[Skunkworks] can online magazines work?

I recently heard about the demise of Adam magazine and another tourism on- can't remember the name. No doubt these mags had gathered a number of fans and its sad to see them go. So I was thinking how about having them online instead of print? I gave this suggestion to some pals and one of them said "Adam is a magazine I flip through on a nice Sunday afternoon at home at a leisurely pace, doubt I'll take the time to read it on line." SO my question is- Is online a viable option especially in Kenya and are there any success stories or otherwise? isn't this a good local content project? I remember PC magazine also went online a few months back wonder how that's going...