They do moderate it though. They have spent a fair bit of time removing certain shooting videos.

Oh, so what do you do?

I run a Beef Jerky as a Service thing but really it's just a lever against inefficient ads networks' partner's policies.

Hosting video with lots of views probably isn't cheap.

There is plenty of content they can't host and I'm sure tons of people were anxious to find examples they could use to take the site down with. Powerful governments aren't exactly too keen on the populous getting a real perspective of what war is like.

Also, bandwidth and power isn't cheap. They have to pay for it somehow.

Hosting can cost quite a lot, these days usually due to data transfer but storage and compute can certainly pile up.

But that's the very large majority...

Absolutely not.

So much of their content goes against the TOS of the major advertisers that no one wants to work with them.

Who would want to serve ads on Liveleak beyond the sketchy penis enlargement people?

If it is super easy then can you list what advertiser networks or affiliate networks they should use? Also it's not like somebody going to watch a Liveleak video has any commercial intent so the ad RPMs will be really low