Newspaper advertising in the US has sunk to a 25-year low, according to the latest figures from the Newspaper Association of America (NAA).
Advertisers spent $25.8bn (£16.1bn) on newspapers' print and digital editions last year, the lowest amount since 1985.
On the plus side, online ad revenue rose 10.9% last year, reversing 2009's 11% decline.
Though online ad spend comprised roughly 12% of total newspaper revenues last year, it isn't growing fast enough to offset the losses on the traditional print side.
After adjusting for inflation, US newspaper advertising now stands at about the same level as nearly 50 years ago.
Print advertising has fallen in each of the past five years, dramatically shrinking newspaper publishers' main source of income.
Despite the economy gradually improving since 2009, newspapers are still bringing in less revenue as advertisers embrace free or cheaper internet alternatives.
To cope with the upheaval, newspapers have cut their staffs, raised their prices and, in the most extreme cases, filed for bankruptcy protection to lighten their debt loads.
Many publishers are pinning their comeback hopes on delivering more news to the growing audience on mobile phones and tablet computers.
In the face of such gloom, NAA president John Sturm issued a surprisingly upbeat statement:
"Quarter after quarter, newspaper advertising has shown signs of a continued turnaround and an essential repositioning. Buoyed by online growth and moderating print declines, these figures point to a continually improving advertising environment for newspapers."
In the face of the figures, that must rank as a definition of misguided optimism.
Source: Associated Press
