I've never really understood this either, at least when it comes to mainstream sites.
I think there is a commonly accepted rule that a website is worth x months of income (6 months used to be the number, I don't know if it still is).
So if a website makes $1k a month it should find a buyer at $6k.
I don't think it's been mentioned but many people have reasons for wishing to sell up and leave the adult industry even if they are making a profit on their sites.
For example, the UK is shortly to introduce legislation which will essentially make it impossible to run an adult affiliate site from the UK. Expect a lot of UK website owners to be selling their sites in the next few months. The rest have their heads in the sand or are planning to move abroad.
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