tmesis I would guess with size of programmes these days, the cost of producing them probably far outweighs any money they make from them.
The money saving from producing them online probably doesn't save a massive amount though overall. Yes you save on printing costs, but you also have to give them away for free.
Personally I'd rather have a smaller and cheaper programme. Despite the more recent ones having extra content, I found I didn't read them as much, and I'd pretty much stopped buying them as a result.
STAR did take a look at trying to provide a match day programme on the smaller / cheaper basis as there is clearly a limited market for this. It looked economically viable but logistically too difficult - as anyone who's written, produced, sold, collected the cash etc for a fanzine would probably appreciate - and there's a reason why fanzines (certainly at Reading) did not appear EVERY home game.
It's also a tricky balancing act between not being the 'official' programme and not being a fanzine.