"And we're expecting continued strong growth as traditional advertisers still sitting on the sidelines start to come on board."

Members of that industry include traditional advertisers, home shopping television channels and travel agencies.

Magazines depend on traditional advertisers buying ads that are essentially unmeasurable, and doing so because they always have.

Interactive marketers, who take aim at consumers online and in the digital world, are on the opposite side of many troubles traditional advertisers face.

The decision raises the question of whether a large media company can successfully publish magazines that may draw criticism from its traditional advertisers.

Those activities still account for only a small share of total revenue and are not big enough to offset the losses from traditional advertisers.

Time difference is also a problem facing traditional advertisers.

People are using banners in different ways today," he said, "and a higher percentage of them are traditional advertisers, who understand these things better.

Newspapers in countries with easy access to the web have been hurt by the decline of many traditional advertisers.

"The traditional advertisers aren't spending enough to offset that," he said.