Content generation and the content business?

[Dysus]

I'll be straight forward here...I'm a nuwb...

I've been the photography business for years but I've always stuck to the "G" rated side of the business. I've done some initial research and I thinking about venturing into this realm...due mainly to the effect of the industry transistioning to Digital

So here are my questions:

-I understand the Exclusive versus Non-Exclusive....but I'm fuzzy on Leasing or Licensing and how the terms are generally drawn. But most importantly which direction is the most profitable in terms of the "current" business environment.

-Secondly, I know webmasters are always looking for new and unique content...but am I to late...There appears to be a Ton of Content already available.

-Finally....Please don't pull any punches...if I need to have my head examined....let me know!