"It's local and vertical." Recently looked at a business plan that stressed exactly this angle. Expect to see more.

"With minimal additional investment and no extra hires, fan-based SB Nation is launching 20 new regional sports sites during the next few weeks." (New York: http://newyork.sbnation.com/)

This seems an obvious and necessary shift.

The key point, expanded: "When Gawker started, there was a surfeit of information and not nearly enough context -- so we provided that, in the form of links and occasionally snarky commentary. But now the balance has shifted.... If a good exclusive used to provide 10 times the traffic of a standard regurgitated blog post, now it garners a hundred times as much. That should be reassuring to people. The content market is finding its new balance."

Nick Denton's pessimistic, but persuasive, ad market analysis for the year ahead.