Here's what I've observed over time.
There are webmasters that understand traffic generation, and can cultivate surfers that are willing to purchase and send them to a content site.
There are webmasters that know how to run a paysite, manage models, photoshoots, content generation, etc.
There are very few that can do both well.
If you were in a particular niche, had your own segment of traffic that you knew converted pretty well, had access to unique or exclusive content that fit that niche, you could make a single paysite and probably make it work. But, you're going to be splitting your efforts somewhat -- perhaps you spend too much time working the content/paysite side and neglect your traffic generation, or vice versa. Its a rather delicate balance, one that I've seen very few people manage to do well.
If you were going to do a paysite, you would want something that was unique enough that you could open a site with 12k pictures and 50 videos and work on retention while maintaining your other income stream. The other thing you probably don't want to get trapped in is a solo model site initially. You get x sets done, money doesn't come in quick enough, model decides to shop around or worse, is hard to get to show up to additional shoots. Stick with a niche so you're not tied to a particular model.
Its not impossible to make money with it, the barrier to entry is somewhat low if you pay the $750 visa/mc fee and use ccbill and it wouldn't take too many signups to cover that and generate some income. Your problems start with understanding how to convert more clickers into sales, what makes a member recur from the inside, etc.
Its tough, but, with the right niche, I think it is doable.
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