CTV Metrics 101: CPM, vCPM, VCR, and More Explained

One of the biggest advantages of Connected TV (CTV) advertising is measurability. Unlike traditional television, which relies on estimates and sample-based ratings, CTV campaigns produce a wealth of real-time data.

But for many marketers, those metrics can feel unfamiliar. CPM, vCPM, VCR, ROAS—the acronyms pile up quickly, and without context, they don’t mean much.

This guide breaks down the key metrics that define CTV performance, what each one tells you, and how to use them to improve your campaigns.

CTV ads are delivered digitally, which means every impression can be tracked and analyzed. Advertisers can see not just how many people saw their ads, but whether those ads played in full, what devices were used, and what actions followed.

Because CTV combines television-style storytelling with digital delivery, its measurement system borrows elements from both worlds. It uses reach and frequency like TV, but also adds performance metrics similar to online video.

The result is a much clearer picture of what your ad dollars are doing.

CPM stands for Cost per Mille, or cost per thousand impressions. It measures how much you pay for every 1,000 times your ad is served.

For example, a $25 CPM means you spend $25 for every 1,000 ad impressions.

CPM is the foundational pricing model in CTV. It helps advertisers compare costs across different publishers and audiences.

Why it matters:

Pro tip: Track CPM alongside completion rate and viewability to understand cost efficiency, not just cost.

vCPM, or Viewable Cost per Mille, refines CPM by only counting impressions that were actually viewable.

In CTV, nearly all ads are considered viewable because they play full-screen and unskippable. However, vCPM becomes important when campaigns extend across other devices or formats.

A vCPM metric ensures you’re paying for impressions that had a genuine chance to be seen, not just served.

Example:

If you pay for 100,000 impressions at a $25 CPM, but only 90,000 were viewable, your vCPM would adjust to reflect the real cost of visible impressions.

VCR, or Video Completion Rate, measures the percentage of viewers who watched your ad all the way through.

CTV typically delivers very high completion rates—often above 90%—because ads are unskippable and play in full-screen environments.

A high VCR indicates strong engagement and content relevance. A low VCR may suggest that viewers are tuning out, switching apps, or that the creative isn’t connecting.

Formula:

VCR = (Completed Views ÷ Total Views) × 100

Why it matters:

CTR, or Click-Through Rate, measures the percentage of viewers who clicked on an interactive element within the ad—such as a QR code or remote prompt.

In traditional CTV ads, clicks aren’t common because the primary screen doesn’t support interaction. However, as interactive and shoppable ads grow, CTR is becoming more relevant.

Formula:

CTR = (Clicks ÷ Impressions) × 100

A high CTR suggests that your creative and call-to-action are motivating viewers to take the next step.

ROAS, or Return on Ad Spend, measures the revenue generated for every dollar spent on advertising.

For example, if a campaign costs $10,000 and generates $40,000 in revenue, the ROAS is 4.0, or 4x.

While CTV is primarily used for upper-funnel awareness, improved attribution technology now makes it possible to connect CTV exposure to downstream actions like website visits or sales.

Tracking ROAS helps prove the value of CTV as a performance channel, not just a branding tool.

Frequency measures how many times the average household or viewer saw your ad during a campaign.

While high frequency can help reinforce messaging, excessive repetition can lead to viewer fatigue and wasted impressions.

Because CTV campaigns often run across multiple publishers, maintaining optimal frequency can be challenging.

Advertisers typically aim for a frequency of 2 to 4 exposures per week, depending on campaign length and creative variety.

Why it matters:

Frequency affects both recall and ROI. Balancing repetition with reach ensures your ads stay memorable without becoming annoying.

Reach refers to the total number of unique households exposed to your ad during a campaign.

CTV reach is measured at the household level, not the individual level. That means you can understand how many homes saw your ad, but not exactly who in the home was watching.

Balancing reach and frequency is one of the most important parts of CTV campaign management. Too much reach with too little frequency limits impact; too much frequency with too little reach limits efficiency.

Completion rate (VCR) shows whether people finished your ad.

Engagement rate measures whether they acted on it—such as scanning a QR code, visiting a website, or making a purchase.

Both matter, but they measure different outcomes. CTV’s strength lies in its ability to deliver high completion rates and track engagement across devices to show how ads influence real behavior.

CPCV measures how much you pay each time a viewer watches your ad to completion.

Formula:

CPCV = Total Spend ÷ Completed Views

CPCV is a valuable metric for comparing efficiency across campaigns. It shows whether you’re paying a reasonable price for meaningful views rather than just served impressions.

Here’s how these metrics fit together:

CTV metrics aren’t just numbers—they’re signals that tell you how well your campaign is performing.

Understanding them helps you make smarter decisions about creative, targeting, and budget allocation.

Track these metrics consistently, analyze them in context, and compare them over time.

The more fluent you become in CTV measurement, the easier it is to turn data into insight and insight into growth.