The affiliates to my paysite are doing very good by referring other webmasters over to my program,
True Amateur Cash. It has alot to do with the type of content that you are asking other webmasters to promote. Everything that I shoot for
True Amateur Models is 100% exclusive content and consists of REAL amateur girls and not pro models pretending to be amateur. Very steady and good conversions with initial signups as well as rebills.
So yeah, you can make money by referring other webmasters but you if the content doesn't convert then it doesn't really matter how many webmasters you refer. It also helps to show the webmaster that you are referring over stats of your earnings. If they see that other webmasters are making money (and as long as they are getting decent traffic) then they should do well too. Not sure what types of programs you were promoting but all I know is trhat my affiliates are doing great and the ones that refer over other webmasters, they are bringing in sales very steadily as well.