Ad revenues are predicted to fall from a total of $189 billion in 2008 to $161 billion this year.
However, the report adds that the decline has bottomed out in first half of the year, with the second half of 2010 set to see a return to growth.
“The first half of 2009 will likely turn out to be the worst period of this recession, during which time Magna estimates media supplier advertising revenues will have fallen by 18% vs. the same period in 2008,” the report said.
Magna, the media trading division of Interpublic’s Mediabrands media division, said that ad revenues will fall 2% next year, with total ad revenues rising by a compound annual growth rate of just 1% between 2009 and 2014.
ZenithOptimedia recently forecast that UK adspend will drop 10.5% this year, with global spending set to fall 8.5% (see ZenithOptimedia revises down global ad forecast).
Figures from the Advertising Association released last month revealed that UK advertising expenditure dropped 4% year on year to £18.6 billion in 2008 (see UK advertising expenditure down 4% in 2008).
