I've been doing AM for a many years now.
I found that every year, Dec sucks...
This year I thought I prepped great. Content Xmassy, bids raised, camps optimised and in good ROI, scale in xxxx/day spend etc but it's a complete disaster again...
One of my network managers said a few big affs just take Dec off and holiday, as they can't make it work.
Is this just a Native thing, or the traffic is crap on FB etc also around mid Dec? Is anyone working native able to adjust around the change in traffic? Or is it the month of listicles?
I can confirm December is terrible on native every year, I focus mostly on my internal email traffic, finding better offers and improving my systems to be ready for the big rush in January. Not an excuse not to have some profitable campaigns though, but it'll never be as "epic" as other months for me at least.
Doing adult native..... december or july..... does not matter 
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Both last year and this year November did MASSIVELY better than December for me. I would guess it's partly high cpc's because of big brands and also people just not engaging as much (buying, filling out lead gen form, etc) because they're so focused on Christmas.
I'm trying to minimize my spending but I have withdrawels without the dopamine spikes of conversions lol. Trying to just do lots of testing and get out all my creativity though trying weird things on low budgets, then when January hits gonna double-down on the stuff that really works and try to drive up profit margins.
Besides big brands, you have to remember that there are HUMANS behind all those clicks. Humans who need to go shopping, are picking relatives up from the airport, are traveling, and are stressing about all things Christmas / Hanukkah. So the clicks will be different for sure and people's minds are somewhere else right now.
Interestingly enough, I really attacked native right after January 1 of this year (I was doing it at this time last year but was only spending about $100 a day and was losing money). So I am very curious what December will bring
I have already seen my traffic drop by about 50-60%. Tried raising bids and that just resulted in $300 per day losses. Put them back down, then REALLY saw a drop in traffic, but my rep just said I am not bidding high enough
Now it's not doom and gloom (far from it actually). I am still averaging about $450 a day in profit even with the drop in traffic (I even doubled down and started dayparting, which I was not doing before). I will say, some of this profit is from "old clicks" (days when I was spending $1500-$2000 ) so I'm sure that will drop in the coming weeks with traffic being reduced so much