A couple VERY relevant quotes:
YouTube partner videos are the only ones on the site for which YouTube shows overlay ads, which it says it tries to sell for a $20 CPM.
So, let me get this straight... YouTube receives $20 CPM for overlay ads, yet pays its partners $0.80 CPM. The scary thing is that this is probably a better deal than what the users are getting on Metacafe, which pays a $5 CPM but has 1/20 of the pageviews of YouTube (see below).
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