MIPCOM, Cannes – Senior execs attending MIPCOM, held at Cannes Palais de Festivals 13-17 October 2008, are remaining upbeat about the impact of the financial crisis upon the TV and media industries. Consistently the message here has been that TV consumption tends to rise in times of recession because people cut down on going out and other luxuries. Discovery Communications’ president and CEO David Zaslav said that because 50 percent of revenues are derived from cable subscriptions, and 30 percent come from outside of the US, he is confident company will weather the economic downturn. Sentiment was echoed by VIACOM president & CEO Philippe Dauman and by Disney Media Networks’ president of global distribution Ben Pyne, tempered by his comment that it’s still “too soon to know” what the fallout might be for the media industry. Marcel Fenez, global entertainment and media industry leader at Pricewaterhouse Coopers, which produces the annual Entertainment and Media Global Outlook, says that projections will not be revised in light of the current economic turmoil. “Our projections are for five years, we knew ad spend would drop in 2009 (post-Olympics) anyway, and the key drivers of growth are areas that will not be directly impacted.” He added that word amongst the advertising industry is that budgets are already put aside for 2009, but spending may well be held back until later next year.