Snip from "Forbes Fumbles the Blogosphere: Does an Attack on Bloggers Signal the Dawn of Blogosphere-Dominant Media?," an ABC News commentary by Michael Malone (who used to run Forbes' technology magazine, Forbes ASAP):
Let me make a prediction. Five years from now, the blogosphere will have developed into a powerful economic engine that has all but driven newspapers into oblivion, has morphed (thanks to cell phone cameras) into a video medium that challenges television news, and has created a whole new group of major companies and media superstars. Billions of dollars will be made by those prescient enough to either get on board or invest in these companies. At this point, the industry will then undergo its first shakeout, with the loss of perhaps several million blogs – though the overall industry will continue to grow at a steady pace.
And, at about that moment, Forbes will announce that the blogosphere is the Next Big Thing for investors.