Bad Content (Mar 23)
35.5%
Share of content impressions (ex-Hub) classified as Bad (Hard + Soft). Up from 24.8% low on Jan 25.
↑ +10.7pp from Jan 25 low
Hard Bad (Mar 23)
27.6%
Crime, violence, death, conflict content. Carries a persistent 22–31% eCPM discount vs Neutral. Peak was 29.4% on Mar 9.
↑ From 14% low in mid-Feb
Overall eCPM (Mar 23)
$0.915
Mar 30 13-week peak. Up +49% from $0.614 (Jan 11). Apr 6 pulled back to $0.838. Yield improvements driving gains despite elevated political content share.
↑ +$0.301 peak gain from Jan 11
Geopolitics Share (Mar 23)
10.5%
Iran/US war content. Was just 2–4% in Jan/early Feb. Peaked at 17.5% week of Mar 9. Geopolitics eCPM: $0.645 vs Neutral $1.09.
↑ From 2.1% low Feb 9
Content Impression Mix — Week of Apr 6, 2026
Latest week composition across ~6.3B total impressions. Hub = Homepage display; Content = article pages.
Total impressions: Hub 56.2% · Hard Bad 12.1% · Soft Bad 3.5% · Dom. Politics 12.7% · Geopolitics 4.6% · Crime 4.4% · Other/Neutral 6.5%
Hub 56%
Hard 12%
Soft 4%
D.Politics 13%
Geo 5%
Crime 4%
Neutral 7%
Content-only (ex-Hub): Hard Bad 27.6% · Soft Bad 7.9% · Dom. Politics 29.0% · Geopolitics 10.5% · Crime 10.1% · Other/Neutral 22.1% · Social 0.8%
eCPM by Content Quality — All 11 Weeks
Neutral eCPM nearly doubled from $0.56 → $1.09. Hard Bad discount vs Neutral persists at 22–31%.
Bad Content Share — Weekly Trend
Hard Bad (red) + Soft Bad (pink) as % of content impressions ex-Hub. Clean Feb window at 14–17%, then Mar spike driven by Iran war.
Key Findings
Across 13 weeks (~85B impressions total)
Content Mix ↓Bad content is rising. Mar 2–23 locked in at 35–38% bad share (content-only), vs 24–27% in the clean Feb window. Iran war content drove Hard Bad from 14% → 29% peak. The mix is actively getting worse.
Iran War ImpactGeopolitics exploded from 2% → 18% of content impressions (Feb 9 → Mar 9). Yahoo News geopolitics hit 19% of its own impressions in the Mar 9 week. Geopolitics eCPM is $0.51–$0.65 — 28–43% below Neutral.
Hard Bad DiscountHard Bad content undermonetizes by 22–31% vs Neutral every single week. Despite being 27% of content impressions, it generates only 22% of content revenue. That gap is ~$1.5M+/week in foregone yield.
Yield RisingeCPM up +49% at peak (Mar 30 $0.915 vs Jan 11 $0.614). Platform yield improvements account for 93%+ of every week's gain. Apr 6 pulled back to $0.838 — mix getting cleaner (Hard Bad 14.7%) but political % hit 43%, creating a yield drag.
Neutral eCPM ↑Other/Neutral eCPM went $0.60 → $1.27 peak (Mar 30), $1.08 on Apr 6 (+80% vs Jan 11). Advertisers pay an expanding premium for clean content — the gap vs Hard Bad eCPM nearly doubled ($0.15 → $0.35).
Political Drag Apr 6Political share hit 43.2% on Apr 6 (highest in dataset) while overall eCPM pulled back despite low Hard Bad %. Political content still carries ~31% eCPM discount vs non-political. Iran war + domestic politics convergence.
Hard Bad Peak (Mar 9)
29.4%
Highest hard-bad share in the dataset. Week of Mar 9: Iran war dominating, US military action stories.
↑ From 14.2% low (Feb 16)
Hard Bad eCPM Discount
−32%
Apr 6: widest discount in 13-week dataset. Ranged from −12.6% (Feb 16) to −31.7% (Apr 6). Getting worse as Neutral eCPM rises faster than Hard Bad.
Widening — new 13-week record Apr 6
Hard Bad Rev Share vs Imp Share
−5pp
Hard Bad is ~27% of content impressions but only ~22% of content revenue. ~$1.5M+/week in foregone yield at current volumes.
Persistent gap every week
Cleanest Week
Feb 9–16
Hard Bad fell to 14.2–14.3% of content, political to 26.8–30.9% of content. Coincided with highest Neutral eCPMs up to that point.
