How important is advertising revenue to a magazine's survival? Life-and-death important. DISNEY ADVENTURES, a digest-sized magazine for "tweens," has been coming out for 17 years. It had the most valuable magazine real estate in the grocery store: that impulse-buy rack of digests next to the checkout counter. And it had circulation of ONE MILLION.
Yet Disney has canceled it. Likely reason: ad revenue was down.
I'm certainly not DA's target audience, but I bought several issues because of the occasional terrific comics pages. In particular, it reprinted Jeff Smith's self-published BONE, helping to make that comic a publishing phenom that is still selling (now via reprint volumes from Scholastic).