Purchased existing site, now what?

Since this is an entertainment website, you can monetize your it with Ad Networks like Content.ad, Trion, AdBlade. Entertainment sites can be monetized using the CPM method e.g. 0.45 cents per minute would be great to start with.

Renting out Ad Space would be a great source of income. Become a sponsor or ask for donations. Join other CPA networks like MaxBounty, Neverblue, Peerfly (< this one is pretty easy to get into).

CPM advertising is your best bet. List your website at BuySellAds and sign up for Google Adsense. Turn all your ads into banner ads (not text links) because you won't get many clicks. You need to maximize your ad impressions. Keep producing good content and continue promoting the content through social media. If you want to try affiliate marketing, go to OfferVault and browse through some offers. You can send a promotion to your Facebook page once a week with a good offer. Rinse and repeat.

My advice to you is that you do something completely different and unpredictable.

Just looking at the list of countries your traffic is coming from, I notice that there's a lot of people in those countries that would like to emigrate to the United Kingdom or the United States.

Your first step would be to create your own ebook for a digital product that helps people make the move, say, from India or Pakistan to the United States or the United Kingdom.

Invest in an ebook cover from fiverr and get some banners done from fiverr as well.

Once you got all your materials and products put together on a sales page, your next step is to just run those ads on your own domain.

If you don't know how to create a sales page, you can outsource this task.

Go to freelancer.com.

freelancer is always a good source of fine copywriting talent.

Since you say your domain is already getting a lot of attention on the social media, it shouldn't be hard for you to monetize your traffic this way.

Why do I recommend this approach?

Because it gives you a lot of freedom to do your business.

When you build your own product, you have control over the quality.

You can custom-tailor your product's features to the needs and requirements of your traffic.

Thank you all for your suggestions! you guys rock. I think I'll take all the advice and just start figuring out what works for this audience (and what doesn't).

I would test email marketing as your monetization.

Build a list, and promote offers through 'Email Marketing'

@icoachu - quick question on your ebook suggestion (which is an awesome one btw, ty! I have a freelancer writing it as we speak), do you know how one would go about pricing an ebook like this?