Whoever said blogs can’t be big business is set to be proven wrong by trends with blog and content networks these days. Frank Barnako of Marketwatch reports that Federated Media is posting revenues of $1 million per month.

In a little noticed pre-holiday posting, John Battelle said Federated Media Publishing’s stable of 100 Web sites and blogs had a great ‘06. “I won’t gloat, but … we beat my year’s estimated revenues by nearly 30%,” he wrote on Searchblog. He added, the revenue run rate is now $1 million a month.

Of course, it helps that Federated Media has in its roll several of the most popular blogs and new-media related sites today, such as DIGG, Gaping Void, BoingBoing and TechCrunch. Also, FM is more of a clearinghouse that connects independent authors with advertisers, rather than being a network that manages its own sites or a commune that helps with linkages among independent sites.

We hear FM is opening its doors to more independent authors soon. If you think you (and your blog) has what it takes to be part of FM, then it might be worth the try.