“Cost reduction on its own is a necessary, but not a sufficient, provision. Companies must end up being different from what they are now rather than just doing what they do now, only better. That may involve selling things, it may involve shutting bits of their business down.”says Andrew Mendoza of the strategy consultants OC&C
However there may be a silver lining
in previous recessions the media – especially in the cyclical advertising-driven subsectors such as newspapers, broadcasting and directories – has also proved to be the harbinger of warmer financial climes.