The Guardian is reporting a 'huge decline' in adspend of 10% for the final quarter of 2008.
When numbers for the first half of 2009 (and possibly all of 2009) are available, it will paint a far, far worse picture than that. Media for Q4 will have been booked mostly in Q3, before budgets really went through the floor. My impression now is that everybody started cutting back heavily from around Q4 and really heavily coming into 2009. Many are reducing budgets still further at the moment.
When CBS are running their own poster ads to fill sites, you know things are bad.
Any guesses as to how far down 2009 will be on 2007? I'll start the bidding at 20-25%.