David Sifry is the CEO of Technorati, and he had written a great post on The State of the Blogosphere and Social Media. It provides great information on blogs and other social media trends. Great information!

Here is a quick summary:

• 70 million weblogs
• About 120,000 new weblogs each day
• 1.5 million posts per day
• Growing from 35 to 75 million blogs took 320 days
• 22 blogs among the top 100 blogs among the top 100 sources linked to in Q4 2006 – up from 12 in the prior quarter
• Japanese the #1 blogging language at 37%
• English second at 33%
• Chinese third at 8%
• Tracking 230 million posts with tags or categories
• 35% of all February 2007 posts used tags