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Options to work with Podcast Sponsors

What are the best options to monetize your podcast through sponsors?
I see those CPM (Cost-per-1000-Impressions) metrics.

How does it work?
How and when do you measure click per impressions?
When do you get paid for it?

What better ways would there be for monetizing the podcast or working with sponsors?

To clarify my confusion:
When I release an episode, it probably will be downloaded the heaviest in the first two weeks, still, even after that, the episode will continue to be downloaded. Do sponsors continue to pay each month, depending on how often the episodes they sponsored were downloaded this month?

on August 11, 2019
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    I believe it is done by episodes and worked out by average downloads and value of your audience.

    Otherwise you would have to send them a invoice every time it went up by 1000 downloads.