I agree with him that most blogs don't make enough money. But there are people who do it for the love of it. My blog does't make enough money for me to make a living out of it. But it makes enough money and pays for itself. That way I don't have to put money from my pocket which I think what most people are looking for anyway.
I have only about 100 visitors, which isn't helped by two URL changes. But still that makes enough money around 100$ which is what I am paying godaddy for my web hosting and domain.
I would love if I could make a living out of my blogging, but I am happy if it pays for itself.