Well, judging by this report, it doesn’t look any better.  More analysis and commentary from Paid Content here.

Magazines had a big window of opportunity first in the late 1990s, but they put their head in the sand.  They had an even bigger opportunity in the 2001-03 nuclear winter where depressed asset prices could have made them gain footholds in digital, but few really took advantage of any of those chances.

In fact, what they did to exasperate their somber futures was scale back investment altogether.  You are sort of seeing something similar, though on a lesser scale now.  You would think that both print media (newspapers and magazines) would be diving into online video… but given the lack of online video advertising revenues, many are sitting on the sidelines… which will only hurt them in a year or two when these spike.