v briefly (god, I'm posting duirng a family lunch)
Totally agree 100x - but that has always been the case. People read tabloids, for example, which bear little relationship to the kind of News that you refer to. The Daily Mail presents the news through an almost opaque prism of prejudice.
The value - and also the failing - of blogs is that they are unfiltered. They have jolted teh MSM out of complacency, and those which come from areas where it is impossible for the MSM to get real access are invaluable. But they cannot replace 'The Press', for the same reason that Martin Bell can't replace 'Political Parties'. They have no real power because they individualized and not collective. There can be one-off successes, but no consistency.
I think there will be a period of adjustment; but I think that ultimately, that part of the public which values broadsheet reporting will continue to be prepared to pay for it, online. Perhaps that percentage will shrink, but it will eventually stabilize.
Yes, the 'news' part of news will be increasingly difficult to monetize, but it is the interpretation and contextualization of the news for which we pay.
The parts of a newspaper's business which can or must be given away free, as a kind of loss-leader, will be, and it will be only these elements - the interpretation and explication - which will be in genuine competition with individual bloggers. Exceptionally few of whose number are or will be financially viable as businesses. Only the amazingly-placed (and therefore anonymous eg the Iranian insider) or the outrageously-entertaining can really offer proper competition to the MSM
Sorry if that doesn't make sense, I'm trying to eat spag and maetballs at same time. And 'talk' to kids/dp.