WolfLover - 3:55 pm on May 2, 2009 (gmt 0)

It is my humble opinion that it is due to the huge increase in the number of publishers.

Back in 2003 when I started, in my niche there were only about 6-7 of us. Now, I couldn't even tell you, there appear to be hundreds.

To combat that a LITTLE, I have four online shops, plus numerous informational websites. I am an expert in my niche.

However, advertisers only have so much money to spend and with all the competition that we have, it will only stretch so far. So, those of us who used to make more money than we do with less impressions, less work, and less sites, it has to be mostly due to more publishers.

My two cents worth and my personal experience.