The state of the media business in the United States isn't very pretty. Traditional media companies, especially those with legacy assets in print publishing, have been struggling to retool their business models for the digital age. In emerging markets, however, the story is different. In these markets, both old and new media are booming, partly because of economics and partly because of technology. As the global economic recovery hastens, media markets in developing nations are likely to grab a bigger share of worldwide revenue. And companies based in developing nations are poised to move from national champions to global leaders.

Throughout the developing world, macroeconomic growth has led to increased wealth and a burgeoning consumer class. This, in turn, has attracted the interest of advertisers both local and global. With more disposable income, the demand for news and entertainment has also increased. Emerging economies from Brazil to India have seen a proliferation of television and print outlets in the past decade.