What is CPCV?
CPCV, or cost per completed view, is the average amount an advertiser pays for each video ad that plays to the end. It is used both as a buying model, where you are charged only for completions, and as a reporting metric to compare the efficiency of video placements bought on other terms, such as CPM.
What counts as completed depends on the platform and the deal. Most programmatic buys define it as the video reaching 100% of its length, measured through VAST tracking events.
How is CPCV calculated?
The formula is simple:
CPCV = total video spend / number of completed views
For example, if you spend $2,000 on a campaign and 80,000 viewers watch the ad to the end, your CPCV is $2,000 / 80,000 = $0.025, or 2.5 cents per completed view.
When you buy on a CPM basis, you can derive CPCV from the CPM and the video completion rate:
CPCV = (CPM / 1,000) / VCR
So a $20 CPM with a 70% completion rate gives ($20 / 1,000) / 0.70, or roughly $0.029 per completed view. This is why a cheaper CPM does not always mean cheaper completions.
Why CPCV matters
Pays for finished views, not starts: you only count views where the full message, including the end card or logo, was shown.
Clean comparison: it puts skippable, non-skippable, in-stream and CTV placements on the same scale.
Good fit for awareness goals: when the objective is getting a story told in full, completed views are a more honest unit than impressions.
Two caveats. A completed view is not proof of viewability or attention, since a muted or off-screen video can still complete. And shorter ads complete more easily, so compare CPCV across ads of similar length.
CPCV is most useful when you set a target before launch. If your plan needs 200,000 completed views and your budget is $5,000, the target CPCV is $5,000 / 200,000 = $0.025. During the flight, traders compare actual CPCV against that target by placement and shift spend toward what beats it.
CPCV vs CPM
CPM is the cost per 1,000 impressions, charged whether or not anyone watches to the end. CPCV charges for, or measures, only the views that finish. CPM leaves delivery risk with the advertiser; CPCV shifts it toward the seller or platform. In practice, many programmatic video buys are transacted on CPM and optimized toward a target CPCV, which keeps more inventory available while still steering spend toward completions. Neither is better in every case: CPM suits reach and frequency goals, while CPCV suits campaigns where the full message matters most.
CPCV with AdGeeks
On DV360, Amazon DSP and Adform, our traders track CPCV by placement, format and creative length, then move budget toward the inventory that finishes views at the best cost. Reporting shows both CPM and CPCV so you can see the full picture. To set up a video campaign, request access.
