Most of Germany's media outlets are predicted to have decreased advertising revenue by the end of the year, as the country's media and advertising industries are seeing large-scale cutbacks, Gipp.ru reported Thursday.

A third of Germany's media firms, including telecommunications giant Deutsche Telecom, announced plans to slash advertising budgets in 2008 by amounts ranging between €500 million to €30.3 billion.

Both the print and digital press have cut back on advertising campaigns, but privately-owned television and radio companies have suffered the worst, Gipp.ru reported. Meanwhile, Germany's Web-based news outlets have experienced nearly a 45 percent growth in advertising revenues, making €1.4 billion during the first nine months of 2008.

Even though the financial turmoil is hitting all media sectors, the Internet advertising market will continue to grow, according to August-Wilhelm Scheer, head of the federal group of information communications technologies Bitcom. Internet outlets in Germany may see economic growth since their share in the net advertising market is not yet high.

Global analysis firm PricewaterhouseCoopers announced that the German media industry as a whole may see an increase of 1.4 percent in revenues, or €56.8 billion by the end of 2008. Next year, however, the industry risks having significantly less profits, according to Gipp.ru.