Om Malik writes on The Return of Monetized Eyeballs

Web content deals are on the rise again, and Internet ad spending should reach $12 billion this year, meaning Jupiter’s once-ridiculed forecast wasn’t far off the mark. ... Of course, there are new metrics for valuing audiences. "Not all pageviews are created equal," cautions David Hornik, a partner at August Capital. Hornik and other VCs say the most prized traffic comes from sites that leverage "viral" content to acquire users who are intensely loyal.

If you do what is out of favor, when it comes back in favor you end up growing far quicker than me too companies that are always one step behind.

On a related note, here are 10 rules for startups