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For the most part affiliates are an exploitable resource. Most programs aren't paying anywhere near 50% revshare. In a lot of cases it works out to be around 20% after you factor in all the tracking problems and that many surfers are just going to type that url in that they see on the banner, video, or photo. This is why there are programs converting at 1:200 with typeins while their affiliates average 1:2000. It's a dirty little secret of the biz. I won't even get into shaving or all the other stuff.
Larger programs with their own established brands and traffic sources tend not to need affiliates. Smaller sponsors still tend to need affiliates and in most cases would be crazy to ignore them since it's dirt cheap branding for a pittance.
I think a better question to ask is whether or not it is worth it to be an affiliate within adult today. Many former affiliates are leaving the industry and heading to mainstream. For the ones who remain there seems to be a trend of not relying on pay site sponsors as much and selling resources to brokers or ad companies. I will admit that I make more by selling traffic resources to brokers and selling dating and cams than I make with pay site sponsors. This crossover occurred in 2011 for me.
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