Territories can be made by anyone at anytime on any topic. For one month, a territory costs 50k sats and the founder gets to set the posting and commenting fees and receives a split of the zaps to content in that territory. There are something like eight profitable territories right now. The bottom of the site has a link to the analytics page, which has a bunch of graphs on various metrics.

You make a good point about quality posts vs what's currently valued. My experience is that thoughtful posts about almost anything can receive a decent quantity of zaps. The community isn't all that monolithic, other than being bitcoin maxis.

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Hold on, 50k sats PER MONTH to have a topic forum? That seems quite outrageous no? That can't be right?

It is correct, and as I said many territories more than earn that back and many more nearly break even.

That fee is the source of funding for the developers. They don’t take any cut of the activity on the site.

600,000 sats a year seems insane, no?

I suppose this does not take into account the the forum ('territory') owner takes a % from the posts or something, like you said most break even.

But there are like 20+ subforums (I can't count them on my phone so it's a bit of a guess) on stackernews.

That's 20 x $650~

= $13000 per annum. Can this be right??

Most don’t break even but there are lots of reasons for that. Some owners aren’t very active and some own the territories as pet projects.

Oh I see