You forgot to mention how Youtube's revenue is based on where a viewer lives. So if someone from outside of US or UK watches your stuff then their views are pretty much worthless in Youtube's eyes and you generate next to nothing in ad revenue. Not that you get much anyway. For me it's about $1 per 1000 views, not very encouraging.
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The real issue used to be many users have adblock so it doesn't matter where they're from you won't get any money but now the real issue is YT themselves, I can't prove it but I believe they are manipulating advertising revenue and payouts. In other words, they are paying smaller content creators less and less to drive them away and they are paying popular content creators more if they produce content that YT favours. It's a shame but this is where DTube comes in and saves the day!