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We've all met straight webmasters who decide one day to set up a gay site because they hear there's big bucks in that market. They usually make some money, but not much. As gay webmasters, we understand why that is: the gay marketplace is much more complicated than just being "gay". You can't just upload pictures of "men" and watch the money pile up. There are different niches and cultural differences that you need to understand before you can have serious success in this market.
My point to you is that it's pretty much the same with international traffic. If you just target "europeans", you'll make some extra money but not much. When you understand how France is different to Latvia, and how the UK is different to Germany, then that's when you can start to tap into the millions of people who live in each country and start making loads of extra cash.
I'm no expert on it, but I thought I'd offer it up as something to consider because you said you were interested.
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