The real time web implies that online news will flow more and more through applications, not websites. The problem facing mainstream media is their dependence on traffic through their websites for advertising revenue.

The journalistic media on the other hand continue to try to erect walls that halt traffic flow through their websites, either by charging subscriptions (New York Newsday gets 35 subscribers after three months), by limiting access to their content by aggregators (Murdoch’s gambit with blocking Google from indexing Sky News content), or simply by not providing an RSS feed for syndication (Santa Barbara News Press and many other local publications).

Social media thrives on RSS to find, deliver and syndicate news from journalistic media, and it directs traffic back to the news source.  If the traditional news media continues to ignore social media sourced breaking news, they risk becoming irrelevant to their communities who demand this real time news. People will eventually find that real time news directly from their community via one of their social networks and news aggregation applications.

Users can even embed the real time search engine:

from last year’s 06/02/08 slideshow: Explaining Twitter, Friendfeed & Social Media 2.0. I just added Lifestreaming.

With the advent of Twitter and the real time web, can blogs can chronicle real time as effectively as micro-blogging tools? Last week Steve Rubel introduced his move from blogging to lifestreaming with a new lifestream site based on the Posterous platform.

For the uninitiated, the lifestream looks curiously like a blog:

Q) Cmon Steve, isn’t this “lifestream” just basically a blog?

Sort of. The site is certainly structured like a blog. However, the approach is different. It’s less formal. There will be more bits, fewer posts. What’s more, I will employ creative ways to share and engage - such as mindmaps, image galleries and short videos. In addition, this will serve as a key way I connect to you on various social networks.

The principal difference between a blog and a lifestream: to comment on a blog, a reader needs to be on the blog itself.  Commenting on a lifestream can be done from any social network where the lifestream content is distributed – Facebook, Friendfeed, Twitter, etc.

However, there is a real reason why individuals or companies need blogs or a central repository of content like a lifestream to give them online presence. Twitter and other micro-blogging services suffer from massive data overload (literally multimillions tweets per hour), and Twitter search can only query across a few weeks of Twitter data at most. Robert Scoble points out:

Here’s an easy search: find the original Tweet of the guy who took the picture of the plane that fell into the Hudson. I can do it on FriendFeed after a few tries, but on Twitter Search? Give me a break. Over on Google? One click, but you gotta click through a blog or a journalistic report to get there. Real time search is horrid at saving our knowledge and making it accessible. (italics mine)

Conclusion: it’s essential to have the central repository of content that micro-blogging tools can drive traffic towards.