The document summarizes the results of an annual survey of 670 local media executives on banner advertising CPM rates. It finds that while CPM is commonly used to price traditional media ads, it applies less to niche Internet ads, which are often priced on flat rates or response. Many survey participants said their banner ads sold at CPMs are their lowest-end product. The document also presents trends in CPM rates for local, national, and remnant banners as well as adherence to rate cards and sell-out rates.