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Yes, I've seen a lot of people start up a forum just to make revenue from it. It used to anger me, but now I really don't care... I have no reason to care xD
I think I understand the mentality of getting angry when people supposedly don't say they put their passion ahead of profit. But the realities of life are too harsh to consistently aim for passion over profit.
You always have to know that for your business to survive you need to earn more than you spend. If any business looked purely at passion as compared to profit the business will go bankrupt in no time. If they haven't, then they've either aimed for profit or they've found a desirable balance between passion and profit.
For someone with a regular offline job, a forum might only be a hobby. But there are some people who earn a living from their forum or blogs and depend on that to pay rent, buy groceries etc. In that sense, a profit motive is not greedy, but essential and makes sense from a business perspective.
I think starting from day 1 with profit attempts may scare some members. Of course wanting to earn something from the hard work is understandable and should be a goal at some point. Yes, there are forums that are just hobbies but there is still some form of investment made. Having a return on that investment is rewarding.
If a forum is covered in ads, it is generally detrimental to the forum and hence counter -productive. I believe that forums are one of the most difficult types of sites to build and make profitable. If a webmaster was solely interested in profit they would probably focus on another type of site such as a blog or e-commerce site.
Running a forum takes a lot of time and it can be expensive in terms of forum software, security, hosting, etc. As a result I don't begrudge webmasters for trying to generate some revenue, to help deal with those costs. I wish one of my forums was making "Too much profit"