Meaning of the word "on the wane" in English

What does "on the wane" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

on the wane

US /ɑn ðə weɪn/
UK /ɒn ðə weɪn/

Idiom

decreasing in power, importance, or size

Example:
The popularity of the old-fashioned phone booth is on the wane.
His influence in the company has been on the wane for some time.
Related Word: