Truth, but of interest is the part of "if they aren't noticing". I think that the (mostly positive) trend of using more data-driven decision making processes, has caused a lot more advertisers to (very slowly) realize that a lot of the advertising they were paying for wasn't doing anything. The decline in print advertising didn't happen in isolation: billboards, radio, TV, even youtube advertising has had declines recently. I think this is part of a generational change in the management of companies that pay for most of the advertising, where instead of going with a gut instinct about what works and what doesn't, they require evidence that it works, and often it doesn't. This would have killed a lot of the advertising income regardless of anything else.