When it was first introduced, radio was going to kill newspapers because it offered sound. Then TV came along and was going to kill radio because it offered picture. The internet was going to kill TV because it was selective and interactive and gave the viewer more control. Before we’re dead, we’re going to see something that will supposedly kill the internet. And we’ll likely read about it in the newspaper. Wedged in between a couple of small space print ads that someone will enter into the One Show.
So, in my opinion, traditional media aren’t about to die. But the way we approach ads is changing. Anyone who really studies brands and advertising knows that a brand is nothing more or less than a great story. (I highly recommend Seth Godin’s All Marketers Are Liars. It will help you understand your job a little more.) Sometimes you tell this story in a 30-second spot. Sometimes it’s best told in a string of short :15s. Sometimes it’s better told as a print ad. And sometimes it’s better as a publicity stunt that spreads by word of mouth. If we approach advertising as storytelling, and not as scriptwriting, or layout making, we’ll be in a much better place.
Look at the Gamekillers campaign. Yeah, there are some fun :30 spots that are a part of that story. There are also some fun print pieces, too. The website is my favorite component, but it also became a TV show.

So, as a student, remember that when a creative director is looking at your portfolio, he or she will be wanting to see what truths you’ve come up with. They’ll be wanting to find a human connection. They’ll want to be surprised. A slick layout and a punchy headline won’t be enough. If you’ve got a book full of print campaigns that really resonate with me, and make me think, and surprise me a little, I’ll understand that you get what it means not just to make ads, but to communicate. And I’ll assume you’ll be able to communicate in any media.