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I think the gross revenue has declined significantly. That is only my opinion. I understand that vast numbers of new consumers have been created, but I think the revenue per consumer has fallen greatly.
As has been stated many times, the average person cannot now make an easy killing. No one will tell stories like the ones posted here from years ago such as "after a few months I was making $350k a month - I couldn't believe it!" (actual quote, edited for brevity)
Now we'll see hardworking smart fellows squeezing every penny out because they love the lifestyle a la "after months of tweaking the banners and carefully choosing which sites to focus on, and developing a content strategy of 11 minute trailers with short money shots focused on my 3 niches, I was able to turn the traffic from Norway and Iceland into an extra sale a day". Is this fun? Not dead, just difficult and slow. Like driving a Dodge Dart up the Matterhorn.
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