Return from Happyclappland: TV ad revenues take a big hit in January

Have the UK’s media agencies embarked on the long march back from Happyclappyland?

In recent months, I’ve lambasted optimistic ad growth forecasts from the likes of Zenithoptimedia and Group M.

In December, WPP-owned Group M forecast a mere 6% decline in TV advertising revenues during 2009. Delivered at around the same time, Zenithoptimedia’s forecast felt similarly optimistic.