I have a micro niche site in lyrics niche with EMD and 15k exact search count. It is nowhere in top20, but site is well optimized for SE and have some decent backlinks. My other microniches are ranking well with little backlinks. First page competition is very minimal! may be I should more content and backlinks.
You should be very careful while targeting lyrics niches. If you are going to build a site for only one song lyrics, the traffic would be high for some times, but after that people forget the song so your traffic would slowly decrease and reaches zero after a year or so.
Cyber is right the lyrics site only last as long as the most popular song on your site, so adding new lyrics is one key but you must be creative in your promotion techniques like building a folowing and adding tabs for guitar and bass.
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