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The obvious ringtone PPC niches are dominated by big guys like Buongiorno and middle guys like PlayPhone that are spending their shareholders' cash directly on ad buys. Seriously, show me one decent keyword combo with a Billboard top 40 that doesn't cost an arm and a leg?
Two years ago the market was flooded with people making decent money with MediaPlazza, you don't see very damn much of that now. What you do see are large networks sending existing traffic to smaller ringtone companies who are willing to loose money - e.g. you.
There'll be money in ringtones as long as some VC-funded company is willing to loose money to build volume. It won't be from PPC though, not mainstream music anyways.
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