The internet is being used increasingly as a substitute for other media, while it has many advantages over other media it also has disadvantages.
Telephone Book
The telephone book is used to look up phone numbers and addresses of local businesses. It is organized by numerous business categories. Telephone books are produced for different metro regions. Some books cover dense cities while others cover a handful of small towns. Businesses can buy more space in these books by buying advertising. However the primary listing is still sorted by an alphabetical list of categories and then an alphabetical list of business names. The phonebook also tries to act like an almanac by providing maps, area code lists, exchange number lists, zip code lists, public transportation information, etc.
The internet can easily provide all the same information as a telephone book. In fact some of the most used sites are those run by the phone companies. However many of these telephone directory sites are difficult to use. Their design is logical but they lack focus due to the volume of data. These sties don't just hold the data your telephone book would hold but the data of every phone book of every customer base which might cover the entire country.
Local Newspaper
Local Newspapers provide local information on churches, schools, and town events. They provide areas for classifieds, autos, real estate, and help wanteds. There is advertising on most pages but a lot of the advertising is concentrated in the various classified sections. The benefit of local newspapers is their relevance to the reader. The stories are about local firms and local people.
Local newspapers are generally owned by larger media companies. Their websites tend not to have the content of the local paper but of the larger company that owns them. You can read the content without getting ink on your hands. However the local newspaper has not been successfully replicated on the internet. One significant difference between reading a newspaper and a website is the process of reading. You can thumb through a newspaper in 5 minutes or a full hour depending on how deeply you probe. Often you will glance through the headlines and only read those articles that seem interesting. Generally you will read it from front to back but focus on those sections that are of interest to you. Web sites do not have this linear flow but instead present hyperdata. Numerous links are presented on each page allowing you to jump from page to page. Theoretically this would make finding information easier. In reality it becomes easy to get lost especially in larger sites.
Large Newspapers
Many newspapers are based in large cities. Their content is similar to local newspapers. However they tend to cover more topics including national and state wide news.
The internet presents greater competition to the metro papers rather than the local papers. This is evidenced by how much these papers have invested in their websites. The large newspaper sites usually have lots of great content. They do suffer from the overcrowded elevator effect of large sites. The closing elevator door is created by having a large column of links on the left side plus a large column of links on the right side of the page. The space remaining for actual content is only one or two inches wide.
Magazines
Magazines are produced around a specific interest. Some focus on politics, others on finance and others on cooking. For any interest or hobby you have there is a magazine available. The content is provided in a linear fashion. Advertising is sprinkled throughout. Because you flip from page to page each advertiser is guaranteed at least a split second of your attention.
The internet has done a good job of replicating the magazine. Web sites can deliver content about a specific topic. Advertisers relevant to that topic will seek out these sites. At times these sites can be over crowded. However they can categorize their pages more easily because they have a topical focus.
Radio
The internet is not an entertainment system. It seems that sites have the goal of replicating TV and Radio but the differences are too vast. Listening to the radio is a passive activity, put on your favorite station and then go about your business. There is no interaction required on your part. Radio stations focus on types and genres of music. Advertising is presented at regularly scheduled intervals.
Television
The internet does not replicate television viewing. Watching TV is very passive. Advertising is presented during scheduled intervals. Advertisers can bid to show their wares during certain programs. The internet requires more activity on the visitor's part other than a push on the remote control. Television and entertainment companies have forged head long into the internet world. Their sites tend to reflect their hip and trendy dispositions.
Summary
The internet will replace other media to some extent. However the internet does not have all the benefits of the other media. There will be a shifting of consumers focus from one media to another. The best strategy for advertisers is to appreciate the changes but keep utilizing whatever options work.