One does not need statistics to know that a lot of media companies - music labels, film studios, newspapers etc - are facing a crisis of profitability. However, the figures do bear it out.
Some new research from Deloitte has found that, while many industries suffer from intense pricing pressures and falling return on assets, the media industry is doing worst of all. In fact, the industry now has a negative return on assets of 4.4 per cent, compared with a positive 7 per cent 40 years ago.
I wrote about the Deloitte Shift Index in a column in June but it has now been updated to break out results for individual industries. The results are gloomy from the point of view of corporate profitability, although the consumer is getting a good deal.
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