Group M, the media network run by Sir Martin Sorrell, has estimated a fall of £350m in revenue acquired from TV and press advertising in the UK during 2012. This general fall will come despite the profits expected from the London Olympics and Euro 2012.

The group has reviewed growth of TV ad revenues previously predicted at 3 per cent to 0.1 per cent, a drop that reduces revenues by £70m. The estimations for the newspaper ad market has seen similar revisions, now with an estimated fall in revenue of 6.3 per cent compared to 2011.

However, falls in revenue gained through traditional media are more than balanced by a boom in digital advertising, which will contribute to an increase to the overall growth forecast for the UK ad market. Overall figures given by Group M in fact demonstrate an increase on earlier predictions from 3 per cent to 3.4 per cent - £12.7bn to £13.2bn.

Internet spend has been predicted to rise by 14.2 per cent on 2011, reaching £5.35bn this year.

Group M has stressed that the UK's regional newspaper market will suffer most, revising the prediction of a 7.8 per cent fall to 11 per cent.

Adam Smith, the group's director, has explained the drops by explaining that the Olympics "have not necessarily boosted spending on commercials" as might have been expected. He did add however, that in comparison with other European markets, UK growth was "robust".