MediaPost reports that total newspapers revenues have fallen to $45.37 billion in 2007—down 7.9% compared to 2006, according to a year-end summary released by the Newspaper Association of America.

Digital revenues, while up significantly, aren't pulling enough weight either. Within the total revenue figure, online revenue grew 18.8%, to $3.16 billion—that includes online articles, video, mobile, and e-subscriptions—but failed to offset a much larger drop in print revenues, down 9.4% to $42.2 billion, the report said.

A closer look at the numbers confirms that not only did the decline accelerate from 2006 to 2007, but that growth in online is actually slowing (the 18.8% figure is down from 31.6% growth in 2006.)

"Given the high rates they charged in print, and that over 90% of their revenue is still in print, even if they could get the growth rate back up to 25% or 30%, they still won't be able to make up for these losses," said Ken Doctor, a newspaper analyst with Outsell, in the article. "These companies are going to get much smaller, with fewer employees, producing less content, both online and in print. The real question is: can they even stabilize at any point in the near future?"