Print media has been suffering ad revenue losses all along because so many people get their news and information from the web. And web advertising just can’t make up the difference in lost print ad revenues because ads on the web are cheaper.
Add to the long, slow leaking of revenue the wham-bang hit of the current economic crisis and some traditional publishers will disappear. Can the web replace what’s lost? Not likely, not in its current iteration, anyway. Web publishers rely upon and comment upon, in large part, the news gathering done by print new organizations. Such news gathering must be funded by ad revenue. Which, as noted above, is drying up.
What happens next is anyone’s guess.