This image is a bit detailed, but shows what you can achieve if you:
a) deliver a decent video website
b) totally forget about all that SEO/SEM rubbish
A single banner ad is generating around £17 CPM for this video site, before adding in revenues from video advertising. Why ? Well, quite simply because the site has not been optimised for Google or search. The result is that high value ads are run rather than low value 'targeted' ads (yes, you would think that targeted audiences are more valuable to Google, but the contrary is true).
It just goes to prove that a business valued in the billions is based on myth and falsehoods...