The majority of respondents to 'Vertical Search Report 2008' predicted revenues from print to flatten or decrease over the next year as marketers poured more cash into online options.

Some 145 advertisers responded to the survey, with 27.6% forecasting a fall in revenue from print, 46.5% expecting sales to remain flat and 22.4% predicting an increase.

Input from the 116 publishers surveyed showed that 18% thought print advertising revenue would fall, 27% predicted zero growth and 17% expected a rise.

Conversely, 72.5% of publishers expected an increase from online display ads and 70% of advertisers predicted an increase.

Linus Gregoriadis, head of research at E-consultancy, which conducted the research, said: "It's not all bad news for print, but it is about managing something that's declining over time.

"It doesn't mean an end of the road, but there needs to be a significant move into digital revenues in a way that won't cannibalise print sales."