The rate of growth for UK online advertising expenditure has more than halved in the past year, according to new figures released today by the World Advertising Research Centre and the Advertising Association (PDF).
Internet advertising revenues grew 17.3 per cent in 2008, down from a growth rate of 39.5 per cent in the previous year.
Newspapers were the worst-hit by the advertising downturn, with ad spend falling 12 per cent year on year, compared with a 0.3 per cent decline in 2007.
Magazines were the next to feel the squeeze, down 9.9 per cent comparing 2008 with 2007.
Radio fell 8.5 per cent; television was down 4.9 per cent; and the overall ad spend decline across all media was 3.9 per cent.