Korean ad market shows signs of recovery

The figure is an increase of $31 million on August, and the highest monthly amount tallied this year.

An official from Kobaco was quoted in the Korean press as saying that while the industry has not yet made a full recovery, companies are showing increased willingness to spend on advertising.

Of all domestic broadcasters, MBC-TV experienced the most significant increase in sales, having sold almost $52 million of commercial space in the past month.

The figures appear to be good news for a beleaguered industry. In March, Nielsen reported that billings had plummeted by 50 per cent year on year for the first two months of the year.

However, Steve Yi, head of strategic planning at Grey Korea, warned against premature celebrations. "I would not put too much stock in it just yet," he said, explaining that most clients would be spending reserve budgets in September and October.

He noted that all major domestic companies had imposed a hiring freeze until the end of the year, suggesting that funds were still being tightly controlled.

In January, the state-owned body cut advertising rates by 40 per cent in an effort to offload surplus inventory.