*NOT* true. There are a sh*tload of 'viable' commercial subscription services out there on the 'net. Several _big_ ones: Medline Dunn & Bradstreet Lexis/Nexis OAG TRW credit reporting
In addition, there are many _thousands_ of 'niche' operations, particularly in the realm of stock/commodities/futures/options investement advisory services that provide fee-based services -- either flat-rate subscription or on a pay-per-use basis.
The folks that "make money" with Internet 'pay sites' are those who have a product that is valuable in a specialized market. They also tend to be 'nearly invisible' *outside* of the market that they serve.