Is there any money in owning a subreddit?

Reddit is really easy to piss off, so you wouldn't want to be posting referral links or anything like that. IS the only option to become large enough that a sponsor comes along?

If your in an image posting niche, you could be more lenient in what sites you allow to be posted. So you could make some money that way by using a private image blog, Just don't have popups ads or an annoying 18+ to enter come up. Most subreddits only allow imgur but it was their own choice not reddit.