If confirmation were needed of the gravity of the problems facing media owners, there would be no need to look further than the recent rounds of redundancies, pay freezes and staggering merger suggestions. Moreover, while the big fish may be struggling against the tide, the minnows are starting to go under.
Observer Standard Newspapers, a publisher of local freesheets, has fallen into administration, while regional press giant Johnston Press recorded its biggest-ever fall in ad revenue, taking a 35% hit year on year in the first two months of 2009.
Meanwhile, ITV Yorkshire is slashing 192 jobs and closing most of its facilities to share resources with the BBC, which in turn continues to grow as a threat to regional presses.
As the viability of regional media businesses comes under scrutiny, advertisers should keep a close eye on the Office of Fair Trading (OFT), which is exploring proposals to relax ownership rules, creating avenues for regional mergers.
This could protect local newspapers from the dual threat of radio and on-line to advertising budgets. However, it could also destroy independent publishers and create a monopoly for big regional groups.
Chris Bullivant, chairman of Observer Standard Newspapers, which has an annual turnover of £9m, is opposed to the OFT's merger proposal. 'Larger publishing companies are trying to return to a time when they had the monopoly on advertisers, and it's totally wrong,' he says. 'Smaller publishers will be forced out of business. I don't want to sell my business. I want to compete.'
The BBC's plans to expand its regional online coverage could also prove problematic. Although it does not threaten revenues directly, it could take local audiences away from newspapers.
As regional publishers see the threat of the internet looming, some have attempted to harness its power.
Cumbrian Newspapers has cut jobs, but has also prioritised digital investment. Nick Turner, head of digital content development, says this is essential to the progression of regional media. 'Small, local businesses, that may not have advertised before, are now getting ads cheap as chips online. They are reaching a targeted audience, and that works for them,' he says.
Pete Markey, marketing director at More Th>n, says the insurance brand uses a combination of national and regional media. He agrees that online has the potential to support regional newspaper ads effectively. 'Regional press ads don't always drive a strong cost per sale, but they drive awareness,' he says.
Strategic regional campaigns can bring big rewards for advertisers, whether promoting a new store or targeting an area where a brand is less popular. Indeed, The Newspaper Society rates connection with a community as key to marketing a brand regionally.
However, opinions on the outlook for the sector are diverse. Mark Middlemas, managing partner of business development at Universal McCann, says opportunities abound. Yet Richard Addis, a former editor of the Daily Express, believes local papers will not recover from the recession.
Bullivant argues that while there is probably no future for paid-for local newspapers, he hopes to revive the regional press through quality freesheets. Another perspective comes from Sir Ray Tindle, owner of Tindle Newspapers, who predicts his weekly titles will be 'in great shape' once the recession dissipates.
The real future of regional media seems to lie with its audience. As long as people have a connection to their local newspapers, TV shows or radio stations, media groups big and small will persevere. Some minnows may be swept away, but certainly not all.