There's still plenty of money to be made with paysites and new videos. It's harder for the average affiliate to make sales these days, but still not too hard.
Example of how new content is better:
Go to a tube with millions of old videos. Then go to a tube/video site with less videos, but newer and higher quality like beeg.com. You won't want to go back and jerk off to that old tube.
You'll always still get the highest quality and full length videos from the paysite itself rather than the tubes, which are basically previews but these days a preview is 8+ minutes long on tubes..
You know what always sells great, though? Dating.
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