Yep, If the cable is fine, means the gears are stuck with some debris.
(Sure way to tell is if odometer and tripometer are working and just the speedo quit.
If the blow out with compressed air doesn't dislodge it then a persuasive tap to the side of the bucket might get it to work again.
Patriot Guard Rider
2000 VN750 Sere (Serendipity)
1990 GL1500 (Ole Blue)
1986 VN750 EVie (project bike, heavy custom)
VROC # 11628 / 25000-H
ARVROC # 12 Coordinator and Crowd Control
OKVROC # 18 (H)
TNVROC # 45 (H)