Television advertising revenue has slumped 3 per cent across the industry during the three months to September, according to Sky Television boss John Fellet.

Fellett told investors at Sky's annual general meeting in Auckland today that while his company's advertising revenues were up on the same period last year, the industry was down compared to the same quarter in 2011.

He believed the London Olympics in July had bumped up Sky's advertising revenues while other broadcasters were trying to make money in an increasingly competitive market.

Advertising decisions were also being dictated by the overseas offices of multi-national companies, often with an eye on cost, said Fellet.

"So many big brand decisions on advertising are not made in Auckland anymore - someone in Sydney or Singapore or New York is sitting there saying 'we need to cut back 10 per cent, let's knock off Tasmania and New Zealand'.

"I think that's an uphill fight we always have to have."

Rick Freisen, chief of television industry group Think TV, said the September quarter advertising revenues were affected by across the board free-to-air coverage of last year's Rugby World Cup.

He said there was a buoyant feeling among advertisers in the lead up to the event which distorted the typical seasonal market.

Freisen said television ad revenue was flat so far this year, up just 0.3 per cent.

Fellet, who presented the company's full year accounts in August, did not upgrade his financial forecast for the year ahead at today's AGM.

He said profit for FY13 would be between $120-125m; about the same level as this year's $122.8m net profit after tax.

Sky's advertising revenue grew 7.2 per cent to $67m for the year to June.

Fellet said sports package subscriber numbers had dropped slightly after the Olympics, but that was expected with the Olympics in August bringing a lot of subs forward into July.

"It's not because of higher churn [subscribers leaving Sky], but more about newer subscribers not coming on.

"There's a recession out there that bites into retail, with people sitting there trying to deleverage their financial situation."

At the meeting chairman Peter Macourt and fellow director, and former All Black coach, John Hart were both re-elected to the board.

- © Fairfax NZ News