Podcasting News has a terrific article on the Will It Blend phenomenon... using new media as an advertising substitute (although that might not be the right way to look at it).
If you haven't seen the videos, the Blendtec blender company has found a huge earnings jump by showing their product demolish things like soda cans and iPhones. Do yourself a favor and check out what happens when an iPhone is blended. Wow.
Moral of this stor: Think of your podcast or video podcast not as a revenue generator in and of itself... it might be a better awareness raiser for some other business interest: a service you provide or a product you sell. Sure, some podcasters are doing a good job monetizing their shows through ads, but for others this may be your better path if you want to leverage new media into profits.
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