Was it that bad in 2008?

I wasn’t in US at that time yet, so can’t compare; but this is the first time I’m seeing the market being that bad. This year specifically; or maybe it’s my LinkedIn algorithm, and all I see people out of work.

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Pretty bad. Lots of people lost their jobs in 2008. Right now feels bad for advertising specifically but not as bad across the entire economy.

likesmart

This.

likesmart

It was really bad, close to the same, maybe a bit worse, but cost of living was WAY less. Wages have hardly budged since then but inflation has exploded.

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I remember a lot of people proclaiming the end of this industry. The crisis was one thing, but a lot of Linkedin visionaries said performance marketing, social and digital ads would kill big brand-building campaigns and agency models.

But here we are. We’ve realized performance marketing is short-termism. It has its place but we kept making big brand campaigns and conceptual work.

That’s one reason why I don’t listen when someone tells me the industry is dying because of AI. I’ve heard it all before. I’ve made it through worse.

likesmart

Performance marketing hasn’t killed agencies and brand-building. Otherwise they would have been killed in 2010.

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It was so bad in 2008 that agencies were cancelling internships

likehelpful

It was worse than now. But people just dealt with it.

likesmart

First, you see what you focus on. Your algorithm is indeed feeding you doom. Second, our brains seek evidence of what we tell it. So tell yourself things are better and you’ll see evidence of that. Third, this actually feels less scary than 2008. People are getting hired right now, and back then they were not.

Hang in there - it’s going to get better soon!

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I got laid off in 2008. Fortunately the freelance work surged in to fill the void. I had switched to a fixed rate mortgage the year before so I avoided that mess. Any time the government has to step in to prop up banks and insurance companies, you know it’s bad. We almost saw a global financial collapse. Today is not even half as bad. But it could go there. The F-ery happening now is epic.

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I would say that in advertising right now it is the same financial issue as 2008.

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I feel like back then was worse…I graduated college in 2009, couldn’t get an agency internship to save my life. Was doing free internship work via non profit until late 2010 when I was hired entry level at an agency for next to nothing lol

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That's also when the real estate market tanked, so folks lost their homes, agents and brokers lost or severely reduced their income, so there was a lot of relocation too, or even homelessness.

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I was laid off in 2008. Only time I experienced that in 25 years.

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It was worse, the difference is right now there is higher visibility given access to LinkedIn. Back then LinkedIn was just getting off the ground and hadn’t fully taken hold of professionals.

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