Well, it looks like the industry seems divided - those that feel businesses will “retrench” to proven media/ad products, and those which feel a recession will be a stimulant to adoption of performance-based (online) ad products.

my thought sliver?
If the print media industry puts its mind to it, it can use recessionary times to promote trial and adoption of performance-based online ad models. The “proven supplier” endorsement can lower the perceived risk.
Is there sufficient incentive and strategic commitment to drive print media publishers in this direction? I definitely see the desire, but the increasingly visible fear of a print usage driven downturn is a sensitive topic. Publishers may have a hard time being aggressive with this fear looming over their heads.
Ultimately, I think it’s smartest to just get out there and maximize your share of online growth. Viewing times like this as an opportunity will speak volumes about strategic resolve.