Personal opinion - I think Facebook has eaten google in advertising spends. Lets face it. We spend much more of our day on facebook now then google. And most of us have tried BOOSTING our facebook posts, but i personally have never tried google adwords and i doubt others have.
The same is the thinking of corporates. They are much likely to spend money on Facebook, Instagram, and other social media where their target audience is present almost the whole day. Upto a year back facebook was not a major advertising earner. But in the last 1 year, Facebook has launched many advertising means for brands and even for small businesses.
Besides this, if you read reports, many corporates and brands are saying that they are losing 40% of their spends to invalid clicks - People who mistakenly clicked on their ads and never had an intention to purchase.
Europe fined google close for monopolizing searches in european union. Google suffered a major setback in its profits this year. All this is online.
So i think, it will be only Diwali (September) which can increase ad spends in India. Same goes for Ganesh chaturthi when retailers will be spending some good money. So waiting for end of august and September to see the rise in earning.
But because of the FACEBOOK vs ADSENSE point, i doubt adsense earnings will be the same again this year at least.