Forecasts for UK online advertising spending has been revised down by an internet marketing consultant.
Estimates from eMarketer now stand at £3.34 billion as the final figure for 2008 and £3.58 billion for 2009.
The managed emarketing company had initially estimated the industry would earn £3.36 billion in 2008 and £3.93 billion in 2009.
Its forecast has been based on quarterly surveys of actual spending compiled by PricewaterhouseCoopers, the Internet Advertising Bureau UK and World Advertising Research Center.
Senior analyst at eMarketer Karin von Abrams said: "The good news is online is doing better than traditional media, which is down dramatically."
Indeed, many newspaper groups have merged editions and announced job losses throughout the country on the back of poor advertising revenue.
Ms Abrams forecast budgets would be scaled down in 2009 and marketers would be less experimental.
A recent report from Marketing Sherpa envisaged many advertisers reverting back to low-cost email marketing in the new year.
Emarketers using this technique have been urged to tread with caution as 'batch and blast' emails have been shown to erode business confidence over the past ten years.
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