Others already chipped in the obvious arguments (onlinereading, other hobbies). I want to talk about a successful magazine instead: Retro Gamer UK. It's still alive and kicking and well worth a read. It started as an "also-ran" between all other gaming magazines from the publisher but now it's the best running and one of the only ones left. Why is that? Of course because retro gamers grew up reading those magazines and love to do it again. But also because the articles are really great. Why? Because they interview the developers and research the topics (games) quite well. And the developers also have no worries to talk about stuff that didn't work out (they don't really have to sell the game or their extinct studio anymore). And of course with these "scopes" (and the retro gaming niche) they make a type of content that is quite difficult to find online. Much easier to just read the magazine (of course an online/PDF version exists as well...).

Another advantage is that the content of an issue of the magazine doesn't really get old.