Not a snappy heading is it? but here are a couple of slides that show the impact on the most mature online recruitment market (I.T.) - and maybe there are some lessons to be learnt for general market innext few years. The commentary is that as IT sites like Jobserve, Jobsite grew in late 90s - the press market grew simultaneously riding the IT boom.
Cue 2000-2001 post dot com crash, post Y2K, post establishment of Euro and 9/11. We saw slowing in growth in online and a complete car crash in press advertising. And when the market picked up again.... advertisers had looked at ROI, cost per response, were leaner with their ad budgets and we saw "hockey stick" growth in online and nothing at all in press. This will not be of great cheer to executives like Sly Bailey who claimed recently that downturn was cyclical - by the way how in 2008 can a CEO of a big publicly listed media company say that and not be laughed off stage by city analysts.