Offline advertising spending from UK internet companies slumped for the first time in November 2000 according to new research from ACNeilson.
The research said the £10.95m spent on non-internet advertising for that month revealed a drop of more than 25% from the £14.86m spent in November 1999.
The figure was also a step down from the spend in October 2000 of just over £12m, although it trumped spending in September, August and July.
The report's author, Jeremy Ridgeway said the slowdown could be attributed to two reasons: "It is either because of the funding crisis many dotcoms face, or because they have succeeded in driving enough traffic to the site - or a mixture of both."
He said the reduced figure may not herald the start of a long-term fall, as the significant spend of November 1999 spend was higher than the months around it.