An industry decimated

No doubt that everybody is talking about the pessimistic report out by Deloittes on the newspaper industry this morning.

The FT reports that

The newspaper and magazine industry could be “decimated” in 2009 with one out of every 10 print publications forced to reduce publication frequency by more than half, move online or close entirely

adding that the outlook for both the newspaper and the nmgazine industry has gone from difficult to impossible and forecasts that

Advertising revenues may fall up to 20 per cent with classified advertising, traditionally one of the most lucrative elements of a newspaper, particularly badly hit,