Have we reached the point of "peak digital"?

D. B. Hebbard over at Talking New Media says in a current post that digital circulation of magazines seems to have peaked, at least judging by established U.S. majors. He points out that while digital's contributions to over all circulation numbers climbed for two year or so, towards a "magic level" of 10%, they seem to have stalled.Wired, which once claimed 10.2 percent of its circulation in digital subscriptions, now reports 7 percent. 

"Most discussion about digital today in the magazine world centers on “total audience” a concept best exemplified by the MPA’s Magazine Media 360 reports. According to the MPA, magazine audience growth was nearly 10 percent in the first half of 2015, making magazine publishing one of the fastest growing segments in the US economy – something absolutely no one believes. 

"The idea that measuring total audience reflects the power of a magazine brand makes sense, but it does little to actually sell advertising. The list of magazine being folded continues to grow not because total audiences are declining, but because too few ad pages are being sold into these struggling titles."