Joey Manley talks, as he is often wont to do, about the webcomics business model and points out that it still hasn’t hit it big:
But think about it: there hasn’t been a YouTube, a MySpace, or even a Weblogs, Inc. kind of success in the webcomics world yet. Even Keenspot, the largest company for which any numbers have been released (at their San Diego Comic-Con panels), falls far short of those examples. I’ve seen them claim, at different times, anywhere from 200K to 300K in annual revenues — my own business does somewhere between 1/2 and 1/3 Keenspot’s revenues, depending on which number you believe. In either case, that’s nothing for a VC. That’s a lemonade stand.
More in link, including PENNY ARCADE.