The full report is downloadable from here. This phrase stuck out from a skim read.

In the longer term, there are significant structural and competitive challenges, which will change the shape of the sector and its prospects in its home market.

These structural challenges arise from the transition to digital economies, and with that, the dwindling of the advertising pound and the retail margin that, in the past, funded substantial parts of both our traditional media and new media.

Section 3.1: The economics of digital content – page 37

UPATED: 4pm. Speedy analysis from Robert Andrews of Paid Content here.

UPDATED UPDATE:4.30PM. Response from Martin Belam at Currybet.net which is seems much crosser terse about the report. His digital comparison table on key trends (which are arguable) is particularly good.

AND: 9pm. Jemima K wonders where the reference to any small business innovation is – which is, come to think of it, a very good point – and you may read TechRadar here too.