The broadcaster has been hit hard by factors including the foot-and-mouth crisis, the US economic slowdown and the stock market slump, despite UK successes such as the Popstars series.
The network, which is almost entirely owned by Granada Media and Carlton Communications, enjoyed an 8%-9% increase in ad revenue last year.
Average predictions for ITV hovered between 5%-7%, but Nick Theakstone, deputy managing director at MediaVest, pointed out that prices are very cheap, with other insiders saying some ad slots were going for prices last seen in 1996.
Over at Channel 4 the picture looks somewhat brighter. The station is expected to see a 2%-4% increase in ad sales. Channel 5 is expecting a 1% increase and satellite TV is set to enjoy a boom increase of up to 14% due to the increased number of subscribers to Sky Digital.