I think a large part of it has to do with the print aspect - printing costs have been going up from supply chain issues over paper, binding material, etc. And if the outlet needs to pay staff and pay writers, that adds another layer of pressure. If it's subject to budgetary and other administrative issues because it's tied to a university, even more pressure.

What this article glossed over far too quickly, in my view, is how there are thousands - literally, thousands - of online or primarily online journals and magazines that are doing just fine or better than fine.

I can vouch to that because I started one last year. Granted, our editors are all volunteers and we don't pay writers, but we've had no problem pulling in all kinds of accomplished writers (and, no, they aren't "quirky" like the article somewhat dismissively referenced, whatever that means).

Our largest operating costs come from submission platform fees and trade organization memberships. Grand total, around $500 per year. For everything else, free resources like Netlify hosting for the site.

These types of articles could be a little more nuanced. Conventional publishing has serious issues, but it's just one piece of the literary landscape.