Despite the fact that it’s had ten years to prepare, the publishing industry doesn’t have a new media plan. To suggest that the rapid changes appear to be blind-siding the industry might be harsh, but, yeah, it looks like someone got caught with their strategy down. As the world is changing — for proof, oh publishers, talk to your younger editorial staff — the industry remains mired in Old Ways.
For an example of what happens to an industry that refuses to acknowledge external change, please see the annals of music history, particularly the chapters on Napster and Kazaa.