Quote of the Day

“From conglomerates to internet ventures, executives should be planning
now on a decline of up to 40% in advertising spending during this
cycle. Instead they’re sleepwalking into economic extinction–even those
lean online ventures which were supposed to take up the mantle and
preserve New York’s position as a media capital.”

–The ever-direct Nick Denton of Gawker Media in an extended post about the economic downturn (when do we start calling it a depression?), onlne media and ad revenue. Nick’s cautious here in his projections–but his calling out the moanin’ is right on.