Microsoft's Steve Ballmer says that the global advertising economy has been permanently "reset" at a lower level, warning that media companies should not plan for revenues to bounce back to pre-recession levels. He argues that traditional broadcast and print media would have to plan business models around a smaller share of the advertising market, as revenues continue to move to digital outlets. He paints a bleak picture for the future of traditional media, arguing that newspaper publishers have failed to generate new revenues from the digital opportunity. He said that within 10 years all traditional content will be digital and yet, Google aside, publishers are failing to generate serious digital revenues.
