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Depends on what your end goal is. The more specific your niche the better it will convert if you can effectively get it out to the target audience. So yes, Gay BDSM would have the highest conversion. The flip side of that coin is the more niche you go the smaller that audience is.
It all depends on what you are trying to accomplish and the skills / tools you have at hand. Quality of the product you are marketing and the quality of the traffic you drive to it are probably bigger factors than which market you want to enter.
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