Newsletter CPM
Newsletter CPM is the price of 1,000 impressions of a newsletter ad (CPM stands for cost per mille, Latin for thousand), but most newsletters don’t sell on it: they quote a flat price per placement in a send.
An example: comparing two flat quotes
Because newsletters quote per send, the check you run is the cost per thousand opens. With round numbers from our cost guide:
| Quote | Subscribers | Open rate | Opens | Per thousand opens |
|---|---|---|---|---|
| $2,000 | 100,000 | 40% | 40,000 | $50 |
| $1,000 | 50,000 | 25% | 12,500 | $80 |
The cheaper quote costs more per open.
How it’s calculated
CPM = price ÷ impressions × 1,000
cost per thousand opens = price ÷ (subscribers × open rate) × 1,000
A newsletter that does talk in CPM may mean cost per thousand subscribers or per thousand opens, so ask which.
How to use it when you buy
- For newsletters, ask for the flat price for your dates and slot, then work out the cost per thousand opens yourself.
- Expect CPM pricing on ad networks. Carbon, our network of developer and design sites, is priced on CPM, quoted per campaign, and keeps your ad running between newsletter sends.
- Read the number with the audience: a higher cost per open can still be the right buy if the readers are the people you sell to.
Questions advertisers ask
Do newsletters charge by CPM?
Mostly not. They quote a flat price per placement in a send. CPM and per-click pricing are more common on ad networks that spread one ad across many small newsletters.
Is the lowest cost per thousand opens the best buy?
Not always. The math doesn’t tell you who is opening. If a smaller list is exactly the people who buy your product, it can be worth more per open. Use the number to catch a quote that’s way off, then decide on audience.
What open rate should I use?
The one on the newsletter’s listing. Across the newsletters on Discover that report one, the median is 40%; see newsletter open rate for how those figures vary.
Read next
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