Individual web pages will vary a lot in the relative performance of CPM vs CPC, so "not much change" is averaged over many sites. I had an old page of curated l

Individual web pages will vary a lot in the relative performance of CPM vs CPC, so "not much change" is averaged over many sites. I had an old page of curated links to games that I never updated and the ad targeting was so good the page had a huge click through rate, mostly because the ads were by far the most interesting thing on the page. Another puzzle site I had was the opposite where people could spend 20 minutes to an hour solving a puzzle with just a single page refresh and one ad impression.