Affiliate marketing as an industry?

As we have a different identity for online Marketing that’s called an Affiliate marketing, it has its own affiliate networks, merchants, affiliates marketers, conferences are taking place, big companies are selling online for their virtual presences, different ad networks has been build, performance marketing association & now the Affiliates Awards going to be held in this April… Awesome…
Well I believe it is transformed into an industry & it really has a prosper future. What do you guys think about it?? Would you acclaimed it as a separate industry or just niche marketing industry (or channel)?

Affiliate marketing is a marketing practice in which a business rewards one or more affiliates for each visitor or customer brought about by the affiliate’s own marketing efforts

Affiliate marketing is a business in itself to means it’s the way I make a living.

Affiliate marketing is a channel or method where advertisers (also known as merchants or product owners) recruit partners to help them:

It is a channel to the merchant, an industry to the affiliate.