The advertising market faces a prolonged slump following the collapse in marketing spending, according to a report on Tuesday.
...The downturn will accelerate the move to digital consumption and advertising across all media, the professional services firm predicts, but that will not be enough to offset the decline in traditional businesses. “The increase in online elements is not compensating for declines elsewhere,” said Phil Stokes, PwC’s UK leader for entertainment and media.
...The move from pay-per-track downloads towards subscription music packages, even on relatively new platforms such as mobile phones, will stifle growth in digital music, PwC says.
...Any growth in the media market over the next five years will be in video games, TV subscriptions, film and internet access, PwC says.
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