Not surprisingly, the 180,000 or so words that follow don't provide any definitive solutions to the problems facing the newspaper, magazine and television news industries in the United States.
Online advertising doesn't seem to be the answer and neither do pay walls.
Seventy-nine percent of the online news consumers surveyed for the report said they never or only rarely clicked on an online ad. "They don't mind them. They simply ignore them," the report said, noting that overall online ad revenue fell by five percent last year. 
Only 35 percent of the online news consumers said they have a "favorite" news website and only 19 percent of this group said they would pay to visit their favorite site.
"Because so few online news consumers even have a favorite site this translates to only seven percent of all people who get news online having a favorite online news source that they say they would pay for," the report said.
While "legacy media" struggles to find a new business model, the report points out that there are "exciting things happening, from former journalists creating specialty news sites and community sites, to citizens covering neighborhoods, to local blogs and social media."
"For all the invention and energy, however, the scale of these new efforts still amounts to a small fraction of what has been lost," it concludes.
So what now?
"As we enter 2010 there is little evidence that journalism online has found a sustaining revenue model," the report says. "If a new model is to be found it is hardly clear what it will be."