US newspaper ad revenue in free fall

Quite an incredible little article from Carpe Diem:

I think part of the problem is that if you print crap that people aren't prepared to pay for, your revenues will collapse. People will either read crap for free elsewhere, or they'll pay to read a premium product produced by someone else.

Estimated print advertising revenues of $19.0 billion in 2012 will be the lowest annual  amount spent on print newspaper advertising since the NAA started tracking ad revenue in 1950.