Let’s be clear: The advertising market has hit a rough patch amid the broader economic downturn. But that hit has not necessarily been a full-on body blow.

“We’re seeing some shifts [in advertisers’ spending] but not necessarily dramatic cuts,” said UM Worldwide’s U.S. chief marketplace officer Stacey Stewart in the latest episode of the Digiday Podcast. To be clear, she added, “Don’t get me wrong when I say there hasn’t been many cuts. They’re still cuts. They just haven’t been as dramatic as I think we all had feared.”

Typically, advertisers are cutting ad dollars from deals that provide less flexibility, such as those earmarked for traditional TV. “That’s where we saw a lot of the cuts,” Stewart said.

To an extent, advertisers are holding on to those dollars, but they are also redirecting them to places that provide greater flexibility for advertisers to cancel deals as well as more performance-oriented ad opportunities.“There’s definitely a shift to more immediate results — lower-funnel metrics if you will — focusing on revenue in the short term versus branded-building,” said Stewart.