Remember Rolling Stone? Well, it looks like they're in trouble. According to Crain's, the magazine's advertising revenues are down 27% from the first quarter of 2007. The culprit? A perfect storm of declining relevance, a suffering record industry, and advertisers choosing to redirect some or all of their ad dollars to online media. And RS isn't the only music magazine that's facing hard times. Blender and Vibe have both lost around 20% of their advertising income compared with the first quarter of last year.

“We're putting money in Pandora and other music [sites] that in the olden days would probably all have gone to Rolling Stone,” Scott Daly, executive media director at Dentsu America, told Crain's. The ad agency's clients include a number of airlines and automobile companies, as well as Canon and Toshiba. “We're trying to reach young, early adopters—which Rolling Stone reaches, but it doesn't have a lock on them.”

Surprisingly, one major music magazine is doing well: Spin, whose ad revenues are up 27%. The monthly's publisher, Malcolm Campbell, credits a focus on indie and otherwise non-mainstream music. Apparently, Spin has been selling a lot of fashion and telecommunications ads. Put two and two together, hipsters, and you'll realize something you should always have known: you're a demographic, and a profitable one, at that!