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The target audience is the same, so I don't think it is a waste of time, more mainstream companies should start thinking about advertising on adult sites, the male demographic between the ages of 20-35 are the majority of adult surfers (approx right?), think about advertising things like razors, shaving cream, cars, electronics, the list is endless. Adult sites get millions and millions of unique surfers per day, not rocket science. 2cents :]
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