Michael Agger studies professional bloggers' earnings:

Blogs with 100,000 or more unique visitors a month earn an average of $75,000 annuallythough that figure is skewed by the small percentage of blogs that make more than $200,000 a year. The estimates from a 2007 Business Week article are older but juicier: The LOLcat empire rakes in $5,600 per month; Overheard in New York gets $8,100 per month; and Perez Hilton, gossip king, scoops up $111,000 per month.

Drudge, of course, is in another universe of wealth. And he earned it.

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