Total print and online newspaper advertising revenues plummeted to $8.92 billion in Q3 2008, an 18% drop of nearly $2 billion from Q3 2007, and a 6.9% drop from Q2 2008, according to figures released by the Newspaper Association of America, MarketingCharts reports.
The steep declines affected every type of newspaper advertisingin both print and online categories. Overall, print advertising has reached an historic low, slipping 19.26%, to $8.19 billion in Q3.
The largest percentage drop in any one print category was in classified advertising, which dove 30.85% to $2.36 billion.
National advertising experienced an 18.42% decline, to 1.36 billion, and retail – which accounts for nearly 50% of the ad-revenue pie, fell 11.72% to $4.47 billion.
A recent report by Fitch Ratings, for example, finds “several cities” in the States will be without a daily newspaper as soon as 2010.
Total newspaper revenues have fallen every quarter since Q3 2006.