Investors Chronical’s assessment of the prospects of the publishing sector makes grim reading. IC makes the point that many publishers have yet to reach the optimal balance between print and online (whatever that may be) and that even after the investments in online technology, digital revenues have been slow to build.

In addition, digital advertising, while still a growth area, is set to slow significantly this year. Media research specialist, Enders Analysis, says online advertising will grow at just 2.1 per cent in 2009, down from 20 per cent in 2008, before recovering to 9.3 per cent in 2010.

All sectors are expected to be hit, notes IC.

Business-to-business titles are expected to continue to struggle, while consumer magazines are forecast to see an 8 per cent decline in revenues and a 7 per cent decline in circulation, according to research group Billets. Claire Enders, founder of Enders Analysis, expects a third of all publications – including at least two national titles – to cease publication this year, while Billets expects Sunday titles to fare the worst.