As much as I find their reviews informative, this is unfortunately inevitable. The average joe consumer doesn't simply have the spare cash nor desires hi-fi anymore - its a disgrace what speakers they fit to modern TVs these days.
As for digital, the latest rage in the industry is social advertising + apps on platforms such as Facebook. Not sure hi-fi converts too well into this social arena.
I am reading Stereophile like this, for about 80p per issue.
It was my last resort mag if I couldn't get HFN or HFW and needed a fix.
£17k is ok for a kitchen, £25k for a car - for many families with regular jobs.... but £1k for hifi is way more than they'd ever consider.
I think where they might have gone wrong (Hifi choice & Home cinema choice) is that the reviews in both mags are available on-line and sometimes in advance, which must discourage a good few sales. It certainly has stopped me from buying the mags.
It will be a sad loss.