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This isn't meant to write off advertising entirely. When page views are high and fixed costs are...

This isn't meant to write off advertising entirely. When page views are high and fixed costs are low (which is possible when there's no monstrous printing press to run every night), ads can support a great deal of content. SB Nation, which has become a very valuable resource for sports fans, seems to be doing quite well with an ad-only model. And once the economy turns around, display ads should regain some of their pre-recession stature. As far as replacing the newspaper revenues of old, however, that ship has sailed. Ten years from now, local coverage is going to come from publications that look a lot more like BP and SBN on the small side (nimble, inexpensive, and high quality), or MLB.com on the larger side (drawing attention to a more lucrative business). BP: Remodeling the Media
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