The sky really is falling. The market has become “impossible” for newspapers and magazines, and one in 10 will either shut, move online only or cut publication frequency by more than half, says a new Deloitte report.

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Co-author Howard Davies (via FT.com): “This is a downward spiral. It has already become quite difficult for print publishers, but it is going to get much worse as the advertising market deteriorates.” Deloitte expects backs up GroupM’s expectation of a further 20 percent collapse in classifieds income next year, which has already slid precipitously this year and last,

The axe being wielded by so many publishers in the last three weeks won’t be a solution alone - instead, publishers should reduce print frequency, the report says (anyone taking bets on which will be the first national Sunday title to shut in ‘09?).

Even those considering that online-only might be a good idea (we’re looking at you, Independent.co.uk) will hardly find internet riches - not even the most successful of online print counterparts is making enough money to offset those quickening dead-tree losses, and how will a website survive without the prestige of the page-turner. But the flip-side is perilous, too - FT.com: “If ‘online-only’ cannot be made to work financially, a newspaper’s online presence may need to be reduced significantly to encourage people back to the physical product”.

Listen to BBC Radio 4’s PM item on this topic from yesterday, interviewing me and other industry figures…