some good and some not so good prognoses from Veronis Suhler Stevenson:
Total communications spending is forecast to expand at a CAGR of 6.1% from 2007- 2012 to $1.2 trillion, fueled by continued growth in institutional (+ 8.5%) and alternative media (+21.0%) offseting the downward pressure of declining traditional advertising spending
Total communications spending is projected to grow 5.4% to $923.91 billion in 2008, driven by strong gains in institutional and alternative media spending
Total consumer spending on media is expected to increase 6.1% in 2008 to $218.37 billion, according to the VSS Forecast.
Consumer media use declined slightly in 2007 as some platforms near saturation, while institutional media use increased due to mission-critical information demand
Broadcast TV will surpass newspapers as the largest ad medium in 2008, while total Internet ad spend will surpass broadcast TV in 2011
Traditional ad spending will essentially remain flat from 2007 to 2012. Its share of overall advertising and marketing spending will drop 16 points in 10 years to 31.5% in 2012, compared with a 47.1% share in 2002 ...
Some more from the VSS release (5-Aug-2008)
VSS Prognoses by Industry Sectors
VSS Prognoses by Industry Segments
VSS data from 2007
VSS 21st Communications Industry Forecast: Internet Ad Spending Will Overtake Newspaper 2011