I'm guessing that there is also an element of consumer demand. How many people would want to go from a publication that has sophisticated formatting and complex graphics to a very linear layout? That's particularly true for readers of publications that depend upon things like infographics and photography.

There may also be some interest in the advertising from consumers. Even though I deplore online advertising and don't much care for newspaper advertising, some magazines do contain interesting advertising. Companies that advertise in magazines seem to get the point: you advertise based upon a specific demographic, rather than the individual or broad demographic. That helps me find cool news stuff (bonus for me) and helps them get out their message (bonus for them).