1) I use press releases with all of my clients. While not everyone, especially the Y-Gen, read newspapers...there is still a huge segment of the population that do get information from printed and online news.
2) People talk. While my daughter may not read the paper, I do. And if I learn of something of interest to her going on through a press release, I will share it with her.
3) Press releases run/air for free. Why not take advantage of reaching a portion of your market for free? Keep in mind they are free...and as such, you have no control over when, where, or if they run or air.
4) Press releases often trigger an interview or story from the media wanting to know more about the issue or event covered in the press release. If you are sending press releases regularly to the media, you are positioning yourself as the expert and they will come to you when they need information.
5) Press releases can get picked up and used and discussed in social media arenas that DO reach others.
I can think of plenty of valuable reasons to use carefully crafted press releases...so go ahead and take advantage of the opportunity.