I understand blogging is a serious business. but I wish to know how to monetize quality content created by bloggers . I do not want to use advertisements. but is it possible to have paid content?

Depending on the subject of your blog I have found the best non - advertising way to generate reoccurring revenue is to add a business directory to your blog. Let your blog drive traffic to the directory and businesses will be glad to pay ( $1 a day) $30 per month for the added exposure. If you have 200 companies on the directory then you will generating revenues of $6000 per month.   Sample directory: mrbusiness.ca.  They offers their business directory at no cost and you share the revenue with them. They create an online business directory for your business that reflects your business services.  They maintain and manage the hosting and technical aspects of the online application. The business directory content is owned and monitored by your company. The Directory is controlled by an administration system that is very sophisticated yet simple and easy to manage. Depending on the agreement either Maxqsoft or your company can be the administrator.  You simply continue to do what you already do so well.  In addition you promote the directory to your advertisers and your marketplace. Encourage your advertiser’s to sign up online using a secure payment gateway & the monthly payments are sent to your bank account (Paypal). Your advertisers can now create an online business profile which includes: an on board web site, business listings, videos, banners and articles. Maxqsoft & you will share the revenue based on our agreement. Example: A publisher with 200 advertisers paying $50/mth equals $10,000/mth.

You should check out 72lux at http://www.72lux.com. They have amazing technology to help bloggers monetize content and receive higher revenue share than traditional affiliate models.