There have been positive recent results from ITV, and the most recent advertising expenditure report showed the beginning of what looks likely to be an upward spend trend. The activity suggests that media stocks could prove an interesting play for investors looking for the next growth sector. That's media in its broadest sense, taking in the traditional publishers, broadcasters and film-makers as well as the new breed of digital media firms.A decade ago some 10 per cent of the Footsie was made up of media companies: now the figure is nearer 3 per cent. But the decline seems to be reversing, with the online newspaper Huffington Post snapped up by the internet giant AOL for £196m last month and, this week, the digital sports media company Perform announcing that it is embarking on a £500m London flotation.
"I think it's a very exciting time for the media sector, there is more consumption of media than at any other time in history," says Charles McIntyre, manager of IBIS Media venture capital trust. "On average people in the UK spend nearly half of their waking hours using media and communications services: this is a new age."
