ChasNote

…. An analyst friend who covers Google reminded me that not all Google pages are search-results pages carrying ad links — only 70-75% of Google pages carry ads — which explains the difference between the $68 eCPM figure and the $92 figure. Multiply $0.54 average CPC with 17% average click-through rate with 74% pages that carry ads with 1000 to convert to revenue-per-thousand-pagviews and you get $68.

For the full calculation, and its implications on Google getting serious about selling programs to brand advertisers, check out my post from last week.