"Creating content" is not the same as journalism. The Web as it stands now is generally low quality. It remains to be seen if people are willing to pay more for higher quality.
The problem is even journalism in main stream print media is often of low quality. This just not obvious to most people because they tend to not have domain knowledge about the things that journalists usually write about. But judging from how they report on things related to physics and mathematics, my guess is they are equally uninformed and imprecise, when it comes to foreign policy, financial or economic news. The truly competent people in those fields do not become journalists anyways.
What constitutes good quality is a matter of opinion. Look at the top 3 UK newspapers, they aren't exactly what most people would consider quality journalism but they're the most successful nonetheless. At any rate, the same simple principle applies. Supply and demand will determine the price.
