I've come to the conclusion that advertising is the only viable monetization model for most content businesses. This is not a new phenomenon, this is the same reason advertising is dominated television (even paid cable channels), print media like newspapers and magazines, and even in sports. The economics of it are pretty straightforward—customers simply don't value most content at what it costs to produce it.

I do a good amount of media buying and content production. From where I stand, the issue is in the consolidation of power. Content discovery and ad placement are far too closely related, which is bad for everyone involved (well, all but the ad platforms). Going directly to publishers is possible but difficult, it's not currently a scalable solution.