'Going by our revised numbers, we expect a negative growth of 5 percent for the full year. The industry is projected to close calendar year 2009 with Rs.19,777 crore against Rs.20,717 crore in 2008,' said Amit Agnihotri, exchange4media group co-founder and editor of Pitch magazine.

During January-June, the print media saw advertising revenues plummet 32 percent, while television saw a 19 percent drop.

Cinema and outdoor advertising took a greater hit at 37 percent and 30 percent respectively. There was only a moderate decline of five percent in ad revenues of radio stations.

However, the internet media is the only format that recorded a growth during the first half, logging a 16 percent growth.