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Ouch! Newspaper revenues take biggest plunge on record

Newspaper Association of America says print advertising revenues declined more in 2007 than they have in any year since 1950.

We've all known for a while now that things aren't looking exactly rosy for the newspaper industry (for an excellent account of the state of the newspaper world read this New Yorker article).

Now, Editor & Publisher has figures that are enough to make any newspaper mogul cry.

Total print advertising revenue last year dropped 9.4 percent to $42 billion from the year before, according to the Newspaper Association of America. That's the biggest decrease since the NAA began measuring ad expenditures in 1950.

Total advertising revenue, including online revenue, decreased 7.9 percent in 2007 from the year before.