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I started out with one, then moved to another when that one didn't convert, then another. Since I didn't have much traffic at the time, I just moved it around till I found one that paid. To me that was much better than spreading out thin traffic.
I suppose if you're starting out with lots of traffic spreading it out and keeping a close eye on it you might shorten your search for the right niche/sponsor. I still say you're better off focusing on one/two at a time starting out though.
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