Roger,
Of course it is difficult.
How difficult was it for people who have no experience in journalism, no experienced contributors, no advertisers, no previous relationships with advertisers and very little capital?
Yet DPReview (launched in 1998, purchased by Amazon in 2007) made something from nothing. This was difficult too. And they now use editorial and peer review. (And yes, their forums are still essentially useless.) Luminous Landscape is another example of how to monetize journalism about photography. Nikonians is an example of commercial success for a relatively limited audience.
There are similar examples in non-photographic fields. And there are many others that don't involve information technology as the force behind radical change in the market place.
The issue isn't would it work, but whether or not someone had the vision to reinvent their business. They had to kill print as their primary distribution channel to survive as a media presence. Someone had to have the desire to make it work in a new reality. But no one did. Just because a business refuses to reinvent or doesn't accept reinvention is required, doesn't mean change is impossibly difficult.
So yes, I do realize it is difficult. The media/publishing landscape is littered with failed businesses who refused to change their business model to map onto reality. The rate of change is unprecedented. The magnitude of change required to thrive is unprecedented. But businesses who adapted are making money. There was no fundamental reason why photography journalism couldn't thrive. It is a tragic waste no one realized the death of print content was inevitable and took timely action to initiate a gradual transition to digital content.
Note to moderators, if it is forbidden to mention DPreview, Luminous Landscape, and, or Nikonians, please send me a PM after you delete this post. I will modify it and resubmit.