"m" is Message ID.
Here's an example of a Web Copy link where the "m" is at the end of the URL: https://amalik.activehosted.com/index.php?action=social&c=603&m=851
Note that "c" is the Campaign ID.
Any campaign or automation email counts as a message. Split campaigns are considered two separate messages, but one campaign.
Learn more about and how to add the "web copy" link to your emails.