I just read this the other day. My friend is into magazine writing and I always ask him what the market is going to be like with magazines. I wasn't sure whether or not it was going to be as difficult to get into magazine writing as it will to get into traditional newspaper writing. Well from this article in 2009 it seems that things are not all bad in the magazine industry.
Source: "Now Read This," Newsweek
A bit dated (Aug 2009), but it makes some good points about adapting to new markets, and that decline isn't uniform. - BJB