Last week’s news that WPP Group reported a 25% rise in pre-tax profits for the first half of the year to over $500 million, a figure lower than analysts had been forecasting, was interesting primarily in realizing where most of the profit was coming from. In the words of “The Poisoned Dwarf” (CEO Sir Martin Sorrell): "We are finding that our industry is becoming more and more two-paced. Slow growth in traditional media, such as network television, newspapers and magazines, more rapid growth in new media, such as direct, internet and interactive, driven by new technology.” Mmmm… Wonder if he actually meant to say “Two Faced?” He also took a dig at his competitors, saying that WPP was leading the industry in "coordinating investment geographically and functionally through parent company initiatives, which competitors initially 'pooh-poohed' but now attempt to imitate". I think what he’s trying to say is that WPP is attempting to buy everything in sight. Wonder how long it will be before it overtakes Omnicom as the worlds biggest ad conglomerate?
One day I shall own all that I survey! Then what?
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