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Are low content books profitable?

Really, the only way to make money out of low content products is to find a real niche - e.g. 'notebook for blood sugar levels for diabetic patients'. You then put some content on the pages to structure what the patients write. Then make it super-attractive. In this way, you cut your competition down to more manageable levels and have a better chance of your product being noticed. Even with this example, if you search 'diabetes notebook' you will still find thousands of products, all of which will show up ahead of yours in searches.