The World: Seoul - Nielsen reports 50 per cent drop in 2009 ad billings

Korean advertising billings fell by more than 50 per cent year on year in the first two months of 2009, according to the latest figures released by Nielsen's Korean arm.

Terrestrial television advertising plummeted from almost $200 million in January and February 2008 to $80 million for the same period this year. Newspaper advertising slumped from $393 million to $152 million, and magazine advertising dropped from $33 million to $13 million.

Meanwhile, the economic conditions have forced the creative agency Korad to downsize from 120 staff to 80, following budget cuts to its Daewoo account.