A group of successful bloggers have formed Pajamas Media in an attempt to make a profit on the internet. I wish them the best. The odor of envy is strong among the right-wing detractors. The odor among left-wing detractors is just the venom I expect from them.
I don't know if it will work. The web site looks a bit bland right now. I think their strength will be as a portal to blogs. That's what Instapundit is for me; I go there not so much for Glenn Reynolds's opinion, but because I depend on him to link to good stuff. Reynolds does this at PJM with a Blogjam (or Carnival -- which is it?) on prewar intelligence. When a hot issue breaks, PJM can put together in one place links to all their bloggers and others.
As for making money, I suspect PJM will be a springboard to other activities that bring in bucks rather than a money maker itself. For instance, there might be a PJM lecture series in which famous bloggers talk to corporate and educational institutions. Big bucks there. Or a cable channel might give famous bloggers a show. That kind of thing. In other words, PJM can provide the visibility that leads to riches. Of course, blogs can do that on their own, so we'll see if PJM is superfluous. Or maybe PJM is just the kind of organization bloggers need to gain credibility from the MSM and the corporate world.
If they can keep their expenses down, they will probably survive.