I truly believe that quality will win out over quantity in the long run. The race to churn out SEO-based, high-volume, crap-quality content farms represented the first phase in online journalism. It was a race to the bottom. Sure, that race had some early winners. But the race has been run. The bottom has been hit. There's no more profit to be reaped there, and besides, the model makes less and less sense vis-a-vis today's internet.

That's because the future of the mass content aggregation business now belongs to Facebook, and to other social networking services yet to come. Aggregation websites are going to look very anachronistic in the coming years, while content-specialist sites will have to differentiate on subject matter and on quality.

So what does this mean for content producers? Well, it's no longer about mass aggregation of cheaply produced crap. It's now about being a high-quality producer, whose content is more likely to get pickup up ("earned," in media parlance) by Facebook users, as well as by Google's increasingly sophisticated ranking algorithms. Thoughtful pieces will matter. Well-written pieces will matter.

It's not easy, and there's no guarantee that it'll be profitable. And unfortunately, the advertisers will be monetized by the aggregation layer (Facebook, most likely) on which content producers will depend. So that leaves pay-gates and subscriptions, both of which can be circumvented, and which are often loathed by readers. But however the winning business model gets figured out, quality will almost certainly play a crucial role in it.