According to Bobbie Johnson in today’s paper.

It’s a pretty decent round up - if a little light on issues of actual revenue as opposed to VC funding and acquisition activity.

It seems we’ve got three models emerging.

1. Individuals who can generate sufficient revenue from their audience: either directly through contributions, or indirectly through advertising/ sponsorship etc.

2. Blog publishing houses: Gawker, Weblogs Inc etc where you frankly need either a vast number of blogs or a number of big hits in order to start to get you over the hump of switching from being a one-man band to a proper company and to start a) seeing some interesting revenue and b)enjoying economies of scale/ cross promotion.

[About.com - takes this to the extreme if the following maths are right: purchase price $410m - apparently 10 x revenue; 30 x EBITDA. So EBITDA = c. $13.7m split between 500 microsites/ blogs. So we’re talking an average revenue of $82K and average profit of $27,300]

3. Software houses: blogging tools, search, aggregation etc. It’s here that all the real value seems to lie - even though many of the players here still seem to be slightly groping in the dark in their attempts to turn audiences of millions into revenues omn a similar scale. Six Apart’s subscription model is pretty easy to understand. But Bloglines? Technorati? Great services…but you sense they haven’t quite found their revenue sweet spot yet.

via SimonWaldman