Not great. I earned 26 cents on 5,000 YouTube Shorts views since monetization began – a $0.05 CPM. This is WAY below the typical YouTube CPM (cost per thousand views) on long-form content both for ad & Premium viewers.
My Shorts did pick up 83 new subscribers since I started posting shorts so there is some value there, but certainly not on the monetization side of things.
New Shorts don’t take much time to create but I don’t think there’s any value in spending time repurposing older longer-form content as Shorts. The same number of views from long form videos generated significantly higher CPMs even in saturated content verticals like gaming.