As others said: yes it can still be profitable, but you gotta have the good submit passes and it's not nearly as easy as it was in 2004 (when I started)
For a new guy it would be very hard to make a living out of gallery submitting.
As a regular buyer of paid spots, there is even a less traffic coming from biggest TGPs, while I pay the same price for spots like it was 2005-6, thus my margins are going down significantly.
As a person who started late in the game galleries not only seem a waste of time but counter-productive...
1) the punters that consume the galleries are harden porn fans who won't pay for anything
2) the galleries take a lot of time and money and produce very poor click throughs.
3) Sites like MET ART put so much stuff out there that I would be tempted to join them but why when I can't keep up with the amount of material they pump out everyweek.
4) we are producing quality material....Its inside our site...you want to see it...pay for it...there's no such thing as a free lunch.
I'd say my gallery traffic and gallery income is down about 40% from two years ago. A lot of decent picture/movie posts are no longer accepting submissions and are strictly posting hosted galleries. Everybody else is charging for partner accounts that usually don't pay for themselves. At the same time Tube sites are taking traffic away from the picture/movie posts. It's a losing battle but still very profitable, but probably not for long.
Yes, it´s still posible to make money with gallery submittion, but all depend of the database that you have for submittion. A good database can make really good money.
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