When you didn't have a world wide internet there was a lot of friction meaning you end up with 5000 newspapers all publishing the same junk for 25 cents because on average any community only had 1 or 2 choices at most and the local oligopoly, not wanting to go out of business, agreed to charge 25 cents.
You put all 5000 on the internet, you really need 4998 of them to go out of business before you can think of going oligopoly and raising prices to 25 cents again. That has to happen first. Most of the competition has to die off before prices can rise again.
In the paper newspaper days, culture supported about as many journalists as police detectives, roughly, which is a lot. In the internet era you need about as many journalists as there are pro football players, roughly. A lot of journalism schools need to close, lots of people need new jobs, its not merely closing out legacy newspaper corporations. Until the "supply" of journalist humans drops by a factor of 100 to 1000, there isn't going to be much money to be made in that field.
It is like being in the horse buggy business around a century ago. Another interesting analogy might be village blacksmith vs the industrial nationwide factory. When one guy at one machine can manufacture an entire nations widgets, there isn't any requirement anymore for every village blacksmith to hand make widgets.
"The market will figure it out" isn't something handed down from God. I've observed industry segments get drained because someone tried to give away the product, driving all other players out of the market, and then the one remaining player was unable to support themselves because their customers had been trained to get it for free.