Are There More Bloggers Than Blog Readers?

An eMarketer article,The Business of Blogging, by Ezra Palmer, indicates there now may be more blog creators than blog readers:

"Pew data suggest that roughly 16 percent of the entire US adult population, or about 32 million adults, have read blogs. ...About seven percent of the online population, or roughly 8.4 million people, said they had looked at a blog in the last 24 hours."

"Blog creation has, if anything, outstripped the growth of readership. Technorati began tracking the number of blogs in late 2002, when it counted 15,729. As of early May 2005, the number was close to 10 million. Perseus Development estimates that there will be more than 50 million hosted blogs by the end of this year."