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Is "compelling content" worth it?

Found this anonymous downbeat diatribe in a Folio article by Pontiflex’s Zephrin Lasker.

Compelling content is the least performing asset in a profitable web strategy. Not only is its impact marginal, the demographics of its audience is that of non-performers. Web visitors who visit your site often because they enjoy the content monetize at very low rates. Social communities that evolve around a theme are not business’s. They are hobbies or labor of loves. Paid subscriptions are only viable until your audience matures enough to source their individual interests for free in any number of places. Check the renewal rates on paid subscriptions. Nonexistent.

If compelling content doesn’t pay, what does?

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