Taiwan authorities may be downgrading growth forecasts for the overall economy this year, but buoyant turnover and a highly competitive market mean the advertising industry remains Asia's most robust.
Government economists have reduced official forecasts for 1998 growth from 6.7 per cent to 6 per cent, but the self-contained market has left the economy in fairly healthy condition.
The media is no exception to the general growth trends in the economy. Advertising expenditure grew 32 per cent last year from 1996, and estimates for the first half of this year point to a 31 per cent increase compared with the same period a year ago.
Total media expenditure, excluding outdoor and radio, amounted to US$1.8 billion in 1996 and $2.23 billion last year. The half-year total this year is estimated at $1.25 billion.
Terrestrial television is the largest recipient of ad spending, with 45 per cent of the pie. Newspapers take 35 per cent, cable TV 11 per cent and magazines 9 per cent.
When Formosa TV began transmission last year, it became Taiwan's fourth terrestrial station after Taiwan TV, China TV and China Television Service.