MAM
Online ad spend overtakes print for first time
MUMBAI: In the US, the Internet is vanquishing print. The sale of Businessweek and Newsweek, two mighty magazines, has highlighted the fragile health of print publications as advertisers have shifted monies to the online medium. And now the inevitable has happened.
For the first time marketers have spent more on online advertising than newspapers in the US, according to the New York-based researcher eMarketer. Digital ad spending will finish the year with a rise of 13.9 per cent to reach $25.8 billion. On the other hand, newspaper spending, which includes advertising in print and online editions, will fall to $25.7 billion in 2010, a decline of 6.6 per cent.
Ad spends on newspapers alone will decrease to $22.8 billion. eMarketer predicts that in 2011 this gap will be broadened. According to the forecast, spending on ads in newspapers will fall again to $24.6 billion (including $21.4 billion for print) while online will climb to $28.5 billion. Said CEO of eMarketer Geoff Ramsey, “It‘s something we‘ve seen coming for a long time, but this is a tipping point.” The findings predict the ad spends in newspapers to continue its slide downwards.
The company says that since 2006, spending in print newspapers has been slashed by half. In 2014, the US online ad spending will surpass the $40 billion mark as it continues with its double-digit growth.
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
