Newsletter advertising cost really concerned me when I first entered digital marketing. Unlike Google or Facebook Ads, where pricing is standardized, newsletter advertising felt inconsistent, with no certainty on pricing.

Some ads are charged by CPM (Cost Per Mille/Thousand Impressions), while others are charged a flat fee. Some wanted a revenue share - I was totally confused by what was fair and what would even work for my brand.

After some experience, I’ve learned what drives pricing, aids good performance, and the situations where it's worth paying a little extra. This guide will break down my experience and give you a sneak peek into how much email newsletter advertising really costs.

If you have any experience with buying newsletter ads, you’ll know that there’s no universal pricing method. Some newsletters charge by CPM, which is common for large marketing lists focusing on scale, while others prefer flat-fee newsletter sponsorship, where you pay a set rate for a particular banner or mention.

Some may even charge by performance-based pricing, tying the cost to clicks or conversions.

Things get more confusing when it comes to how differently each model measures value. Two newsletters with similar subscriber lists may have totally different engagement rates, while smaller, more engaged lists tend to command higher rates because their readers are likely to convert.

Newsletter advertising cost ultimately depends on quality - who’s reading, how engaged they are, and how likely they are to produce a conversion.

With newsletter advertising pricing, there’s no set formula in place. Most publishers use the models below, and each has its own pros, cons, and best-use scenarios.

CPM is short for Cost Per Mille (or thousand impressions), and is the most common model for newsletters with larger lists that prioritise reach and brand awareness. 

Advertisers tend to pay a fixed rate for every thousand subscribers the email is sent to - regardless of whether the user chooses to open the email.

Typical CPM rates for email newsletters range from $3 - $15, depending on the level of niche and engagement. High-end email lists with premium audiences may reach higher CPMs due to the exclusive access provided to specific sets of people.

CPM works best for brands looking to achieve visibility and brand awareness, particularly for top-of-funnel awareness campaigns.

Flat-fee pricing is more typical among niche newsletters, where there is usually more focus on engagement and trust.

Advertisers could pay between $250 - $1,000 for a featured placement, depending on prominence and the popularity of the newsletter.

This model is valued for its simplicity, with one payment per issue. It’s perfect for brands looking for predictability and consistent exposure. 

Some publishers are leaning towards performance-based deals, where costs are tied directly to results, such as clicks, leads, or sales. For example, you may pay $1 - $3 per click, or a 10% commission on all generated income.

These deals are less common, but can be useful if you’re testing ROI and want to share the risk with the advertising platforms. 

They encourage advertisers to optimise the placement of their ad, as they’ll benefit from higher conversions too. 

This type of structure is particularly good for brands that want to maximize ROI while reducing upfront risk, or creators/small businesses who are seeking cost-effective campaigns that can only scale when real results are delivered.

After running multiple newsletter campaigns across varying niches, I realized that pricing doesn’t follow a predictable logic.

Two newsletters with similar list sizes could charge totally different rates. Here’s what I learned from testing both small, niche lists and larger audiences.

When advertising in small newsletters, I noticed prices were higher due to more engaged audiences.

Niches like crypto investing or finance targeted genuinely interested users - some of these publications were achieving open rates as high as 60%, significantly higher than the industry average of 42.35% (HubSpot), showing that with higher performance came a more premium price tag.

This felt like a fair trade-off - a higher price for better engagement. 

A good example of this is through Matt Brown’s hyper-niche newsletter, Extra Points, which generated $200K annually from just over 2,000 highly engaged subscribers. Check out the full case study to learn how premium pricing for deeply targeted audiences works!

The opposite of this came along with broader newsletters, which were charged by CPM and were typically more affordable.

They would charge email newsletter advertising rates of between $25 - $50 per thousand sends, with some of these campaigns reaching far more people than the smaller newsletters for less money.

However, engagement rates were significantly lower with this model, with meagre open rates of 10% - 20% at best. This means fewer leads and sales, but I knew that my ads were being viewed by a lot of people.

For me, the best-performing campaigns were the ones where the audience fit perfectly with my offer.

These weren’t necessarily the cheapest campaigns - the niche ones always tended to perform better, generating more leads and sales than the broader campaigns, which were more about brand awareness.

In my experience, ROI in email newsletter marketing comes down to how well aligned your ad is with the audience of the newsletter. You should tightly match your product and audience, and you’ll see a lower Cost Per Acquisition (CPA) overall.

Why Listen to Me? I have been working in the digital marketing space for nearly 10 years, predominantly helping brands with their email marketing and online presence. I now specialize in creating great content for beehiiv to help people nail their email strategies!

If you’re considering getting into email newsletter advertising, you should treat it like any other performance campaign - test it, measure it, and optimize it.

Here are a few tips that I wish I’d known before embarking on newsletter advertising to give you a head start.

My first tip is to begin with one small placement or test package before committing to a long-term deal.

This will help you understand how beneficial the model will be in terms of open rates, conversion rates, and the overall alignment with your audience.

If something works, you can scale it up. If you’re not seeing any results, you can change direction without having wasted too much of your budget.

Another tip is to ask publishers directly for average open rates and click-through rates before you commit.

Publications will know these numbers and, if they’re positive, will want to shout about them, giving you a better idea of how your advertising campaign could actually perform.

While subscriber count may seem super important initially, it doesn’t really tell you anything about the engagement data and how many of these users regularly engage with the newsletter.

It’s worth comparing your ROI to what you’re already achieving from other channels, such as Facebook Ads or Google Ads.

Newsletter audiences tend to be more engaged and more trusting than social media audiences. It’s important to bear this in mind when comparing, so you don’t misjudge certain channels based on price alone.

After testing various newsletter placements across niches, my biggest takeaway is to prioritise quality over cheap reach.

The most effective ads were well aligned with the audience’s experience, and in turn produced good engagement and conversion rates.

Avoid chasing big lists or cheap rates; instead, focus on publishers whose audience matches your brand perfectly, and measure ROI carefully.

beehiiv makes it easy to earn via sponsorships, while tracking engagement and attracting advertisers. Start a free 30-day trial to see how you can build, grow, and analyze your campaigns in one place.

You can sell newsletter ads by reaching out to relevant brands or using platforms like beehiiv to connect with advertisers and offer sponsorship packages.

beehiiv allows creators to manage placements and emails from one intuitive dashboard, saving time and money.

The price of your newsletter advertising depends on your list size, metrics, and niche.

With beehiiv, you can calculate competitive rates based on open rates, click-through rates, and audience demographics. This can help you better understand advertising rates and allow you to set a fair price that works for your brand.

You can price your newsletter using CPM, flat-fee sponsorships, or performance-based models.

Each model varies in performance depending on the primary goal of your advertising campaign.

To get advertisers for your newsletter, you need to research brands that align with your own. This will help ensure the audience will engage well with the ads that you produce.

You could also leverage beehiiv’s sponsorship tools to attract advertisers automatically.

Email newsletter advertising rates vary depending on niche and size. 

Small newsletters may charge between $250 - $1,200 per issue, while larger lists cost between $25 - $75 per thousand views.

Newsletters are very much still profitable, particularly if you target an audience that is highly engaged and likely to convert.

beehiiv helps creators earn with their newsletters through the beehiiv Ad Network, sponsorship opportunities, and paid subscription options, helping drive profitability and ROI.