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I meant to ask about the prime advantages of running an opensource software project to earn revenue. Could someone provide me with some real time instances? Thank you
It depends on what your project is.
For example if your project is a library of some sort, you can resort to dual licensing – release source code under GPL or any other viral OSS license) for those who want to use it in their open-source projects. And sell it to people/companies who want to use it in proprietary (closed-source) applications.
This requires consent from everyone who contributed to the source code though (which can be extremely tricky/impossible to obtain).
Or if you have frequented website, you can put some ads there to generate revenue.
However generating revenue (for purpose of obtaining money) goes a little bit against the spirit of free software. If you need money for project maintenance, there is a chance you could do with donations from users (especially if you have established community of users).
EDIT: See these articles: Business models for open source software and Commercial open source software.