You really need to distinguish between the very different types of "AVS/AEN":
1. The "free" AVS - Sexkey, Freenetpass, etc - you provide only minimal content (or use sponsor content) and their promo rules are flexible, but one-time payout only.
2. The traditional "premium" AVS/AEN - Cyberage, Netverifier, etc - you provide slightly more content, tougher promo rules, good recurring income.
3. The modern (movie-based) AEN - AdultsAllowed, JansWebring, etc - they provide the content and hosting, recurring income, but no upsells and the traffic is never yours.
There are variations on these three main themes and each one is a very different business model, needs different approaches to selling etc.
The two big advantages of AVS sites were the upsells and free traffic (for ID's and upsells). The traffic has been so diluted by the number of sites in the longer running programs, Sexkey is the only one I know from which these days a site might still see (just) double digit traffic daily. Although the argument about the traffic being relatively high quality (because members already proved their willingness to pay for porn) is still valid, the internal traffic is so small (per site) that upsells have dwindled to a fraction of what they were.
All the long-running ones seem to have got stuck in a time warp. Their standards were barely relevant in 2000 and now they are hopelessly out of date, which makes even the "free" programs a harder sell than they were. There is no sign that any of these programs have any intention of bringing themselves up to date, rather they just seem to be riding out whatever is left of the market they once had.
As has already been said, you can still make money with them, but it is a longer, slower process with a lower ceiling. Depending on your traffic and aptitudes (design possibly plays a bigger part) the Movie AEN's can work better. Their main problem seems to be a limited content pool which means they all end up offering very similar, mostly fairly generic content. They took off very strongly when they first appeared and are still doing fairly well, but now there are close to a dozen such operations, sales per site seem to be slowing. There are also big differences in saleability of the various programs and while rebills are better than most paysites, they are not as good as the traditional premium AVS sites.
Of course, that is all only my own take, based on my own experiences. Yours may well be different...
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