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I am upset with my adsense earnings. It seems that the more page views/impressions I have (despite steady clicks and CTR), the lower my CPM.
I run a photo gallery on one of my sites that get over 1 million pageviews a month. I get a large number of clicks, but the CPM keeps falling. I guess I may be one of the sites that advertisers are blocking, I don't know.
I'm currently getting around 1,000,000 page views on my gallery pages also. Per click, the money isn't much, but it adds up with that kind of pageview count.
Are you using much in the way of captions or comments about the photos?
That can make a big difference, because it gives the bots a better shot at supplying better ads.
However, now that a few months have gone by, my impressions have gone down just a little (around 70,000/day) BUT the CPM has dropped big time and so have the earnings to somewhere around 20/day.
If high impressions are the culprit, then I will remove the ads from the photos and just use it on fewer pages.
I have a site related to the nursery business and not only is it seasonal but day to day the ad inventory and thus the Effective CPM changes. There are good days and not so good days due to changing ad inventory.
After spring is over the Effective CPM dies way down as the companies willing to spend on ads drops off and there is just the cheap stuff (ads) left to click on.
I am building other sites with lots of other content (non seasonal) to counter this and try to keep those monthly checks on a more even level.