Paper magazines are slowly dying. With internet, it is a matter of time (and lowering and improving internet access) they will be replaced by cheap devices that will download digital versions of the magazines, or just our desired rss feeds. It has already happened with PC Magazine, which now it is only available in digital format. It is much cheaper to just publish articles and reviews on a website than printing paper magazines.
But in the meantime, some sectors of it have been started to die. The one I know of is the videogames magazines.
Before the internet boom me and all my friends used to buy magazines to keep informed on new games, have access to special interviews or sneak-peeks and first-seen screenshots of upcoming titles. I have hundreds of pages of all the development of the original Quake, since the first "real 3D" screenshots to the expansion packs, best community mods and tournaments.
But now, almost all of us rely only on websites. Reading Shacknews, IGN, Gamespot or Rock,Paper,Shotgun you will get 99% of the PC videogames info you will find on the net. Add any local website (for example in Spanish Meristation or Vandal), and you no longer need to buy a paper videogame magazine EVER.
Not only that, I sometimes take a look at some of paper magazines, and their content is already outdated when they come out. Games are announced as "incoming!" when they are already at stores, similar (and usually deeper) articles about specific games can be found on the net... They now have to give away free games on their DVDs just to catch up, because including "the latest 12 demos" is no longer an extra when most of the gamers have DSL connections at home.
So, for me paper magazines are nothing more already than living dead. They should become digital and advertisement supported, or finally have some rest in peace ;)