Figures released yesterday show the declining advertising dollar spent in television in 2008, much of it before the impact of the global financial crisis.
Bolstered by the Olympics, Seven was the only network to increase its revenues, with $1.15 billion in ads last year, slightly up from the $1.14 billion it booked in 2007.
Nine’s revenues fall 4 per cent to $892 million for the year, while TEN posted a 6.8 per cent fall in ad sales to $808 million.
The amount spent on TV advertising in capital cities shrank 5.3 per cent in the second half, an unprecedented decline in a year that should have been boosted by the Olympics.
“The market coming down quite that much was a surprise to us all,” one TV executive told the Sydney Morning Herald.
And there is no sight of relief yet. “The first quarter will be a tough quarter,” Seven’s chief sales and digital officer, James Warburton, said.
Clients are booking only weeks ahead, putting pressure on the ad rates networks can charge.