I joined AdSense in 2003. At peak it was generating US$15k a month.

Nowadays it will be a miracle if it passes of US$800 a month.

I think the shift to a more localised audience (NZ), diversion of ad spend to large social networks are responsible. Our traffic is similar in volume but nowhere near as "valuable" apparently.

All ad networks are cancer, in my humble opinion. Adblocking is a security requirement, so I have no compassion for anybody who bases their economic success on any ad network.

I have a similar story -- we peaked at around $20k USD per month for quite a while. However, when ad-rates started declining, we changed our business model, and are now earning much more without any ads at all. I have to say, I'm glad to be rid of Google Ads, as they're full of many, many scammy advertisers.

For many people with decent traffic I believe it makes sense to sell their own local ads instead of depending on a network like Adsense.