It seems nowadays everyone in the traditional publishing business can blame digital for whatever issues there may be, like shrinking circulations and declining advertising sales. Some analysts and investors have also quickly given the same diagnosis: it's all about the print media failing to transition to the digital age and thus, losing further to pure online operators.
Not true! Take Time Inc. (NYSE:TIME) for example: the company boasts having more than 150 million monthly visitors to its worldwide digital properties, including over 60 websites, and few of its print magazines don't have digital companions of a website for computers and a mobile site and app for mobile devices. Yet, the company's revenue has been on a steady decline since at least 2012, hardly because of its lack of digital exposure.