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Unveiling its latest report into the TV market, Billetts warned that the outlook for 2010 "shows little cause for optimism".

It said a key reason for this is that 2010 TV ad budgets will be set using "deflated 2009 budgets" as a benchmark, effectively delaying any upturn in advertising spend.

Its warning was delivered as it published new data that shows the cost of advertising on TV is at its lowest in decades. Television prices are set to fall by 16% year on year in 2009, in response to what Billets termed "weak demand from advertisers and rising audiences".

At approximately £4.16, the price of reaching 1,000 adults with a TV ad is the lowest since the 1980s, it said.

However, Billets also flagged up declines in the cost of advertising in national newspapers, which it said will be 5% cheaper this year and consumer magazines, which will be 9% cheaper. Display advertising on the internet will be five to 10% lower in 2009.

TV revenue from advertising is forecast to be £475m in 2009, down 14% from 2008.

Nick Manning, chief operating officer at Ebiquity, the owner of Billetts, said: "Cost-wise, it's a great time for advertisers with prices so low, but the severity of the downturn will have serious medium and long-term implications for media owners and agencies in the same way as it already has for some of their clients."