I think what you are missing here is the potential revenue from sponsors too. You can add these into the video itself with a far better return for your pocket. What does an advertiser want? Views. Lets take for an example. I walk into a major brand. I say thay I can get you 300 quality views on steemit as opposed to 30000 views on youtube. What would they pick? I know what sounds more appealing.
Also by adding in your own advertisment by the way of an episode sponsor can get you some hard and fast cash if your a constant uploader!
Think about it....this quality piano tutorial is proudly brought to you by 'yamaha pianos!'
Yes @alhoppo that is true, sponsors can help, but it doesn't matter it all about numbers.
We could then also compare 200.000 youtube subs to 200.000 on Steemit, and guess what would happen then to a sponsor? with people that actually interact, they would love that even more.
Also, sponsors are not always keen on working with people on youtube I've only ever found 1 that had reasonable terms. But I mean sure, for some niches it really works and they earn a lot of money with sponsoring. Yet most it's just referral links and if people don't click it?
Also notice I'm getting an average of 1300 views on my videos in the first 7 days, maybe 2600 in the first month, that is not super attractive to sponsors either.
But in all fairness you make a good point, sponsor income shouldn't be neglected :)