The hardest hit medium was national newspapers, which saw ad revenue drop 21.5% to £1.5bn, according to research published by CMR, the advertising and marketing information service.
CMR estimates that the total spend on advertising for the first three quarters of 2001 was £48.1bn, down from £52bn last year. This included a loss of £218.7m in network television ads immediately following the September 11 terrorist attacks.
Of the top 10 biggest-spending advertisers in the US, only two companies -- AOL Time Warner and Ford Motors -- increased their advertising spend this year. General Motors, the biggest advertiser in the US, cut its spend by more than 30% in the first three quarters of this year to £1bn from £1.5bn for the same period last year.
Only two mediums saw ad revenues increase for the period. They were Sunday magazine newspaper supplements, up 3.4% to £553m, and cable television, up by 2.1% to £5.4bn.
"Even though the ad world may experience a slight holiday season boost in the fourth quarter, we don't expect to see spending numbers to turn around significantly until the economy does so first," David Peeler, president and CEO of CMR, said.
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