<b>Benchmark drop: CPM seasonality index</b>

<b>Benchmark drop: CPM seasonality index</b>
Display CPM indexed to annual average (=100). Q4 isn't a bump, it's a different business.

— Jan $62 ▮▮▮▮▮▮ (post-holiday crash)
— Feb-Mar $78 ▮▮▮▮▮▮▮▮
— Apr-Jun $92 ▮▮▮▮▮▮▮▮▮
— Jul-Aug $85 ▮▮▮▮▮▮▮▮ (summer dip)
— Sep-Oct $108 ▮▮▮▮▮▮▮▮▮▮▮
— Nov $135 ▮▮▮▮▮▮▮▮▮▮▮▮▮
— Dec (first 20d) $158 ▮▮▮▮▮▮▮▮▮▮▮▮▮▮▮

n=160 sites, multi-year median. December earns ~2.5x January per impression on identical traffic.

<b>So what:</b> model annual revenue with this curve, not flat. Don't judge a launch in January. Dec vs Jan: CPM ▲ +155%