The global advertising industry has been permanently "reset" to a lower level and media companies should not plan for a return to pre-recession revenues, Microsoft CEO Steve Ballmer told an audience at Cannes Lions International Advertising Festival, the Guardian reports.
"I don't think we are in a recession, I think we have reset," he said. "A recession implies recovery [to pre-recession levels] and for planning purposes I don't think we will. We have reset and won't rebound and re-grow."
Ballmer also predicted that all traditional content would be delivered in digital form within 10 years.
