CPM measures the price of attention, not its quality
CPM tells you what the platform charged to put your ad on screen 1,000 times. It says nothing about whether anyone watched, clicked or bought. That is why a campaign can have a falling CPM and a rising cost per purchase at the same time: the auction found cheaper impressions, and the cheaper impressions were worth less. Read CPM next to click-through rate. If CPM is steady and CTR drops, the creative is tiring. If CPM rises and CTR holds, you are probably competing for a more expensive audience or a busier season.
