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like Fonz & KG Gary, when I first started out I only used purchased content, but moved into sponsor content. It's impossible or ridiculously expensive to find content that exactly matches some of the paysites I promote, especially since I use mostly video now.
I do have a lot of purchased content though, and continue to buy it, because sometimes it's nice to have stuff you can use to promote your own sites, or use in other ways.
I really haven't noticed a huge difference in conversions between sponsor/bought content, but there are sites I wouldn't be promoting if I had to use only my own content.
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