I love the analogy Dan Lyons, in leaving ReadWriteWeb and mainstream tech journalism in general uses about the state of online journalism:
Media companies need a new way to make money — one that doesn’t depend on advertising. But so far nobody has come up with anything. That wouldn’t be so bad, if at least they were aware of this problem. The truly scary thing to me is that publishers either aren’t aware of this, or won’t admit it.
Instead of inventing a new business model, media companies keep trying to tweak the old one. By that I mean they keep trying to invent new kinds of advertising. It’s a pointless exercise. They’re like blacksmiths who are responding to Henry Ford and his automobile by trying to create a better horseshoe.