If it's not creating tiny bubbles, it's most likely one of two things: The venturi is clogged, or the impeller needs replacing.
The venturi is the nipple on the gray ring on the intake of the pump... that the air tube attaches to. If it's clogged, the pump can't get air. If it's not clogged, but still isn't sucking air, the needle wheel impeller may be bad. A bulging or cracked magnet won't allow the pump run fast enough to create adequate suction into the venturi. According to the big bubbles in the picture, it's getting some air, so I'm going to guess that the needle wheel isn't spinning fast enough to shred the bubbles into the small, finer bubbles that you would typically see in a normally operating pump.