Actually, let me re-phrase, what is the biggest problem he's facing?
I see that most of his visitors are from Asia, then why not reach out to Alipay payment processor? I am not overtly familiar with them, but maybe they have a cheap payment-by-sms product or similar (where users could pay a small price using their phone via txt message).
It is a very popular payment method in some areas of the globe for micro-payments.
The biggest problem, right this instant, is keeping the app up. I suspect it needs to be re-architected, because there is a lot of room for optimization so we can at least get the app working properly on the current hardware.
Once the site is online and stable, then it is a matter of monetization.
As for specific steps, yes...developing an ad network along side this app - and also using third party ad networks. The issue is that a lot of the sites that people create have porn.
I believe, when he gave the presentation the site had 19,000 WAP sites active. By active, he means updated in the last 7 days. He does a purge of all non-active sites every 7 days - because server resources are so scarce.