Blogging has quickly become a favorite pastime among people worldwide:

• Over 50 million blogs active around the world (according to Technorati)
• 16% of Americans follow a blog (according to Pew Internet Research)
• 6% of Americans have blogs of their own. That amounts to about 18 million blogs in the U.S. alone.

But as is the case with anything that we dedicate a substantial portion of our time creating, it's fair to ask: Can I make any money doing this?

The answer is yes. There are a number of ways that blogging can make money for bloggers. Let's explore some of them here.

Although competition is often very stiff, if you have an exceptional professional or experiential background in one specific topic area that one of the major blog networks feels is underserved, there might be an opportunity for you. Here are some examples:

• b5media: Dr. Hsien-Hsien Lei blogs on cardiac health and genetics
• About.com: Athens-based Nancy Gaifyllia blogs on Greek cuisine
• Weblogs Inc: Former runway model Anne Metz covers style and fashion

Joining an open group blog platform allow a share of the revenue/profit generated by the site. Topics are open, and traffic, both from group bloggers and from search engines, builds rapidly due to a sizeable "network effect".

• HubPages: Features a 60% share of impressions (revenue) and a unique ad-delivery technology to maximize revenue.
• Squidoo: Shares 50% of profit (revenue minus company operating expenses and costs). Allows you to donate your share of profit to a selection of charities.

If you have a blog with sizeable readership (over 1000 regular readers daily), then you might be able to monetize your blog by serving CPC (cost per click), CPA (cost per action) or even CPM (cost per thousand impressions) contextual, banner or interstitial ads. These are generally the same types of monetization schemes you'll see on group blogs, but advertisers will work with you directly, especially if your blog has high enough traffic. Here are some companies you should explore:

• Google AdSense: Contextual ads served in the company's hallmark horizontal or vertical box style. Now offers the possibility of showing picture or video ads as well. If your blog has over 2 million page views per month, you have additional customization options.
• Commission Junction: Boasts over 1200 advertisers that offer dollar-based or percentage-based commissions on sales. High-profile companies such as eBay, Buy.com and Marriott work with CJ to draw affiliate
• AdBrite: Serves text, interstitial or banner ads on high-traffic blogs.