MADRID: The advertising revenue levels generated by television broadcasters in Spain declined by 23.2% last year, outpacing the general drop off across the market as a whole.

According to data from InfoAdex, the research firm, TV adspend in the country fell from €2.98bn ($4.03bn, £2.70bn) in 2008 to just €2.30bn in 2009.

This can be compared to an overall decrease in advertising expenditure of 15% on an annual basis, the company argued.

Despite these poor results – which incorporated contractions of 22.6%, 25.6% and 10.9% for national, local and pay-TV in turn – television still accounted for 42% of traditional media budgets.

More specifically, almost €9 in every €10 invested in this channel went to national broadcasters like Antena 3 and Telecinco last year.

The latter of these media groups saw its annual profits slide by 77% in this period, to €48.4m, based on ad sales of €589.8m, and even after slashing its operating costs by 10.3%.

Data sourced from Rapid TV News; additional content by Warc staff