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It all started going away (the money) with insane affiliate programs. The free content was growing exponentially as every webmaster was zipping up tons of promo content and sending it to affiliates. This, along with torrent that had full site rips. The final nail in the coffin was tube sites. I'm still amazed to even see membership sites. The money now is in interactive sites, tangible products, or services (SEO, Web Development, etc.).
I wish I could go back to those glorious days of passive recurring membership money...
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