Businessweek/Bloomberg published an interview with the Chief Operating Officer of Sedo.com  Jeremiah Johnston entitled simply: “The Domain Name Business”

Here are some of the highlights:

Is the buying and selling of Web site domain names a viable business?

The days of the Internet pioneers who grabbed one-word, fantastic domains are largely over.

The buying and selling of domain names has remained one of the few bright spots during the global downturn.

There are almost 174 million domain names worldwide and an annual growth rate of 30% over the last five years.

Do domain names automatically increase in value over time?

Online property typically increases in value over time, particularly generic or descriptive domains that have the enduring, evergreen quality that drives traffic. Similar to traditional real estate, if you invest in the right virtual property, and hold on to it for a while, you will likely see a solid ROI. However, by developing a lackluster Web site into a money-making portal, entrepreneurs and small businesses will not only be making a profit, but they’ll be making a business.

What should individuals look for in domain names?

Look for domains that are generic, category-defining, and short, with one or two words. If you think about all the niches, verticals, and hobbies, the possibilities are infinite. Look for domains in categories where you have some knowledge and think about whether a particular domain is something you’d search for or type into a browser.

What else should entrepreneurs keep in mind?

Remember that domains are more than just dot-coms. The alternative extensions and foreign country domains, like .uk, are very popular despite the continued dominance of .com. Also, prices are significantly lower—maybe three to four times less—for the .tv, .net, .info, or .biz extensions, and they can help a business stand out and provide search engine optimization benefits.

That’s all you get now go check out the full interview with Jeremiah here