• Reuters via GlobeandMail.com, Tuesday, November 27, 2007 10:45 AM

The U.S. media industry could be on the brink of its second big downturn in a decade -- and that is likely to accelerate the split between fast-growing targeted ads and traditional media aimed at mass audiences. Since the last ad bust in 2000-2002, Big Media has been trying hard to work with technological changes, including the rise of high-speed Internet and the growth of portable digital media players like the iPod.

But the housing market crash is raising worries about an economic recession that could also hit media. Some industry watchers say advertisers have to remain competitive in a tight market, while also keeping down costs. That means they are apt to boost their spending in areas more directly linked to commerce, like Web search, a plus for Google and Amazon.com, but the TV nets could take a hit.

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