The recession has hit the media harder than most other sectors, with huge falls in circulation figures and advertising revenues. But decline has not been universal and some companies have continued to expand, partly because of new technology.
Digital TV company Sky has expanded its workforce by 70% in the past six years, and research by the Association of Online Publishers (AOP) found half of its members expect to increase their staff this year.
The contrast in fortunes is well-illustrated by the BBC, one of the largest media organisations in the world. In its new online areas, staff turnover is high, and the corporation is fighting hard to attract talent, but there has also been a pay freeze for those earning more than £60,000, and levels of churn among journalists is low.
Rachel Currie, HR director for journalism and news, predicts tougher times ahead. "If anything, the pressure on us is more akin to the public services."
Is the media recovering?
Rising share values suggests the need for belt-tightening on recruitment and pay may soon be over. According to financial advisors Grant Thornton, mid-market media companies increased in value by 50% during the last financial year.
The value of shares in these companies, defined as being worth more than £1m but too small to be in the FTSE 100 index, continued to outperform the rest of the stock market in the first quarter of this year.
A joint report by the Advertising Association and media information company Warc predicts total advertising expenditure will increase by 2.3% this year, following a 12% fall last year, the biggest drop since measurements began in 1982. Press advertising was hardest hit, down 23% on the previous year.