What is the average CPM for banner/display ads?

Online publishers and advertisers often have one burning question in common: what is the average CPM (cost per thousand impressions) for the niches they are interested in? What is the average Internet-wide?

This is a complex question to answer as obviously the most direct answer is "your results may vary" depending on various factors such as ad network, content niche(s)/keywords, location, banner placement/site layout, etc.

With all of that said, there are several "official" numbers floating around the Internet, the most prevalent of these says the average is $11.00 (US). Nevertheless, in many situations this number can fall as low as $0.40 and as high as $22.00 or more. Ultimately, as an advertiser or publisher you should negotiate your quoted CPM carefully and understand the fine print associated with that figure.