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CCTV ad auction draws record bids

(China Daily)

08:25, November 09, 2011

CCTV's auction of 2012 prime-time advertising slots starts in Beijing on Tuesday. The TV station drew bids totaling 14.26 billion yuan ($2.25 billion), up 12.54 percent from last year. Provided to China Daily

SHANGHAI - The annual landmark advertisement auction by China Central Television (CCTV), the country's sole national TV station, drew record bids this year on Tuesday, boosted by major events such as the 2012 Olympic Games and widespread optimism about the business environment.

The auction, widely perceived as a barometer of the country's economic situation, drew bids totaling 14.26 billion yuan ($2.25 billion), up 12.54 percent from last year.

The bidding pool rose further than the 10 percent or so that the industry had anticipated, but advertising sources said that the gain might have actually been too modest in light of the nation's high inflation rate and soaring costs. The sources said that the bid total highlighted stagnancy in the growth of traditional advertising.

The auction, the 18th so far, attracted 245 domestic and foreign participants and lasted 12 hours. As of press time on Tuesday night, the winners hadn't been disclosed.

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