MADRID: Advertising expenditure levels in Spain declined by 29% during the first half of this year on an annual basis, to €2.5 billion ($3.6bn; £2.2bn) in all, figures from InfoAdex show.
According to the company's estimates, TV adspend in Spain declined by 30% year-on-year, to €1.1bn, over the course of the opening six months of 2009.
Daily newspaper revenues were also down by 33%, to €539m, while Sunday newspapers and magazines were off by 42% and 37% respectively.
Cinema posted the most substantial decline in this period, however, as marketing budgets directed through this medium tumbled 47%, to €5.8m.
Online revenues rose by 2.6%, to €113.5m, but new media spending had also started to slow somewhat by the end of period from January to June.
InfoAdex now predicts the Spanish ad market could shrink in value by as much as €5.7bn this year.
Zoom Vigia, part of ZenithOptimedia, has similarly forecast that spending levels will decline by a minimum of 18.7% in 2009.
By comparison, for the six months ending in June, Germany saw total adspend fall by 3.3%, while the UK market is expected to contract by 11.7% on an annual basis this year.
Data sourced from Hollywood Reporter/Variety; additional content by WARC staff