He said: "Aggregate marketing and advertising spend in B2B media is expected to be redistributed away from print and towards online media, events and data products.

"While industry forecasts for the US market predict that print revenues will grow at a compound annual rate of around 3% between 2006 and 2010, growth in the markets UBM businesses serve is likely to be lower."

Levin's comments come as UBM recorded a decline in print revenues from £275.6m to £220.5m.

However, he did offer some hope, arguing that print has a set of "unique characteristics" that make it preferable for certain demographics. For example, print products are particularly useful for those who do not work in a fixed location with access to a PC with a broadband connection, such as professionals in the building industry.

He added that in economies where broadband infrastructure is less well developed and computer technology is less pervasive, particularly in emerging economies such as India, print media remains an attractive growth market.

Levin's comments contrast with the views of Haymarket chairman Lord Heseltine who, speaking in PrintWeek last December, predicted a "long and fruitful future" for print.