According to this article, the recession heavily damaged part of the media industry. Of the 37 ratings made by the S&P in European media space in 2010, 90% were negative. Newspapers lost a lot of revenue from advertising as well as a decline in newspaper subscriptions. As you can see in the above chart from here, newspaper advertising revenue declined by 25 percent in the United States. With the recession, newspapers are moving away from print and onto cheaper online content. This diversification is likely to greatly help the industry in the long term.
Other parts of the media industry seem to be doing well. This article discusses how the movie industry is doing quite well. More people are going to the movies despite higher prices. With consumers seeking an escape from realities, the movie industry looks like it will continue to be doing well in the future.
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