Well, that point could potentially be now or at least about now. The proof may well come from the Daily Mail Group results today, which show that Mail Online had a massive surge in ad revenue. Its revenue was up by nearly a quarter from GBP73m to GBP93m. That extra GBP20m, however, was offset by an GBP18m drop in print advertising revenue. The seesaw looks like it just might be balancing out, then.
For all newspaper groups, the issue has always been the same. Their annual figures will always highlight digital growth while the sharper eye then has to track down the bulletted points a little to see that despite digital doing well, print revenue is still way down.
Research that I saw a good year or so ago marked 2016 as the year in which the leaking of cash from print would be offset by digital and, to be honest, it looks to be right. However, there is a major caveat. Digital rises may well now be covering print's losses, in advertising terms, but not in circulation. The Daily Mail Group, for example, saw a GBP10m drop in operating profit, despite advertising revenue gains and losses roughly balancing one another out.
The other elephant in the room is that newspapers are now looking for growth in an area where they are minnows in comparison to the BBC and Facebook. All you need to do to get an idea of the tough challenge ahead is look at an attention chart for UK news. The BBC is way out there with a near monopoly with Facebook trailing. Only Mail Online makes an impression on the bar chart which is otherwise a flat landscape that barely registers any interest at all for any news group in comparison to the ad-free BBC news site and the ever-popular social media giant.
So when it comes to driving new growth to carry on making up for print's slide, this really is the last channel in which you would be looking for revenue, stuck between the rocks of the BBC and Facebook.
Print may well have reached its nadir -- but it's hard to see it doing anything other than bouncing along the bottom. It's almost impossible to imagine it bouncing back.