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Cost per mile advertising (CPM) are ads that can be displayed on your website that you will be paid for every thousand impressions shown to your visitors. These are often served through an ad network like Casale Media, Value Click Media, Advertising.com, Tribal Fusion, and Right Media.
Advantages: Similarly to CPC advertising, cost per mile (CPM) ads can bring in good steady income from your blog if you're piling through large levels of traffic. They are very easy to set up and you really don't need any knowledge of coding to do so - all you have to do is create an advertising account and add the code to your site; simple.
On top of this, you don't need to worry about how many click-throughs your ads will get because you're paid per thousand impression. This way, as long as traffic remains steady, so will your ad revenue.
Disadvantages: Typically, CPM brings in ridiculously low returns - some ads pay out around $0.10 per thousand impressions! If you have into the millions of pageviews each month then you can be looking at a good return, but if you're only bringing in thousands then I'd recommend looking at other options.