Its ratings are down, at least in Minneapolis-St. Paul:

Rush Limbaugh has lost 43 percent of his audience in the 25-43 demographic in Minnesota's Twin Cities. "Sean Hannity's show is down a whopping 63 percent." Sure, last year was an election year; you'd expect a dropoff. Still, reports the Star Tribune: "[T]he shift is serious enough that "we're weighing where these shows fit for us in the future," according to Todd Fisher, general manager at KSTP (1500 AM), which carries both syndicated programs.

An Instapundit reader wonders if this is due to podcasting and internet streaming:

I think you will see a steady decline in Limbaugh's radio ratings. Rush has for several years webcast his show. Who wants that static, noisey AM station (with commercials) when you can get his show over the web? He also has in the last couple of months has launched podcasts of his show available within hours after his show is over. Webcasts and Podcasts are available to subcribers who pay $50/ year. At around 100,000 subscribers, the EIB Network is getting a cool $5 mil a year. Who needs radio?

Indeed. I listen to most talk radio over internet streams, as the local signals for the shows I listen to the most just aren't the greatest around here.

Hugh Hewitt isn't worried:

The key metric: Is a particular show "sold out" and its rate card rising? I can only say with certainty that the ansewrs are yes and yes for my program.