Korea’s advertising industry shrank 1.3 percent in 2009 from a year earlier in the aftermath of the global financial crisis, a report showed Monday.
The report by the Ministry of Culture, Sports and Tourism showed the total size of the advertisement market decreased to 9.18 trillion won ($8.12 billion) in 2009 from 9.31 trillion won in 2008.
The shrinkage was attributed to reduced corporate investments stemming from uncertain business prospects as the global economy suffered a downturn with the 2008-2009 financial crisis, the ministry said.
Of the 9.18 trillion won, 68 percent (6.28 trillion won) went to the mass media and the remaining 32 percent went to advertisement production and services.
The number of advertising firms fell to 4,532 in 2009 from 4,767 in 2008.
In 2009, Korea managed to avert a recession, pulling off 0.2 percent growth year-on-year.
By Kim Yoon-mi (firstname.lastname@example.org