I have been considering the question about whether an affiliate program is worth it anymore at all. With everything that you have to provide to an affiliate (content, hosting, fhgs, etc.) to get them to send traffic and then pay them a largely inflated amount of money for the signups they send, I'm almost positive that you can keep your own assets (content, hosting, gallery templates, etc.) that you would have otherwise provided affiliates and generate your own traffic, with a much lower acquisition cost for signups.
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