But not all old media. Advertising is still leaching out of newspapers, particularly regional ones. It is returning only slowly to magazines. Billboards are faring better. Yet the greatest old-media winner is television—in most countries the main advertising medium. In December 2009 GroupM, which is part of WPP, predicted that spending on British TV would fall by 0.2% this year. It now forecasts growth of 11.6%, roughly reversing last year's drop. Other market-watchers are even more optimistic about the box.

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