When I (often) say that magazines make no sense today, it really isn’t for the reasons people seems to assume.
For instance, it has little to do with economics. (Or...at least...basic economics.)
Today each bit of content can be published individually. It can be searchable & updatable. Instead of being collected based on when it was published, it can be linked together and cataloged in thousands of different ways at once.
There is no denying that there are people who are passionate about magazines and who are still producing some compelling works. But from a strictly functional perspective, I don’t think they make any sense.