If you’ve been following the newspaper industry at all over the past year or so, you probably won’t be surprised to learn that 2009 was the worst year in decades as far as advertising revenues are concerned. But the sheer scale of the declines over the past few years is staggering. Last year saw a drop of 28 percent from 2008 –- and that year was already the worst for the industry since the Depression. Over the past four years, print advertising revenue has plummeted by more than 47 percent, to $24 billion from $47 billion. Online advertising has been growing (except for last year, when it shrank by 11 percent), but it still amounts to just 10 percent of what papers make from print.
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