The fossilizing age of print media

I heard a rumour some time back that with the advent of social media, print media was heading for the gallows. As to who propagated this rumour, I cannot tell, but there is this fear that print media will be going into extinction soon. Well, with the ever increasing advancement of technology and the need for things to be done quickly and now; it will not be entirely hazardous to project the irrelevance of print media in the not so distant future.