Final answer:
It is true that classified advertising revenues for newspapers have drastically declined due to a shift towards digital platforms and a general decrease in newspaper sales.
Step-by-step explanation:
The statement that classified advertising used to generate a lot of money for newspapers, but these revenues have plummeted in recent years is true. In recent years, revenues from print advertising, especially classified ads, have seen a significant decline. This downturn in revenue is largely due to the shift from print to digital platforms, where online classifieds like Craigslist and job-search websites have become prominent. Additionally, there's been a general decline in newspaper sales as people move away from the newspaper habit and newspapers' free online versions cut into their sales.
The statement is true. Classified advertising used to generate a lot of money for newspapers, but these revenues have indeed plummeted in recent years. Major newspapers are adapting by maintaining both print and online presences and by turning to social media, but despite these adaptations, revenue is still falling.