It’s not a question of making money via an online publication (aka “blog”, “podcast”) directly or indirectly.
All money-making via distributing words, audio, or video is indirect. All of it.
Newspapers, magazine, radio, and television all make money indirectly – selling advertising space. Blog publishers like Doc Searls, Dave Winer, Kathy Sierra, Hugh MacLeod, Chuck Olsen, Kris Smith, and even Mark Cuban (and me) make money indirectly as well.
In their case (and mine), the blog is promotion and advertising for them and the other things they do. The things that bring in the bigger bucks.
UPDATE 28 April 2006:
This is what Jason Fried is talking about when he says, “It’s all the same.”
UPDATE 10 May 2006:
There’s something in here about standing on the wrong side of the binoculars.