Pretty incredible. As others have noted, part of it is technology but part of it is self inflicted.

http://mjperry.blogspot.com/2012/02/newspaper-ad-revenues-fall-to-50-year.html

newspaper.jpg

The chart above displays total annual print newspaper advertising revenue based on actual annual data from 1950 to 2010, and estimated annual revenue for 2011 using quarterly data through the third quarter, from the Newspaper Association of America. The advertising revenues have been adjusted for inflation, and appear in the chart as millions of constant 2011 dollars. Estimated revenues of $20.7 billion in 2011 will be the lowest annual amount spent on newspaper advertising since $19.5 billion in 1951, exactly 60 years ago.