Me and my team runs JamTank.com - one of the biggest Malaysia music forums - with about 7,480 members. I have slapped Adsense on the site but we are not getting lots of clicks. We also offer banner advertising services but business are few, far and between.
What are the possible ways to monetize the traffic? Our members have really low propensity to spend online.
Adsense may not be very profitiable. Even a expert blogger like Guy Kawasaki recently claimed that he only made $9 per day with Adsense.
So get more creative. Also having a Malaysian audience will cost you. Adsense works best if your audience is American. Most advertisers are still in the US and the smart ones geo-target their ads to only show on US sites. Adsense does not have a very large advertiser base in Malaysia for bid rates will be low.
What you can do is try affiliate advertising. Look for high profile affiliate sites that have products your user base might want. Promote these like crazy.
One example - try DoubleYourDating.com. Get them to advertise on your site or join their affiliate program. They have a good conversion rate a product (dating tips) that might be of interest to your audience.