The way that people consume media these days has been radically altered by technology, which makes it impossible to generate sustainable revenue streams.
Consumers are presented with a much larger amount of content online than ever before, which means there is persistent demand for new content, which places a strain on journalists.
Consumers of content are taking in content in increasingly smaller chunks and through content aggregation platforms like Facebook and Twitter.
Editorial work as well as journalism in general have not changed: reporting via written and spoken word as well as in picture, still or moving, is still key. It's the instruments to document and publish and comment on the beats that have changed: They allow for piracy and manipulation. But that doesn't make it impossible to generate revenue.
Consumption of news reporting is still similar in terms of times of consumption to what it was before, with peaks in the morning, at noon and in the evening. It just became more measureable with online media. (see for example: www.digitalnewsreport.org)