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Red Sox play in like the 11th biggest market in the country, yet to many they are lumped in with the Yankees as being the 800lb gorillas in MLB. sure they spend a lot, but a lot of that is b/c how well run the club is, and how much revenue they generate.
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Sure, but their biggest asset is history and brand recognition. This is a monumental edge that can not be attributed to the current front office. People in the greater Boston area have loved the Sox forever, and passed this down to their kids, embedding greater revenue generating potential regardless of market size. Maybe this is a credit to past Red Sox front offices, maybe it was simply luck, it's very tough to say.
Certainly, teams can impact how much money their team earns in the future by fielding more competitive clubs, but this is a slow process of getting players at a good value who will also add marginal wins based on their abilities. Much, much easier said than done.
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as I said above, I agree with most of this. however, the idea that Fenway has always been packed/Red Sox generated huge historical revenue is almost certainly inflated.
here is a link to historical attendance data. you'll see the Red Sox were just like a bunch of other teams for long streched of years.