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This is a very unique industry when it comes to buying and selling sites/programs.
As a seller you factor in past, current and potential future revenue, cost of content and uniqueness (value of exclusive vs non exclusive), branded domain names, affiliate base, promo content, ex-members email base, the list is long.
As a buyer you discount much of what's listed above and look at the last 6 months of traffic and revenue.
I don't know of any other industry where you can buy a business for 6 months to 2 years of net revenue.
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