> Magazines can make a similar comeback for niches like fashion and arts. But they will probably be funded rather differently from the ad-filled old media products.

This has been attempted in the outdoors world for 20+ years. E.g., Alpinist[0] and The Surfers Journal[1]. It works, kinda. Alpinist now has more ads and is a smaller physical size and lower-quality paper than it was at the start. I think it's also had a couple close calls with bankruptcy. I wasn't reading TSJ over a long enough time span to tell if they had similar issues.

[0] http://www.alpinist.com/ [1] https://www.surfersjournal.com/