but CPC/page RPM has dropped by 40%+
I suspect changes in real time bidding (RTB) algorithms on the AdSense side of things, on the 1st of Jan. Have yet to confirm this.
Have spent a fair bit of time over the last week reading over various programatic buy side algorithms to understand how tags, user and site data gets passed to the various exchanges.
I also suspect this is the new normal and requires deeper study than just blaming bots, users or your own site (don't get me wrong, all the changes made with thought and serious A/B testing on these aspects will impact positively over the long term).
Get ready for a fairly seismic shift in how ad inventory is being evaluated (a lot of it began several years ago ... but something changed on the 1st of January).
Unusual silence from Google contacts says a lot more to me.
Have to put a lot of thought into HOW to study our reports, developer documents, talk to agencies and hopefully a couple of public exchange contacts on the buy side and then come up with some evidence based or atleast informed speculation to work with.
Hope to share in a week or two.
Here's some initial reading material for those who want:
[
developers.google.com...]
[
mikeonads.com...] (note the date on when this was published - 2009)