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I don't buy the advertiser explanation.
Traffic up, earnings down
For lower traffic sites, it just doesn't make sense. A site that gets 1000 uniques/day then gets 2000/day isn't going to kill an advertisers budget.
So the fact that more traffic = lower ecpm has nothing to do with advertisers budgets running out and everything to do with a scrub algo.
I've been watching it for years. It's not a one time occurrence based on low quality traffic, it's standard operating procedure.
It's also interesting to note that India also has my 4th biggest page impressions and 4th biggest click volume which obviously has a massive effect on my overall EPC average.
If you believe the 68% number, I got some ocean front property Nebraska you would love.