Reels CPM runs ~40% below Feed — but converts at roughly half the rate

Reels CPM runs ~40% below Feed — but converts at roughly half the rate

CPM = cost per 1,000 impressions. CVR = conversions / clicks.

Placement breakdown, 29 accounts, Advantage+ placements on:
— Feed CPM: index 100, CVR 100
— Reels CPM: index 60 ▼, CVR ~52 ▼
— Stories CPM: index 70, CVR ~65
— Net CPA by placement often landed within 15% of each other once CVR was factored

Cheap CPM placements aren't cheap conversions. The auction already prices that in.

Read: judge placements on CPA, not CPM — Reels' low CPM is mostly offset by its low CVR.