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That CPM struck me as crazy high too and tumblr content is much closer to "social" than it is to premium media which would put the CPM a lot closer to $0.50 - 1.00 at scale.

Recent break out of CPM by country for FB :

http://www.rudibedy.com/blog/facebook-advertising-cpc-cpm-pe...

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I should probably point out I am talking about Revenue per Impression, what the publisher earns. The advertiser may pay $.50 - $1 CPM to be shown on the impression, but it is possible for the publisher to show multiple ad units on the same impression. This analysis touches on the actual value of the dashboard today, but is ultimately focused on the expected value and potential revenue opportunity long term.

I thought I had caveated/explained that in the post but I can clarify it there too.

Fair point but 3 - 5x ad units @ $0.50 - 1 still don't add up to $10 - 20 . . .

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