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When it comes to straight-up membership sites I have seen 'some' money. But it has to be exclusive and very niche. And you have to find just the right audience. You can't just throw up a general porn site and skim tube traffic and convert.
But the problem is that the ROI is so bad that it pretty much makes any wise Webmaster stop before they even get started. If you know that you will most likely spend more than you will make (and this includes time) and you are technically in a market that is quickly going extinct, then whats the point?
As an experiment I started a few member sites hoping that there may still be some money in it. Also the fact that many membership sites have closed lessens the competition. And I did make some money and I'm sure if I worked everyday constantly I could get enough rebills to make some decent passive income, but it's a big IF and does not really seem worth the time anymore. Because like many have already said, you can find virtually anything for free so what's the point.
And for those sites that are still doing well, I wonder how many of their members even know they are members. I used to make money from people that were members for years that never even logged in. They just joined one night, had fun and forgot they ever joined and never got around to cancelling. I even sent out announcements but they probably were never read or went to spam.
Even selling traffic will eventually die out because if it does not convert (because no one buys anything), then people will see no return and stop buying.
It's kinda funny but when tubes came out I thought that it was the anti-porn people that started them. Because what better way to kill an industry then give it all away for free.
Money is still there, but it has to be interactive or tangible.
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