Link shortener companies use interstitial ads. when a user click on the shortened link he first sees an ad and after 5 seconds moved to the link he wanted. The network pay you cpm for all the users that clicked on the link and viewed the ad.
I guess you mean CPM and not PCM. I have a combination in my website of a CPM banner from Adsense, a Pop under from Ad-Maven and content ads from Taboola and it generates great revenues.
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