Best content quality window
Hard Bad vs Soft Bad vs Neutral — Impressions (M)
Stacked bars show absolute impression volumes by severity. Hard Bad spike in weeks of Mar 2–23 is Iran war driven.
eCPM by Severity — Weekly
Neutral eCPM gap vs Hard Bad widening over time. Neutral surged to $0.99 (Mar 23). Hard Bad stuck at $0.40–$0.71.
Hard Bad % of Content — Revenue vs Impressions
Revenue share consistently below impression share — the monetization cost of Hard Bad content.
Hard Bad eCPM Discount vs Neutral — Weekly
Narrowed to -15.6% in clean Feb window, widened back to -28–31% in March.
Discount % (negative = worse)
eCPM Gap Divergence — Clean Content Premium Over Time Neutral gap vs Hard Bad nearly doubled: $0.16 → $0.28
Dollar gap between Neutral eCPM and each content bucket each week. Widening gap = content quality decisions are becoming more financially consequential. Hub flipped from a +$0.14 premium to a −$0.15 discount vs Neutral by Mar 23.
Neutral − Hard Bad (gap, $)
Neutral − Soft Bad (gap, $)
Hub premium vs Neutral (↓ below 0 = Hub losing ground)
Sample Hard Bad Articles — Week of Mar 23, 2026
Top articles by impression volume classified as Hard Bad or Geopolitics
17M imps · $0.90DOM. POLITICS"Trump draws anger after celebrating death of Robert Mueller" — High impressions, above-average eCPM for bad content.
18M imps · $0.70–1.50OTHER"Chuck Norris dead at 86" (multiple variants) — Celebrity death driving large volume. Classified Hard Bad despite being mostly neutral sentiment.
15M imps · $0.70GEO"Iran threatens to 'completely' close Strait of Hormuz" — Geopolitics conflict. Below-average eCPM.
10.4M imps · $0.53CRIME"Boys accused in gang rape of 12-year-old girl ask judge to release them" — Crime content at low eCPM ($0.53 vs Neutral $0.99).
6.8M imps · $0.62GEO"Netanyahu says Iran 'decimated'" — Conflict content, below-average eCPM for the week.
6.6M imps · $0.49GEO"Leaked Video Reveals Putin's Days Are Suddenly Numbered" — Clickbait geopolitics. Lowest eCPM tier.
3.6M imps · $1.20GEO"Gas prices are just the start: Consumers will feel more pain from Iran war" — Finance-adjacent war content commands $1.20 eCPM — showing not all geo content monetizes the same. Consumer impact framing works for advertisers.
Geopolitics Peak (Mar 9)
17.5%
Of content impressions (ex-Hub). Was 2.1% on Feb 9. Iran/US war conflict drove the spike.
↑ +15.4pp from Feb 9 low
Dom. Politics (Mar 23)
29.0%
Content-only share. Down from peak of 42.2% (Mar 9, combined with geo spike). Peaked Jan 11 at 39.6%.
↓ From 42% peak but still elevated
Crime eCPM (Mar 23)
$0.711
$0.818 on Mar 30 (peak), $0.736 on Apr 6. Up from $0.392 on Jan 11 — +88% over 13 weeks. Still 31% below Neutral $1.08 on Apr 6.
↑ +88% improvement in 13 weeks
Neutral/Other eCPM
$1.091
$1.271 on Mar 30 (13-week peak), $1.078 on Apr 6. Up from $0.598 on Jan 11 (+80%). Gap vs Hard Bad eCPM: $0.15 in Jan → $0.43 on Mar 30 → $0.30 on Apr 6.
↑ +$0.673 peak gain (Jan → Mar 30)
Topic Mix Over Time — Content Impressions (M, stacked)
Geopolitics (teal) exploded from <100M/week to 500M+ at peak (Mar 9). Crime stable. Dom. Politics declining.
eCPM by Topic Bucket — Weekly
Other/Neutral surging to $1.09. Geopolitics eCPM ($0.50–$0.65) = worst monetizer. Crime improving but still 35% below Neutral.
Geopolitics Share — The Iran War Spike
Geopolitics as % of content impressions (ex-Hub). Sharp inflection at week of Mar 2 when US-Iran conflict began dominating the feed.
Topic eCPM Ranking — Latest Week (Apr 6) vs Baseline (Jan 11)
Revenue per 1,000 impressions by content topic. Gap between Neutral and Geopolitics = $0.322/CPM on Apr 6. Mar 30 peak gap was $0.434.
| Topic | Jan 11 eCPM | Mar 30 Peak | Apr 6 eCPM | 13-wk Change | Discount vs Neutral (Apr 6) |
|---|
| NEUTRAL Other / Neutral | $0.598 | $1.271 | $1.078 | +$0.480 (+80%) | — |
| DOM. POLITICS Domestic Politics | $0.443 | $0.863 | $0.701 | +$0.258 (+58%) | −35.0% |
| CRIME Crime | $0.392 | $0.818 | $0.736 | +$0.344 (+88%) | −31.7% |
| GEO Geopolitics | $0.444 | $0.837 | $0.756 | +$0.312 (+70%) | −29.9% |
| HUB Yahoo Homepage (Hub) | $0.702 | $1.008 | $0.878 | +$0.176 (+25%) | N/A (different format) |
Political % (Apr 6)
43.2%
Of content impressions ex-Hub. Was as high as 42.2% (Mar 9). Lowest was 26.8% (Feb 16) — post-inauguration lull.
