There will (almost) always be a need for physical media. Print publications that are smart, fill a particular need or niche, and that create a revenue/cost model that is sustainable with fewer eyeballs will likely survive the digital shift.
With that said, the industries that rely on print publications are all dying a quick and painful death.
“We just won’t buy newspaper ads anymore,” said Gloria Beal at Albuquerque Ford. “It’s simply not as cost-effective as online advertising.”