I think a big part of it is exit potential, yes. Content plays, especially the sort of niche stuff we're talking about, come with built-in "addressable audience" limits.

There are a few niche forums I've been visiting for a long time. You can build a very loyal audience. And I can even think of ways they could extract more money from me than they do - I think they can make great businesses that provide steady income. But you are never going to see an X000% pop from your investment in a metalwork or sculpture forum.