This has been brought up since the first banner ad went up 30 years ago, and rehashed to death on a variety of forums. The fact that no one has implemented a successful product tells me all I need to know. If that isn't convincing enough, consider that Spotify does the same thing with music, and from what I've read, Spotify is the only one making any money with that scheme. Because your "1 cent" is generous: try 0.001 cent.
Spotify rigs their system to benefit the large label companies and anyone with a critical mass so the people that "matter" say 'good enough' and the people with no voice get screwed.
I suspect an honest implementation could actually work - that is, only if all the people that "matter" would not boycott this fair implementation and go off and do their own thing.
