I understand now that it means how much I earn per thousand views, but WHY DOES IT CHANGE VALUE SO MUCH? What factors control the CPM's value?
One factor that probably has a big affect is that the ads often change each time the page loads. Different ads most likely pay more/less than others.
I'm sure there are several other factors as well.
This should give you a rough idea,
I think a lot depends on where your traffic comes from. I'm pretty sure that the ads are geo-targeted, so if you get a lot of US traffic you probably get good ads and thus good CPM, but if you happen to get a surge of traffic from other places, no ads will get shown - your overall CPM will look like it dropped, but in reality the CPM for your American portion of your traffic will be the same.
It's based on clicks/impressionsX1000
So if you got $2 in earnings from 50 impressions, your CPM would be:
Of course the number of clicks and the amount per click changes. So the CPM changes.
Hub Ads and Google CPMs are different.
As far as I undertstand it, Hub Ads depends to a large degree on what advertisers they're working with at any one time. It's apparently pretty complicated as there is no set contract, so they have different deals with different individual advertisers.
Google Adsense is more dependent on the topics that you are writing about, namely your main keywords, which vary in value according to how much advertisers pay for them (see Google keywords tool for figures).
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