Google released a whitepaper titled “CPA Performance Trends on the Google Content Network.” The whitepaper has the following findings, all very positive about how Google AdSense performs:

Ads on the Google Content Network are likely to be as cost-effective – or even more cost-effective – than ads on the search network.

The median advertiser has a content CPA that’s about 2% lower than their search CPA.

The Content Network drives a significant share of total conversions.

The Content Network drives nearly 20% of total conversions for the median advertiser.

Conversion rates are higher for advertisers who used either of two AdWords campaign management controls: the Conversion Optimizer and site exclusion.

Thing is, no one believes the report. A WebmasterWorld thread has real advertisers saying they don’t see this in their daily use of Google’s content network and this seems to be a Google backed study that would bias the results.

Forum discussion at WebmasterWorld.