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Gay porn converts better than gays.
The gay community does not like the term "gays" - it's considered borderline derogatory by some. At the very least it shows you're not part of the community and that can make many people stay away from your sites.
The gay market is huge, with many varied niches. For me, gay converts better than shemale, but that's because I have my niches down and I match my traffic and sites. This isn't to say that shemale won't convert just as well, or maybe even better, if you work the niches there properly.
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