If I *had* to spend it in adult...
A huge fuckin' tube site (the legal kind), doing upsells to a member area with high quality downloads.
With a $500k investment, you should be able to buy enough content and generate enough traffic to reach a decent profitability. Other business models are still more profitable right now, but for most non-niche traffic, that's going to change within the next few years as more surfers discover the tubes.
Allow uploads only from partners, and make it possible for them to sell high quality downloadable videos to your members on the system. You take a cut, of course. Partners would be pre-approved amateurs as well as programs.
Give out short free premium memberships in exchange for people sending in new free members, but cancel that program once you've reached critical mass.
If governments step in against tube sites showing everything to people without age verification (it could still happen), remove access for non-members, convert to a more conventional model.
If profitability drops, switch to a paid-only model. Costs will drop, and you'll be able to continue profiting from existing members as well as some bookmarkers who sign up.
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