The company also recently announced it would no longer be spending heavily for its favored spot as an advertiser during the Emmy Awards and Academy Awards. All of the cuts in promotional activities are designed to mesh with GM's overall goal of cutting costs. Losing $15.5 billion in the second quarter has sharpened GM's view of things, and with revenue down $8.5 billion quarter-on-quarter compared to 2007, cutting costs is one of the few things the company has within its control.
Exact figures on how much the advertising and Style event cuts will save the company are closely held, but the Emmy Awards advertising last year cost GM $2.9 million and the ads shown during the Academy Awards totaled $13.5 million - a combined cost of $16.4 million, reports The Detroit News. Though the Style event has no clear total, it was a catered event with an open bar, celebrity acts and a lavish setting in addition to the fashion and automotive aspects, making it a costly event to host.
This year's Style event featured Kid Rock, Mary J. Blige and Maroon 5 in addition to the E85 Hot Rod and the Camaro Concept. A fashion show featuring clothes by Kid Rock and Justin Timberlake and jewelry by leading designer Colette Steckel also took the stage.