OK, I'll toot my own horn, but I think the example is pretty valid since we're talking content. Back in 2006, I built many BYOTs for ARS. Anyone that knows about ARS BYOT (or simply takes a couple minutes to check it out) will know that they use good content (Matrix golden age, so to say) but ultraseen. Like the antichrist of exclusive content. On top of that, I only used picture content, no video at all.
Check stats from yesterday (I'm building my new portfolio so took those stats yesterday to display as example):
Now, check older stats:
what do I mean with this (besides tooting my own horn)? That you don't need exclusive content, you don't need ultra high definition exclusive video, you don't even need new content. As long as the content fits the niche and you (or at least your designer) know what you're doing, you can make money anyway and convert as well.
Obviously. if the content is good, exclusive, high def and fitting the niche it would be better, but if you don't have a clue... why spend money on high quality content that will be off niche in 90% of cases? I don't wanna sound cocky but I never see any (and I mean ANY) program with exclusive, high quality, yadda yadda yadda content that could reach those numbers in the last 5 years. And you can see the traffic sources as well: plain TGP traffic from Boneme/Fuckk, Worldsex and some non recip TGP
In short, any content shooter that knows what he's doing could make a killing in the future. Same goes for programs (if you don't know the niche/s... hire people that knows!!!). And that's how the equation is explained: there might be 1, 2, maybe 3 content shooter that will shot more based on a more professional approach. Doubtful, but possible. But the majority of content shooters will shot a lot less, therefore the average will be a lot less, like EB said