Down from 42% peak but re-elevated
Political eCPM (Mar 23)
$0.710
Up from $0.430 on Jan 11. Discount vs Non-Political narrowed from -34.6% → -21.0%.
↑ Discount shrinking week by week
Non-Political eCPM (Mar 23)
$0.899
Non-political content commands a consistent premium. Up from $0.657 on Jan 11 (+37%). Faster growth than political.
↑ Premium vs Political = $0.189
Widest Political Discount
−34.6%
Jan 11 (inauguration week). Political content at maximum advertiser sensitivity — fresh into new administration, brand safety concerns peak.
Narrowed to -21% by Mar 23
Political vs Non-Political — eCPM Weekly
Gap is closing but Non-Political still earns 21% more per impression. Most important trend: political eCPM is improving faster than non-political.
Political Share of Content — Weekly
Political content as % of content impressions (ex-Hub). Post-inauguration lull in Feb (26.8%), re-elevated Mar with Iran war + domestic news cycle.
Political eCPM Discount vs Non-Political — Weekly
The shrinking discount is good news. But at 37–42% political share, even a 21% discount has significant revenue impact.
| Week | Political % | Political eCPM | Non-Political eCPM | Discount | Estimated Revenue Impact |
|---|
| Jan 11 | 39.6% | $0.430 | $0.657 | −34.6% | Highest cost |
| Jan 25 | 38.1% | $0.509 | $0.710 | −28.3% | |
| Feb 9 | 30.9% | $0.527 | $0.708 | −25.6% | |
| Feb 16 | 26.8% | $0.582 | $0.731 | −20.4% | Best political window |
| Feb 23 | 31.9% | $0.669 | $0.728 | −8.1% | Narrowest gap on record |
| Mar 9 | 42.2% | $0.541 | $0.676 | −20.0% | Political at peak share |
| Mar 23 | 37.9% | $0.710 | $0.899 | −21.0% | |
Content-only eCPM Peak
$1.067
Mar 30 all-time high. Was $0.521 on Jan 11 — up +105% at peak. Apr 6 $0.903 (tied with Mar 23). Content eCPM has more than doubled in 13 weeks.
↑ +105% peak gain (Jan → Mar 30)
Hub eCPM (Mar 23)
$0.840
Yahoo Homepage display/banner. More stable than content. Range: $0.640–$0.856. Peaked Jan 11 at $0.702 then dipped mid-period.
↑ Recovery to near-peak
Worst eCPM Week
Mar 9
Overall $0.651, Content $0.666. Coincided with peak Iran war (Geo 17.5%), peak Hard Bad (29.4%), peak Political (42.2%). Triple bad content spike.
Three-way content quality hit
eCPM Gain — Yield vs Mix
93%+ Yield
Across 13 weeks, 93%+ of eCPM gains come from within-bucket yield improvement. Mix effect is small (<8% every week) and occasionally negative. Yield is carrying the entire improvement.
Mix marginally positive; yield driving gains
Overall eCPM, Content eCPM and Hub eCPM — All 11 Weeks
Strong upward trend overall. Mar 9 dip is the Iran war / triple content quality impact. Mar 23 recovery to record high.
Ad Density (Adslot/Impression Ratio) — By Severity
All content types have ~1.04–1.06 ratio (slightly more than 1 ad per impression). Hub is 0.66–0.69. Density is not the differentiator — eCPM is.
Impression Volume — Total & By Type
Total impressions ~6.3–6.7B/week. Hub steady at 3.3–3.7B. Content impressions declining slightly (2.7–3.1B), Hub growing.
Peak eCPM Gain (Jan→Mar 30)
+$0.301
From $0.614 (Jan 11 baseline) to $0.915 (Mar 30 peak). Apr 6 $0.838 = +$0.224 vs baseline.
Yield Effect (Mix-Shift)
+$0.261
Within-bucket eCPM improvement at baseline content shares. Driven by platform demand improvements (Assertive Yield, viewability, Q1 budget flush).
Mix Effect (Content Quality)
+$0.008
Contribution from content mix shift. Small and slightly positive because mix within existing buckets improved slightly, but hard bad share rose. Mix is a headwind.
