CPM is an online advertising term that stands for "cost per mil"
which is a European term adopted to mean "cost per thousand". CPMs
are usually quoted as per thousand impression.
So, a $5 CPM would yield a $5 cost for an ad to be shown 1000
times.
CPM (cost per thousand impression) is contrasted with CPC (cost
per click) or CPA (cost per acquisition or cost per sale) in that
CPM advertising, advertisers take more risk, while CPA advertising
publishers take more risk. CPC is in between the two.