“For quality games media, I continue to believe that the best form of stability is dedicated reader bases to remove reliance on funds, and a hybrid of direct reader funding and advertisements. If people want to keep reading quality content from full time professionals, they need to support it or lose it. That’s never been more critical than now.”
The games media outlets that have survived, except for Gamespot and IGN, have just about all switched to this model. It seems to be the only way it survives.
Games media worked under an ad-supported model for about 20 years though. As those in that business will tell you, the payouts from advertisers have fallen dramatically. The ones keeping themselves afloat now have pivoted to your first, third, and fifth bullet points, as well as ads on the free content that subscribers typically get to opt out of.