Usually ads. The Pirate Bay trial in Sweden gave an insight into the venture. They made millions on ads, paid zero in license fees to copyright holders. That made them a lot of money. Another interesting aspect in the trial, was that the defense claimed the owners were mere a platform and didn’t know what was shared. Yet they did remove mislabeled titles or fake content and child pornography, so they did indeed have a very active role in what was distributed on their site. That was one of the reasons their “we are just a natural search engine” defense didn’t work.
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