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this is an interesting question. I think you have to look at it in terms of other factors such as capital requirements and time freedom. I can say that being an affiliate probably has just one highly leveraged and profitable expense: online marketing. It has low capital requirements, virtually no headaches, high leverage, and reeps the benefits of the whole industry all the way from pornstars to content producers, paysite operators, down to the whole technology infrastructure. You get all of this benefit and you own virtually none of it and have to deal with none of it!
In other words, every segement is profitable but which one requires the least amount of your time, is the most efficient, and requires the least amount of capital for every dollar of profit. My answer: affiliation. In porn, it seems distribution is very profitable, it is unlike mainstream, where distribution is a hard thing to do well, less effective and has lower margins.
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