How to monetize 500k monthly page views?

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There is a wide range of potential revenue which varies based on the specificity of your traffic sources and the current demand for those specific sources.

If you try to lump them all together into a general category source then you will get very little revenue. If however, you can segment your traffic sources and provide content that is highly specific to a niche, or niches that have a current high demand for ad space then you can make 50 to 100 times more for that same amount of traffic than you might of by just having it lumped into a broader category.

Stop thinking of your traffic as a combined whole and start thinking of it in the smallest practical audience segments. Some may contain traffic that has high commercial intent, and some of that high commercial intent traffic may have a high demand for ad space. 

Once you segment your content and analyze that data you may discover that 80% of your revenue is coming from only 20% of your traffic. Once you gain that insight from your data you can then respond by generating more of the type of content that attracts the highest revenue and spend less on content that is nearly worthless. Over time this should allow you to significantly increase revenue and will help to pay some bills.

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