Exclusive makes a LOT of sense, IMO, if your content is highly branded / recognizable.
i.e., a Woodman site is immediately perceived as "that thing". Eromaxx, the old Milfhunter, countless of other monster successes, would NOT have been possible with generic off-the-shelf content.
We only shoot exclusive ourselves, but we try to make every site extremely recognizable. If I were to launch a generic niche, though, I would just buy filler and good to go. I doubt it would convert so well, though, in the tube/filelocker age. If you are not recognized as special, I seriously wonder why anyone would shell his credit card.
Shap built Twistys in a different time, when it was ok to buy content. Even so, he was smart enough to make it brandable. Besides Twistys, there are only a few other examples of guys starting with bought content who managed to make a great brand out of it. MetArt is certainly another one, but they enjoyed the first mover advantage in an awesome niche.
Today, if anyone plans to build a seriously converting/recognizable brand out of generic/bought/non-exclusive content, you are probably heading towards a monster failure.
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