NEW YORK: US commercial radio revenues suffered a setback during 2007, plunging to their lowest level since 2003, according to data released this week by the Radio Advertising Bureau.

Over-the-airwaves radio ad revenues reached $19.63 billion (€12.9bn; £9.9bn) last year, a 2.6% drop from $20.14bn in 2006. The figure has remained at around $20bn in recent years. Online and other off-air revenue rose 10% to $1.68bn.

JP Morgan analyst John Blackledge expects the economic downturn to shrink revenues by around 3% during 2008.

Data sourced from Wall Street Journal Online; additional content by WARC staff