media - Ads: paying more for a declining audience

I have been hitting at China's traditional media for asking more money from their advertisers, while their audience has been shrinking dramatically. Of course this is no consolation, but new media guru Jeff Jarvis points at this report by McKinsey explaining they are not alone.
McKinsey looks at the future where by 2010 traditional TV advertising will only have one third of its effectiveness. The only weak point: the new media are not yet ready to cash in on the revenue that should be available.