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It might just be strategy to make a loss. They are a big corporation and therefore having a branch making losses saves them some taxes.
The direct marketing is the problem. Reading the magazine and thinking 'cool i can check out their website' then walking to the kitchen to get a beer, walink to the computer and thinking 'what site did I just want to check out? damn i forgot well lets take that bookmarked porn site' is the way it workes.
If playboy would offer an affiliate prog they would have affiliates in a heartbeat and make millions form month one on. But thats the problem if you think you have a product and the surfer will come anyway.
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