New Dehi, Sep 2 - Advertising revenues in the second half of the year are set to grow more than 65 percent, says a study.

The industry logged just Rs.7,452 crore in January 1-June 30 this year, a whopping Rs.1,414 crore less than what it made in the same period last year, according to the mid-term review of the Pitch Madison Media advertising outlook 2009.

However, things may be looking up for the media industry.

'Our detailed forecast for the July-December period shows that while the media industry earned only Rs.7,452 crore in the first half, we estimate the industry to net Rs.12,325 crore in the second half. And this is a massive 65 percent jump over the first half,' said Madison Media chairman Sam Balsara.

However, this handsome growth, driven by an increase in ad rates and volumes, will not be enough to offset the slump experienced by the industry in the first six months.