Mix % of eCPM Gain
3–11%
Range across all four decompositions. Yield is explaining 89–97% of all eCPM gains. Mix is largely irrelevant to current eCPM performance — but will matter more if yield plateaus.
eCPM Delta Decomposition — Mix vs Yield (vs Jan 11 Baseline)
Each bar = total eCPM gain vs baseline, split into Mix Effect (content quality change) and Yield Effect (within-bucket pricing improvement). Yield dominates every week.
Mix Effect % of Total eCPM Delta — Weekly
How much of the eCPM gain is explained by content mix improvement vs pure yield. Lower = yield is doing the heavy lifting.
Full Mix-Shift Detail — All 4 Classification Dimensions vs Jan 11 Baseline
BadSeverity decomposition vs Jan 11 baseline. Yield effect dominates every week. Mix effect = content quality change; positive = cleaner mix. Data re-classified via keyword ML across all 13 weeks.
| Week | Content eCPM | Delta vs Jan 11 | Yield Effect | Mix Effect | Mix % of Delta |
|---|
| Jan 18 | $0.598 | +$0.077 | +$0.065 | +$0.013 | 16.1% |
| Jan 25 | $0.587 | +$0.067 | +$0.053 | +$0.013 | 20.1% |
| Feb 2 | $0.624 | +$0.103 | +$0.104 | −$0.000 | −0.4% |
| Feb 9 | $0.614 | +$0.093 | +$0.084 | +$0.009 | 9.9% |
| Feb 16 | $0.691 | +$0.170 | +$0.163 | +$0.008 | 4.6% |
| Feb 23 | $0.748 | +$0.227 | +$0.218 | +$0.009 | 3.9% |
| Mar 2 | $0.695 | +$0.175 | +$0.176 | −$0.001 | −0.7% |
| Mar 9 | $0.666 | +$0.145 | +$0.146 | −$0.001 | −0.6% |
| Mar 16 | $0.752 | +$0.231 | +$0.228 | +$0.003 | 1.2% |
| Mar 23 | $0.903 | +$0.382 | +$0.382 | +$0.000 | 0.1% |
| Mar 30 ★ | $1.067 | +$0.546 | +$0.531 | +$0.015 | 2.7% |
| Apr 6 | $0.903 | +$0.382 | +$0.355 | +$0.027 | 7.0% |
Yahoo Entertainment eCPM
$1.319
Mar 30 peak. Up from $0.807 (Jan 11) — +63% in 13 weeks. Pulled back to $1.115 on Apr 6. Cleanest content from brand safety standpoint.
↑ +63% peak gain (Jan → Mar 30)
Yahoo Partner Portals eCPM
$1.366
Mar 30 peak. New high for the series. $1.207 on Apr 6. Stable $1.13–$1.37 range throughout. Highest floor of all products.
New 13-week high Mar 30
Yahoo Homepage eCPM
$0.856
Mar 23. Up from $0.599 (Jan 11) — +43%. Strong recovery in Mar. Hub/display inventory, not article-content dependent.
↑ +43% recovery
Yahoo News eCPM
$0.753
Mar 23. Lowest in dataset in Jan at $0.567. Up +33%. Dipped to $0.640 on Mar 9 (Iran war peak). Most exposed to bad content.
Volatile · Most content-exposed
eCPM by Product — All 11 Weeks
Entertainment and Partner Portals consistently lead. News is the most volatile — directly tracking bad content spikes. Lifestyle outperforming News despite lower traffic volume.
Yahoo News — Hard Bad % vs eCPM
Direct inverse relationship: when Hard Bad content spikes (Mar 9: 27.6%), News eCPM dips ($0.640). When content cleans up (Feb: 10–14%), News eCPM rises.
Implied Revenue Mix by Product Type
Entertainment + Partner Portals command 40–50% eCPM premium over News despite lower impression share. Structural argument for content strategy shift.
Entertainment$1.319 peak eCPM (Mar 30), $1.115 on Apr 6 (+38% vs Jan 11 $0.807). Lowest Hard Bad exposure. Pullback on Apr 6 mirrors overall market softness, not content quality shift.
Partner Portals$1.366 peak (Mar 30), $1.207 on Apr 6. Tightest range of any product — consistent premium at every point in the cycle. Best floor in the dataset.
Yahoo News$0.828 peak (Mar 30), $0.784 on Apr 6. Still most volatile product — directly tracks bad content %. Was $0.640 on Mar 9 (worst week). Every 1pp Hard Bad increase costs ~$0.008–$0.012 eCPM.
Lifestyle$1.362 peak (Mar 30), $1.051 on Apr 6. Biggest week-over-week drop of any product (−$0.311 Mar 30→Apr 6), but still +28% vs Jan 11. Underinvested given structural eCPM premium.