Not that Old Publishing will disappear–for now, at least, it's certainly the best way for authors to get the money and status they need to survive–but it will live on in a radically altered, symbiotic form as the small, pointy peak of a mighty pyramid. If readers want to pay for the old-school premium package, they can get their literature the old-fashioned way: carefully selected and edited, and presented in a bespoke, art-directed paper package. But below that there will be a vast continuum of other options: quickie print-on-demand editions and electronic editions for digital devices, with a corresponding hierarchy of professional and amateur editorial selectiveness. (Unpaid amateur editors have already hit the world of fan fiction, where they're called beta readers.) The wide bottom of the pyramid will consist of a vast loamy layer of free, unedited, Web-only fiction, rated and ranked YouTube-style by the anonymous reading masses.
Time Magazine recognizes that Old Publishing is suffering from severe economic reversals and that new publishing venues are gaining prominence. The article does not address, however, how to monetize new publishing:
Thanks JL Wilson for the linkage.