Right now, even digital is in decline - UK 2009/10 online ad spend is projected to dip 3.2 percent.

PwC also highlights just how many small businesses have fallen prey to the recession: the downturn has claimed some high-profile victims but PwC reports that 910 smaller advertising and media businesses have gone bust in the past two years, 525 in the last 12 months…

—Advertising: 211 in 12 months to June 31 (50 percent up annually). 352 in the last 24 months.
—Broadcast: 81 in last 12 months (40 percent rise).
—Publishing: 260 in last two years.
—Music: 18 in last two years

Why so many? For Lancefield, the reasons are simple: not enough ad money to go around. “The contraction in advertising budgets is hurting all companies but it is currently picking off the small independents that do not have deep pockets or the ability to refinance,” he says. Plus he has some sound advice: “Winning in the upturn isn’t just about media companies working harder or doing things better. It’s time for a new paradigm... For example, experience from retail and financial services should inform how media companies should leverage the rich data that new media platforms generate.”