Print is dead. Long live print.

[Commentary] Two decades have passed since newspapers launched websites, and yet here we are. Big city papers have gone under, thousands of journalists have lost their jobs, and the idea that digital news will eventually become a decent business feels like a rumor.

The reality is this: No app, no streamlined website, no “vertical integration,” no social network, no algorithm, no Apple, no Apple Newsstand, no paywall, no soft paywall, no targeted ad, no mobile-first strategy has come close to matching the success of print in revenue or readership. And the most crucial assumption publishers have made about readers, particularly millennials—that they prefer the immediacy of digital—now seems questionable, too.

[Michael Rosenwald is a reporter at the Washington Post. ]