UK entertainment and media revenue will drop seven percent to to $85 billion (£52.1 billion) - and may not return to 2008 levels until 2013, according to a report from PricewaterhouseCoopers. If the industry can hold on that long, the Global Entertainment and Media Outlook report says consumer spend will drive overall UK revenue up to $98 billion (£60.1 billion) in 2013, just behind Germany which PwC expects to experience a rise to $99 billion (£60.7 billion) in the same period.

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The range of estimates on when the recession will ease and media and entertainment companies will return to growth range from the very optimistic—try next month—to cautiously optimistic to the realistic. But what no one will disagree with is PwC’s assertion that this recession is changing the media landscape. Plus the report’s author, PwC’s head of entertainment & media Phil Stokes, highlights the problem perhaps best illustrated by the plight of newspapers: “The increase in online elements is not compensating for declines elsewhere.”