or the old big boys? Time will tell. For now one thing is sure, the potential is there as it has always been, so is the will and experience in heaps to ignite all sorts of endeavors.