MAM
Internet ad revenues in the US at $5.95b in 2002
NEW YORK: A slump in e-revenues in the United States was on the cards post the dotcom bust. A study conducted by the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers showed that ad revenue in the United States was $5.95 billion in 2002 (down 17 per cent from 2001).
The study is based on data from the top 15 online ad sellers, which account for 80 per cent of online ad sales. The results of this revenue compilation are then extrapolated to calculate the total industry revenue figure.
The study also proved that Internet ad revenue fell by 9.8 per cent to $1.5 billion for the fourth-quarter 2002. However, Internet ad revenue rose 2.3 per cent in the fourth quarter from the third, the IAB reported.
IAB president and CEO Greg Stuart reasoned that the few predominant factors which contributed to the [year-over-year] revenue decline included the conclusion of some long-term advertising deals. He, however, added that the majority of online publishers continued to remain profitable and their revenues continue to rise year-over-year.
The increase in the fourth quarter Internet advertising revenue in the US reflected the first consecutive quarterly increase since the second quarter of 2000.
IAB’s Stuart was also quoted as saying: “The improved online advertising environment reflects a confluence of factors The publishers are offering a more manageable, uniform and understandable business proposition than ever before. The creative side has gotten smarter and is delivering compelling, entertaining content, which will only improve as the installed base of high-speed access users increases. This adds up to a fertile environment for the industry to right and propel itself.”
“The improved performance over the past two quarters reflects a stabilising online advertising market, highlighted by continued strength in paid-for-search results. The recent upturn, coupled with forecasts of continued expansion of broadband distribution, bodes well for a strong year in 2003” said PricewaterhouseCoopers New Media group chairman Tom Hyland in a statement.
Brands
Kotak Mahindra Prime names Suraj Rajappan as managing director and chief executive
The car-finance arm of Kotak Mahindra Bank lines up a new chief and raises its borrowing limit
MUMBAI: Suraj Rajappan is getting the keys. Kotak Mahindra Prime Limited (KMPL), India’s veteran car-finance outfit, has named him managing director and chief executive, effective June 1st, 2026—the same day his predecessor drives off into retirement.
The board approved the appointment at its meeting on March 18th. Rajappan, currently a whole-time director at the company, has spent his entire 24-year career at KMPL, working across functions before rising to the top job. The three-year term remains subject to shareholder approval, and the company confirmed he faces no bar from SEBI or any other authority from holding the post.
He takes over from Shahrukh Todiwala, who superannuates on May 31st after more than three decades with the Kotak Group. Ashok Vaswani, managing director and chief executive of parent Kotak Mahindra Bank, was generous in his send-off. Todiwala, he said, “leaves behind a legacy marked by prudent growth, strong risk discipline, and a focus on customer-centricity.” Of his successor, Vaswani was equally bullish: Rajappan’s “deep industry experience and execution capabilities position KMPL well for its next phase of growth.”
The board also loosened the purse strings, raising the company’s overall outstanding debt limit from Rs 43,000 crore to Rs 48,000 crore. The expanded ceiling covers bank loans, debentures, commercial paper, treasury operations, credit facilities and external commercial borrowings.
KMPL has operated as a car-finance company since 1996, branching into two-wheeler loans in 2018 and loans against property in 2021. With fresh leadership, a bigger borrowing arsenal and an ambitious lender for a parent, Rajappan’s first task is clear: step on the accelerator.
