Very interesting question. According to an article in Blog Herald, medium like the newspaper, radio and TV in the past did not firstly have a business model at all (all content are freely distributed), then transitioning to advertising as a source of income, but finally arriving at subscription as the preferred business model.
Would blogs follow the same suit? It seems that they should - but I can’t see how. Influential blogs may do that, but at the expense reader backlash. Smaller blogs are certainly out of question as they cannot even rely on advertising to generate sufficient incentive to keep blogging.
I think that blogs rely too much on the content provided by the mainstream media that in the end, subscription based model just would not work. Articles provided by the majority of blogs are not compelling enough to attract many readers.
A centralized platform that aggregates many users’ opinions may well be a good place to make a subscription model work. Citizen journalists should not be hindered by the barrier of participation (taking care of the nitty-gritty of setting up a decent blog) to get incentivised for their opinions.