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Interesting thought. I never really thought of podcasting as competition for blogging, and I suspect its core is non-readers. Anyone who exits to audio was probably never a strongly attached text consumer anyway. I actually prefer writing for readers.
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Replying to @vgr
Podcasting ate their lunch. Audio is more appealing to the average mop than reading text.
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I prefer reading, because I'm impatient. It probably occurs fairly frequently that in the early days of a medium or technology, one reaches critical mass by uniting several weakly attached audiences, who split off the moment an alternative more specific to their tastes exists.