There are two camps in terms of content business model. One is to directly monetize contents, like paywall and subscription, the other is to indirectly monetize, via ads like facebook and twitter.
The problem of the first is that people didn't seem to pay for contents. The problem with the second is that only the intermediary, facebook and twitter, are getting paid. People who post contents are not.

Steem is an interesting experiment. It is using the second model, but is paying the content makers. I think it has potential to develop into a long-term viable model. But there are some risks that needs to be addressed. And the key is this.

People seem to behave differently when there is material incentive.

People are the most honest, when there is no money involved. We compliment a good kid when the kid did something good. But when people know there is economic incentive to compliment someone, people are likely to compliment too much.

So, I think the key is to promote honest behavior, yet still providing financial rewards. Not an easy task, but I hope to see this to be done.