Doesn't Retromags digitise magazines for reading on a PC/tablet/iphone?
Yes, compared to the whole of the US and Canada, the UK magazine market is obviously smaller, but is in proportion to its country's population. Even by UK circulation standards, there are a bunch of games mags still doing respectable circulation figures. All this means they make a profit. Also, a lot of magazines rely on subscriptions, which is why the UK still manages to do well.
And here's one of the main reasons why magazines are failing across US/Canada. Back in the 90s, publishers offered readers dirt cheap subscriptions at a loss with the plan in recouping losses with ad revenue. Not a problem in the 1990s when page count and ad revenue were at an all time high. That marketing strategy is now coming back to kick publishers in the rear end as ad revenue has plummeted over the past decade.
Essentially, no ad revenue + no circulation profit = no magazines.
This is the reason why there is no US version of Retro Gamer, which survives in the UK on virtually readership alone. In 2004, people laughed at the idea of a dedicated retrogaming magazine with zero ad revenue. Nine years later, Retro Gamer is still going strong.
Yeah, it's sad to loose print gaming magazines... inevitable, but sad. That doesn't mean we can't still enjoy reading a gaming magazine just because it is now digital.