Q4 vs Q1 CPMs: the seasonality you should plan layouts around

Q4 vs Q1 CPMs: the seasonality you should plan layouts around

Benchmark drop. Indexed display CPM by month, US (n=140 sites, 100 = annual avg):

— Nov-Dec ▮▮▮▮▮▮▮▮ 135-150
— Jan ▮▮▮▮ 68 (the cliff)
— Feb-Mar ▮▮▮▮▮ 82
— Jun ▮▮▮▮▮▮ 98

Advertiser budgets flush in Q4, then reset to near-zero in January. A site earning $20 RPM in December can see $9 in January on identical traffic.

Tactic: push aggressive density and direct deals in Q4, dial back density in January (low CPM × clutter = pure user cost, no upside). Bank Q4, protect UX in Q1.

So what: Density-down in January vs holding Q4 layout — Q1 user retention ▲, lost revenue ▼ negligible.