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Some Forums allow people to post from content from any approved source.
Legally - It doesn't matter if you host the content or not, if you get a DMCA notice, remove the content. I tend to try to be pro-active and keep content I know that will be rejected by the original source of the content off My site (ex Playboy), but it is impossible. Ultimately the user submitting the content is legally liable, but we have seen some cases where the site has been declared a criminal conspirator too copyright infringement. This is EXTREMELY rare.
So legally your all good. Making money is a different matter, and I would tend to believe that forums have trouble with ad sales. I have heard many forum owners talk about forum ownership as a money pit, that is until you reach a certain level of traffic, then they can start to make money!
Your not going to get rich, and the more restrictions you place on your users as to what can or can not be posted the less traffic you will get.
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