So there are two main methods for contact tracing. The old fashioned one is you have a group of people who interview anybody who gets sick and they say, "Who did you have contact with in the last week?" Then they go to each one of those people individually and say, "You really should isolate, and by the way, who did you have contact with?" It's very slow, labor intensive.
So I just think it's going to be tricky here. This is an advantage that a lot of countries have over us. It turns out that we're not, our system is not so great at controlling pandemics.And the coronavirus crisis has affected every industry. How are things faring in digital media?I think this is putting a lot of pressure on advertising spending, which is what a lot of digital media has been dependent on.
And what's happening now will very much accelerate that. There are just a lot of companies that are going to come under a lot of pressure, and I think you'll see more consolidation as a result.Any other longterm impacts you expect to see on media companies because of this crisis?Well, I think we're seeing the strength of the subscription model, and those are doing well, so and advertising does work.
I hope that this whole experience will accelerate the conversation around whether we really should have our healthcare and health insurance linked to our employment. This is a historical accident, the system that we have, came out of World War II where there were wage controls. And so companies decided to offer other benefits to boost compensation without raising wages. That's where the insurance came from.
And so I think overall I'm optimistic that this idea that we're all in it together and companies do need to look out for their stakeholders, is gradually taking hold, and hopefully this crisis will help with that. But there are some companies that are just getting so hard hit, they can't do anything, they can't save anybody else if they can't save themselves.And we have a few people in the audience who want to get your perspective.
So the market tries to be a forecasting mechanism for the economy, and it's not always right. As whatever the joke is about stock market having forecast nine of the last two recessions, or sort of gets to that, although in this case obviously we're in worse than it a recession. It's just been a calamitous event.
Tim Brooke-Taylor has died at the age of 79 with coronavirus..COVID__19
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