The recovery is starting to remind me of the Tour De France. High on a mountain ridge, the peloton is stretched out along a vast stretch of road. But two groups are visible. The leaders represent consumer-facing mass media – the broadcasters and national press. The laggards come from B2B publishing and local newspapers. Worryingly, at this stage during a recovery, the latter should be doing far better than they are now. At local newspapers, advertising revenues are still declining.

And the mountain ridge? This represents the risk of a double-dip recession, which now seems to concern many analysts, despite contrary indications.

Consumer media: Q2 advertising revenues