Global Yellow Pages said that the decline in revenue is in part due to the economic recession. This may be true, but I think to a very small extent. Businesses STILL advertise. The question is really where are businesses spending their advertising dollars now.
To me, telephone directory listings had this coming towards them with the rise of social media. People no longer search for businesses using these hard copy telephone directories. Without a change in business direction and model, Global Yellow Pages and all other telephone directory listings will go the way of the telegram.
2010 is going to be the year social media becomes mainstream media.