Would it be easy? No.
Would it instantly (or ever, really) sell as well as TIME? No.
Do I personally have the resources and the hook-up to do it myself? No, but you can bet your bottom dollar that I would give it a shot if I did. In fact, after I graduate college I just might give it a shot.
Chance of success? Slim.
It’s true…VERY true actually, that its success would be slow because of all of the information available on the internet. The simple fact is, a yo-yo magazine would take a long time to become a “profitable” gig. To that I say: So what?
Their are hundreds (if not thousands around the world) of magazines around the world that publish information that is already available on the net, and I’m not talkin’ about the “web editions” either.
Take a quick look at Game Informer. It is one of dozens of video game magazines out there that publishes information that can be found everywhere on the net for free. The magazine is particularly successful because it tries it’s hardest to bring exclusive content and interviews to it’s readers. That’s the kind of thing that would work. Just remember that I’m not saying it wouldn’t be hard work, I just think all the work would pay off.