Though journalists and publishers' concerns over shrinking ad revenue are warranted, says the Guardian's Roy Greenslade, the future still belongs to journalists. Greenslade believes that economic hardship is not terminal - newspapers will adjust - but the mass media era, he says, "may well be over."

"We have to envisage a future with an entirely new business model based on smaller returns that will fund a small, high quality staff, probably serving niche markets," Greenslade writes.

Greenslade cites several studies confirming newspapers' difficult financial situations, but says journalists should approach the numbers with a dose of pragmatism.

"We have to admit to ourselves first that things will never be as they were in the last millennium," he writes.

Greenslade admits that any change in the newsroom will take time to adjust to. Journalists, however, shouldn't panic.

"The journalistic future does not belong to ailing publishing companies," he writes. "It belongs to us."

Source: The Guardian - Greenslade