Radio, network television and the newspaper industry all felt the sting of lower ad expenditures in the first half of the year. The financial services industry, which spends tens of billions of ad dollars, has been particularly hurt by the housing crisis and the subsequent credit crunch. The dip in ad spending is more than just a slowdown, reports Paul R. LaMonica of CNN Money:

''Is the economy heading into a recession? That's up for debate. But it looks like the media industry is already enmeshed in a slump that's pronounced enough to call it more than a mere slowdown. According to a report from research firm TNS Media Intelligence, advertising spending slipped by 0.2 percent in the second quarter and is down 0.3 percent for the first half of the year.

''This marked the first time since 2001 that advertising spending fell for two consecutive quarters. In 2001, ad spending fell in each quarter before rebounding a year later.''

Predictably, online ad spending was up in the first half of the year. A bright spot in the darkening print media sky, however, is the vibrant, profitable world of consumer magazines, which gained 6.9 percent to $11.50 billion in advertising. Also, curiously, the cable TV experienced a 2.8 percent ad increase compared to the same time last year.

(image via clipart)