i am still of the opinion that a majority of the 
funds in the hedge markets had cash conserved during the down turn. if this goes well, then it will show that there is money out there.
on another note, in down times, entertainment seems to do better and this might be the only time that an adult website could grab the attention of investors.
As for gay men, there are many men who hate the idea of finding a hookup or boyfriend in a bar
people (not all of us are developer) but already generating $4M of net income last year(not try to brag on it, since I’m sure we’re not the best) and by the way we did end-year party last night I am pretty sure it’s more than doubled. We choose not to raise fund or sell IPO because we feel steadier without it. Unless you have great growth that can ensure market (remember, todays market is mostly based on fear) or you have great trouble and IPO is the only thing that can save you, don’t enter the market 🙂
Maybe they just haven’t burned through 100% of the population quite yet, and want to IPO so they can cash out before they do, or maybe just a lot of people have lower standards (even when sober) than I would have guessed. Or maybe AFF is nothing but a ruse to lure men into porn sites they own, since you’d probably prefer it to your options there.
While that doesn’t affect AFF’s population (I haven’t heard of gay people using it that much) I would imagine the same is true for straight folk.
When they were privately (and before being sold to Penthouse) they were still very profitable and paid generous bonuses to employees (although they had a fairly high churn rate due to the nature of their business).