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It isn't entirely true that CPM is falling for all publishers. Actually, it is rising for some and as the economy recovers, it is expected to go up.
Junk sites will get junk ads with junk EPC
I just can see how this program can continue paying high epc with millions of publishers ...
When the network is bursting at the seams with publishers eager to fill unsold inventory
Both will impact Google's income as well, since fewer impressions = fewer clicks = less income.
1) There will be a larger audience viewing and clicking on adsense ads
2) There will be more advertisers advertising on adsense
3) There will be more publishers
I predict continued decrease in ecpm and it will eventually be another run of the mill ad network like Valueclick, burst, etc... Nothing more nothing less.
However I also believe that publishers in general will be earning less due to the fact that the number of advertisers can't keep up with the number of new publishers/impressions
When the network is bursting at the seams with publishers eager to fill unsold inventory, it causes cpc rates to go down.
Worry about the increasing use of script blockers.