There was an article posted here a number of years ago, if somebody can find the link to it, that would be great.
As a single example, the article refers to a conservancy at the edge of Kruger Park.
It wasn't a big conservancy, don't recall the acreage, but their allotment of game animals would only allow for about 50 hunters a year. This place also did photo safari, seems like they'd get 25-30K visitors through there per year for that. Anyway, at the time, those ~50 annual hunters represented about 60-70% of the conservancy's annual revenue, and the ~25K ppl on photo "safari" only represented about 15-20% of annual revenue.
The total gap isn't that wide everywhere, nor even this particular place anymore (they changed their price structure for people on photo safari). But the per capita contribution of hunters is literally orders of magnitude higher than it is for people on photo safari. Who's gonna pay even $5K for a photo safari, let alone $10K or much higher? We hunters pay that and much, much more.
What's more is many of the places were hunters go on safari in Africa, roughing it out in the bush, are entirely unsuitable for people on photo safari. There is literally ZERO money contributed to the conservation of those wild places by arm chair wildlife biologists and people on photo safari.
Something to really keep in mind, especially WRT Africa. In 1960, the total population of the continent was about 250Mn. Today, it is about 1.2Bn. Wildlife there, and in North America and Europe, must now be husbanded similarly to the way we have husbanded domesticated livestock. Just like a cattle rancher will never (under ordinary circumstances short of drought and so forth) run out of livestock to sell, neither will the wild places as long as populations are managed and regulated well, and poachers are dealt with swiftly and harshly.
That humans are going to kill animals is a given. There are 2 ways the animals can be killed: in a controlled, regulated environment with permits and tags and annual accounting; or poaching. It is no use at all for anyone to say "well they shouldn't kill the animals." One might as well wish for water to not be wet or for gravity to be other than 9.8 m/s/s
Even in the US up until the 20th century, we brought several species to near extinction via unregulated hunting (thinking American Bison here), and did in fact bring the Eastern Elk to extinction. There are elk again today east of the Mississippi river, but they are Rocky Mountain elk which were captured out west and moved to the east. Conservation by hunters have preserved the bison, and re-introduced elk to the eastern US. It wasn't well-wishering, pearl-clutching, coffee clatchers who did that. It was us, via our money directly to conservation outfits, and the taxes and fees levied on guns, ammo, licenses, etc.