We've been tutoring a lot of high school students lately, and the thing that we noticed was that few of them read long form anything anymore. This includes kids who in previous generations we would have considered "bookworms". (Our bookworms always responded wonderfully to fiction when we finally helped them get into it. Whether it is too late for them to turn into reading junkies is hard to tell.) The biggest reader we dealt with had a great vocabulary from reading World of Warcraft novels. They might be formulaic, but they're narrative.
Personally, I don't care what the kids do with their spare time, as long is it isn't too horribly destructive. What we are worried about is that they have a lot of trouble extracting information from written works, and those includes web pages. A lot of it has to be taught, or at least learned as some people do it naturally. There is a whole framework missing: start reading, buffer up questions as you go, learn to recognize answers. Reading stories to little kids builds this naturally, as they want to find out what happens next or the why, when and what of the situation. They are full of questions, and they learn to anticipate and appreciate the answers as they are revealed. The kids we worked with just got lost in word soup.
I'm not bitching about the kids. They just haven't been taught. When we explained the parts of speech to a high school girl, she sighed, "It would have been real nice if we had been taught this in middle school." Granted, it's awfully easy to just coast through one's education without realizing which things are important and will be useful in the future and which things are just examples and applications to help one learn the important stuff. That gets us into modern textbooks and the checklist approach to curriculum which all seems to be from Samsung or Microsoft and not at all focused like the Apple version.