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I forgot to answer the monetizing question....
I didn't start really making an income until I started developing the content. Forums can be difficult to monetize. My CPM advertisers didn't want to be in the forums, because you can rip through 100 ads per user without the user clicking on anything. Users tune out ads on forums.
We did try CPA, but forums users tend to be there for community...not to be sold to. Forums are a great way to retain users, but as a source of income they are marginal at best. They require a lot of work, and when I put that time into the content part of the site, I quadruple my return.
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