No more hay to be made in blogging sunshine?

Posted on July 3, 2006 
Filed Under Uncategorized

Blog mogul Nick Denton, the founder of Gawker Media, tells the NYTimes.com the “world does not need more blogs”.

The former Financial Times reporter who made a cool US$50 million from social networking site First Tuesday and reportedly US$39 million from selling news aggregator Moreover Technologies was bearish about the future of blogging.

The gist:

1. “Better to sober up now, before the end of the party.”

2. Gawker has 15 sites, page views have doubled in the last year, Nielsen/NetRatings puts monthly unique visitors at 4.2 million.

3. Gawker, Deadspin, a sports site, and Valleywag, a Silicon Valley blog, have achieved cult status. Sploid, a tabloid-infested site built on screen shots, and Screenhead, an aggregator of video clips, have tanked and were put up for sale.

4. Editors at Gawker, Wonkette, Gizmodo, and Gridskipper were moved or replaced.

5. “You have to have the discipline to recognize what isn’t working and put your money and efforts into those sites that are.”

6.Blogging isn’t journalism but it attracts steady audiences that advertisers covet.

7.It is the conversation that occurs between reporters at the bar after they have finished their stories.

8.”There is no doubt that there is a bubble right now.” So why not cash out?
“Because it would be too hard to start over,” he said.

9.”The world does not need more blogs. If you count all the pages on MySpace, there is approximately one reader for every blog out there.”

10.Despite pessimism, he believes blogware isn’t up to mark yet and has 11 people, including four in Hungary, working on developing proprietary solutions. This summer, the company will introduce a music site.

11.”The barrier to entry in Internet media is low. The barrier to success is high.”

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