CPM is the price for one thousand impressions of an ad, the standard currency when buying display advertising.
CPM stands for cost per mille, the price of a thousand ad impressions. A CPM of 4 € means a thousand impressions cost 4 €, in whichever currency the campaign is booked, whether anyone clicks or not. Display advertising is mostly billed this way, while search ads are billed per click.
CPM depends on environment, size and audience: a billboard on a news site costs many times a medium rectangle on the open network. Since viewability became measurable, buyers often trade vCPM, the price per thousand viewable impressions.
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