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It all depends on your website, the content, and the visitors.
For example, if you have a technically oriented set of users, you'll find most are ad blind, and many have ad blockers installed. OTOH, affiliate links to tech products and books can do well with this crowd.
For a less tech savy crowd, or internet newbies, ads can be effective. But, you're going to have to give these people a reason to come to your site.
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