Mobile advertising suffered the greatest decline, contracting by 41% to EUR 461,000, but it represents only a tiny sliver of overall revenue.

Internet advertising, which accounts for 4% of total revenue, dropped 16% to EUR 26.2m, after having registered the fastest pace of growth among all segments in the year before.

"Internet advertising is forecast to grow and account for an increasing share of total revenue, but this has not happened," Mediana executive director Irena Setinšek told the STA.

However, she pointed out that the figures include only domestic players, not advertising powerhouses such as Google or Facebook.

In print media, ad revenue contracted by 13% to EUR 127.9m, but Selinšek notes that newspapers remain attractive for advertisers such as retailers.

Television still accounts for the bulk of ad revenue, EUR 433.7m. The figure is down by 1% over the year before, a huge drop considering that 2012 was the year of the Olympic games and the European football championships.

The only segment that grew was cinema advertising, which expanded by 21% to EUR 1.2m.

Henkel Slovenija, the consumer goods maker, was the biggest spender last year, more than doubling its ad spending to EUR 34.7.

Telekom Slovenije in second place spent EUR 21m on ads, followed by retailers Spar (EUR 18.9m) and Mercator (EUR 18.1m).

Retail was also the biggest industry for ads, trailed by mobile telephony, cars and pharmaceuticals.