Early web monetization yielded only modest ad or sponsorship revenue

Evidence

The problem was that no one had figured out how. Google’s AdSense offered bloggers an early monetization tool: automated low-quality banner ads that provided modest revenue streams. Sites like Boing Boing took a boutique approach, securing sponsorships from companies like Verizon and American Express. While this model made the site millions in revenue, the founders kept a zine mindset and never attempted a major expansion. — W. David Marx, Blank Space, 193