Blogging as loss-leader or marketing expense

Apropos of yesterday's topic of blogs and money, journalist Sarah Lacy rediscovers that Maybe Blogging is Just a Loss-Leader.

Consider the role my blog plays in just building and sustaining an audience of interested readers.... [That] makes me more valuable in all my other roles that do pay me: columnist, on-camera host, speaker and consultant. If you look at SarahLacy.com as a business, the blog isn’t a profit center. It’s my low cost personal PR, lead generation, networking, advertising all rolled in one.

Or, from Kfir Pravda in the comments:

Personally I see my blog more as a marketing expense coupled with fun and community than a loss leader.

My view: sure, some blogs can make money -- but that's an elusive goal for most. (Also worth noting: most blogging is done as a hobby, so earning money doesn't need to enter the picture at all.)