Megan McArdle’s right to be worried:
…advertising dollars are shrinking. We just can’t charge as much for Web advertising as we used to for print advertising. A decade ago, when I entered professional journalism and began earnestly discussing its financial future, there was a reasonable case that, eventually, digital advertising would be worth more than print advertising — you could precisely target it, after all, and measure its effects. As soon as we got better at building digital ad products and educated advertisers, in theory we’d be in better shape than ever.
That theory has, alas, been pretty well destroyed by the last 10 years. Advertisers still won’t pay print rates for digital. Worse, the money that does get spent on digital advertising increasingly isn’t going to news outlets; it’s going to Google and Facebook and Yahoo.