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Unfortunately, it's not that simple. Tumblr allowing adult content would probably get it removed from app stores. Only a few major apps get away with it, and when they're gone, they're gone.

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Tumblr did fine before app stores ever existed, and could do perfectly well without them now as well. Web is enough.

Before app stores existed, smartphones weren't used the way they are today. Consumer habits have shifted... you'd be missing out on a HUGE part of the market.

Missing out on a huge part of the market is comfortable territory for Tumblr

That simply doesn't matter. Tumblr just needs to succeed in ANY slice of the market it can find. A small slice would do nicely.

The best bet would be the slice it originally appealed to, with its original kinds of content, in the original medium it was in.

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