Adding one more piece of data to the story, I've run a large website (Social Blade) since 2008 where the primary source of revenue has always been advertising. It was only last year that we started focusing more on paid subscriptions to cover the natural drop in ad revenue that was happening anyway.

I don't have the data yet from one of my two ad providers, but the one that does provide me real time data I can see a 35% drop in ad revenue this month compared to Feb while having about a 31% bump in traffic.