Not many people use CPM any more. For some reason it has suffered a bit of a death, and only the savvy marketers use it any more.
For those that do not know, CPM is Cost Per Thousand (views), and publishers are paid around $0.10 – $10.00 per thousand views on a banner or similar media.
Depending on your traffic generation methods, CPM can be lucrative.
One of the best ways this has been used in recent years, is with Twitter. If you can attract thousands of followers on your Twitter account, then you can att5ract thousands of visits every month, simply from having great quality content, and linking to it from Twitter, with regular tweets. People follow good content, and more so with twitter.
If you have got a site that is worthy of StumbleUpon, then this can also earn lots of great revenue from CPM advertising. Some marketers use Digg or Reddit to generate insane amounts of traffic with viral photos or videos.
CPM companies have varying rates, and you will notice a marked difference when it comes to the quality of your site too. If you have a low quality site, expect low revenues. A high quality site with responsive visitors will see you getting clickthroughs as well as views, and the CPM networks love this.
Another thing which will impede revenue is the positioning and placement of the ads on your website, so it’s important to note that you may suffer some loss of other revenue (like Adsense) by placing a banner in its place, or vice versa – the CPM placement could actually outperform Adsense.
CPM is much like anything else online. It relies on quality content, and lots of quality traffic. It is not to be dismissed, however, and can add to your revenue stream nicely.