Perhaps the downturn is less about displacement and more about publishers failures to deliver compelling content. When supply is high and demand is low something has to give. The paradigm needs to shift.
I love reading an actual newspaper. But content quality has diminished persistently over the years to the point that value no longer equals cost.
Signal to noise levels continue to drop and the message has changed from thoughtful, intelligent writing to less than intellectual masturbation. Gratuitous titillation and emotional enturbulation punctuated by poor grammar and dishonest spell-checking is now the content du jour authored by relevance seeking wannabes.
Once upon a time, a person could skim a newspaper in 15 minutes and have a general idea of what was going on in their neighborhood, city, and the world at large. Articles were generally informed, succinct, and relevant. Today it takes hours, multiple digital apps, and an eye for filtering out massive quantities of bullshit to cobble together an equivalent overview.
Fix the product and the systemic issues impacting its quality and the economics will sort itself out.