Fenez also suggested that monetizing the growing demand from the digital consumer remains a challenge.

"It requires media organizations to adopt strategies that have a digital mind-set at the core and involve the development of three critical behaviors—forging trust with consumers, creating the confidence to move with speed and agility, and empowering innovation," he said.

In this sense, not every organization that has adopted a digital strategy turns out to be a success. Zhuo Wenjie, senior director at Yum Brands Inc, said that quite a few brands have failed to find satisfactory solutions in digital media. As a result, Zhuo predicted that some would return to traditional media.

"Different versions of advertisements have to be prepared for digital media according to the varying demands from different consumers, which adds more cost," she said.

In contrast to the rapid growth of digital media, TV and newspaper advertising grew annually at 7 percent and 7.5 percent, respectively, and will lose share to the Internet, the PwC survey reported.

But that does not mean doomsday for traditional media.

"While the effectiveness of TV commercials has been declining, that of good content and well-established brands has been enhanced. Today, TV is still the most effective medium to build brands," said Tan Beiping, director of Beijing-based media think tank Panmedia Institute.

"To integrate traditional and digital media means integrating content, operation modes and marketing."

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