Finally, an Old Media report on blogging that is neither sarcastic nor condescending. From The Economist:

So what do big media groups stand to gain from adopting a format that delights in promoting competitors' content, and relies on relinquishing editorial control? Such a question, say bloggers, misunderstands the force of weblogs. “Traditional publishing is about putting on a show; building a network of weblogs is like hosting a party,” says Simon Waldman, head of digital publishing at the Guardian.

For all the costly and failed efforts by media companies to create and charge for online material, blogging suggests that the web works best as a link to other people—and a way of finding and raiding their content. As InstaPundit's Glenn Reynolds says, “the threat to big media is not to its pocketbook but to its self-importance.”

What, bloggers sometimes try to deflate the self-importance of, uh, self-important people? Why, I never.