$2 CPM!! That's not even close to what shitty ad networks pay. Majority of traffic comes from countries with < 5 cent CPM
HOSTING COST It's not just about running a wordpress website here. Most decent site run auto uploaders which need decent size seedboxes. Easily hovering around a thousand dollars
Sources/runners: If its a scene pre-d site you need access to some runners. Scene access isn't cheap
Changing Domains & black hat seo: These sites are constantly loosing domains and almost all google ranking ones are using black hat seo to get their ranking. Usually means paying someone to do the dirty work.
-- Some revenue streams you missed
- Pay Per Link (aka locked/paid link shortner) things like AdFly
- Background Crypto miners (becoming rather popular on streaming sites)
-'FTP ACCESS' / paid subscriptions
Still millions? Not by a long shot.. Few thousands.. Probably yes