That’s all that separates the close of the Olympics, probably the highlight of 2008 from a media perspective, with the collapse of Lehman Brothers, the moment the penny dropped that the financial world was in crisis. It’s been that sort of rollercoaster year - extreme highs and extreme lows packed together. But when the dust settles, what will 2008 actually be remembered for in Asia’s media circles? Have the gains made by markets such as India and China been obliterated by the tragedies and the scandals?
The underlying trend for Asia’s brands and media owners has been positive. It may not seem that way now, with belts being tightened across the sectors, but the region’s media industry has plenty to cheer it.
First, the Olympics. Not so much the event itself or the battles between individual sponsors and non-sponsors, but the fact that it happened at all. China’s successful hosting of the Games provided a marketing platform for a host of international brands, and opened up Chinese brands to a broader audience. The implications will be felt for years.
Second, the financial crisis. In the short term this is clearly bad news. But what it will do is give Asian brands the chance to emerge on a global stage. Tata’s Nano mini-car is an example. And for Western brands, this region will more than ever be the place to be for growth.
Third, the rise of Asian creativity. Cannes this year saw China’s first gold and India’s first Grand Prix. Do not expect them to be the last.
The upshot is that Asia’s media sector is no longer the poor relation. It is becoming vibrant and is grabbing global attention. That is the legacy of 2008, and it is one the industry should not be afraid to shout about.
