Press the panic button - The Guardian on the State of Newspaper Advertising

As usual, the Guardian has good report here: Press the panic button | Media | The Guardian.

"If you are a retailer or a car manufacturer or a financial institution, and your revenues are under pressure, as much as you know it's the wrong thing to do, you cut advertising. When it comes down to it, everyone cuts advertising." Yet this does not account for the unsettling nature of the internet, which has been gobbling up market share for some time.

"This is the first time we have seen the impact of the internet in a downturn," says Andrew Walsh, an analyst at Landsbanki. "The internet alternative is cheaper and people are using it in more recessive times. Online is increasing its share and will not necessarily give it up when things improve."