Hardly anyone makes calls on pay phones. Here’s how they make money anyway

Why not just get rid of all the pay phones in New York City? Why hang on to a dying technology? Even though they're steadily dwindling in number, pay phones aren't dying.

That's because companies are starting to realize there are more ways to make a profit from pay phones than charging users to place a call. Take, for example, the power of advertisement. While revenue generated from calls placed has steadily declined since 2008, ad revenue generated from pay phones -- the ads placed on the sides and walls of pay phone booths -- has seen a sharp uptick since 2010. There's also potential money to be made from turning the phones into Wi-Fi hotspots. CBS Outdoor has outfitted 35 pay phones with such capabilities, and is currently trying to find ways to monetize this Wi-Fi via sponsorships.