BIA Advisory Services has revised downward its earlier projected TV station revenue estimates for 2009 to $16.6 billion, a 17.3% decline from 2008 — and a return to 1995 levels.

The second edition of BIA’s quarterly "Investing In Television Market Report" also shows a slowdown of transactions within the industry to $453 million, or 45 stations, for the first half of the year, a slight increase over the same time last year and an indication, BIA says, that buyers and sellers are waiting for the economy to improve.

"Transactions have slowed to an anemic pace and reflect the general lack of financing currently available for stations and broadcast groups and the poor industry attitude," BIA Advisory Services VP Mark R. Fratrik said in a statement . "We believe that companies are waiting on the sidelines for an improved economy and for the right opportunities to make strategic acquisitions."

BIA, however, was hopeful about the future of Internet advertising revenue for stations.

"We are very optimistic about the online revenue potentials for television broadcasters, particularly as they step up their mobile and Internet offerings," said Michael Boland, mobile local media analyst for BIA’s The Kelsey Group, in a statement. "We project the industry will see Internet revenues of $556 million in 2009, moving up to $1.1 billion by 2013. This represents 19.7% compounded annual growth rate for online television broadcasting advertising alone."

–Tom Gilbert