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As long as people are paying for porn, which in my opinion, will always happen ...then yes, you can make money. I've been running my pay site (as a full time job) ever since I launched it back in 2005. The site has always (and very much so continues) to do very well in terms of sales ....even to this day. The sales are very steady and the member retention rate to the site is great since I always update the members area with new and fresh content. You see, you can make money but there are things that need to be done.
You need to shoot content that people really want to see (niche doesn't matter ...shoot what YOU are personally into, as this will drive you even more and be GOOD at whatever you do.
Updated members area (regularly and ongoing)
Affiliate program (keep it updated with new fhgs, banners etc)
Helps to have a selection of several local models that you can work with - shoot them, obtain referred models from them
A solid and ongoing shooting location with lighting / equipment
A nice and ongoing source of TRAFFIC - Many different ways to generate traffic. Purchased traffic, affiliate traffic, social networking traffic, TGP submission traffic ...etc
Networking with other webmasters / affiliates on webmaster forums
There are actually many more suggestions that I could list here ....but just to keep it short, you do indeed have to WORK at all of this, as it is a job and should be taken as such.
But yes ...if you ask me, you can most definitely make money working in the online adult entertainment industry.
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