Internet is 'riffing on the journalism of others' says New York Times executive editor

Newspaper Project, the new group launched by US print executives whose aim is to promote newspapers and counter the doom surrounding the industry, is running the response of New York Times executive editor Bill Keller to various NYT readers' emails in which he argues quality journalism has a bright future.
He claims the internet "contains countless voices riffing on the journalism of others but not so many that do serious reporting" and suggests the future will remain a mix of print and online.
Keller says: "There is a diminishing supply of quality journalism, and a growing demand. By quality journalism I mean the kind that involves experienced reporters going places, bearing witness, digging into records, developing sources, checking and double-checking, backed by editors who try to enforce high standards.
"I mean journalism that, however imperfect, labors hard to be trustworthy, to supply you with the information you need to be an engaged citizen. The supply of this kind of journalism is declining because it is hard, expensive, sometimes dangerous work.
"The traditional practitioners of this craft — mainly newspapers — have been downsizing or declaring bankruptcy. The wonderful florescence of communication ignited by the Internet contains countless voices riffing on the journalism of others but not so many that do serious reporting of their own. Hence the dwindling supply.
"The best evidence of the soaring demand is the phenomenal traffic to the Web sites that do dependable news reporting — nearly 20 million unique monthly visitors to the site you are currently reading, and that number excludes the burgeoning international audience. The law of supply and demand suggests that the market will find a way to make the demand pay for the supply."
His conclusion is: "My expectation (and I remind you of the disclaimers regarding my business acumen) is that for the foreseeable future our business will continue to be a mix of print and online journalism, with the growth online offsetting the (gradual, we hope) decline of print."
You can read the emails to Bill Keller and his response here