Industry advertising revenue plunged almost 30 percent to $6.6 billion in Q1 compared with the same quarter last year, according to the latest data from the Newspaper Association of America.
Even more alarming is that online advertising revenue for the industry dropped 13.4 percent to $696 million -- the largest decline for the category since the association started tracking online revenue in 2003.
Classified advertising revenue dragged down results by plummeting 42.3 percent to $1.4 billion. Within the category, help-wanted was down 67.3 percent, real estate declined 45.5 percent and automotive fell 43.4 percent. In Q4 2008, classified advertising revenue fell 35 percent.
In Q1, Retail advertising decreased 23.6 percent to $3.3 billion year-over-year. National was down 28.5 percent to $1.1 billion.
Online advertising revenue represented 10 percent of total revenue in Q1. In Q4 2008, online advertising revenue represented 7.7 percent of total revenue.