CPM stands for Cost Per Thousand. You will put banners on your website and then the advertiser pays you based on your traffic not on visitor clicks.
I can say that CPM ads are the most effortless type of monetization and the least feasible type because CPM ads had low rates. You can only make money from them if you have high website traffic. CPM ads pays you as low as $0.05 per thousand impressions which means you need millions of impressions to earn a decent amount of money.
There are CPM ad networks that pay as high as $12 per thousand impressions but the traffic and quality requirement is also high. CPM ad networks also pay for pop up and layer ads. But such ads are irritating to visitors so many webmasters are not willing to put them on their site.
These are example of CPM ad networks that are good. Some pay CPM only and others also pay on CPC.
You can also read these articles which shows top paying CPM Ads Networks
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