Few thoughts... 1) Trailforks is a great cash flowing app. I know its adjacent to PB but its important to note Outside is likely making real money from the space. 2) I see traffic numbers all over the place for PB, but I hear they do 70-100M page views per month. Do the math on a CPM basis even running something like AdSense. When you ad up all their revenue streams (adsense, brand specific ad packages, youtube, podcast advertising etc etc), I'd guess they are doing something like $3-8M/yr 3) Expenses are relatively low, even with all their "content overhead"...