> 1. Advertising rates are far below the author's $10-20 CPM I agree with your analysis, but don't confuse CPM with RPM. Publishers can run 1-20 ad units, so

> 1. Advertising rates are far below the author's $10-20 CPM I agree with your analysis, but don't confuse CPM with RPM. Publishers can run 1-20 ad units, so the price you pay as an advertiser (CPM) can be an order of magnitude different from what the publisher receives (RPM). At any rate, I can't fault the author too much. It is an extremely well researched piece that I am glad I read. It would have been slightly better if he started with the $15M revenue run rate, and then backed into the business model.