Correct me if I'm wrong, but I think if a niche is profitable a sponsor will continue to produce content for it.

But I think one needs to read between the lines: If a sponsor is phasing out a site, it's because (a) they can't get content or find models to pose for that content, or (b) the niche is dying out, interest in dwindling and sales are declining.

Obviously, no one is going to put on their site: "We're shutting down because no one is buying."

I think buying a niche site that's being phased out, or starting a new site in that niche, would probably not be overly profitable.

Am I missing something?

Michael