Newsletter Ad Rates: How They're Set and How to Compare Them
Newsletter ad rates are set by each publisher, usually as a flat fee per send, a rate per thousand subscribers or opens, or a rate per click. Audience fit, B2B or consumer readers, placement position and whether the send is dedicated all move the number. To compare quotes, work out what each one would cost you per click.
The five ways newsletters price their ads
| Model | How it works | What you're really buying | Ask this first |
|---|---|---|---|
| Flat fee per send | One agreed amount for a placement in one issue | A slot, whatever happens on the day | How many sponsors share the issue? |
| Per thousand subscribers | The rate is multiplied by the size of the list | Inboxes, including people who never open | How many of those subscribers opened the last few issues? |
| Per thousand opens | You pay for the opens your issue gets | Attention, as far as email apps report it | How do you count opens, given some apps hide them? |
| Per click | You pay for each visit the link sends | Traffic, with the risk moved to the publisher | How are clicks counted and are bots filtered out? |
| Bundle or campaign | Several placements, sometimes with a dedicated send or review | Repetition, which is how most readers come to trust a product | What happens if the first send underperforms? |
Why price per subscriber can mislead you
Here's a fact that should change how you read any rate card. Pew Research Center's February 2026 report found that about six in ten newsletter readers (62%) say they don't end up reading most of the newsletters they receive. A list's size tells you how many inboxes it reaches, not how many people read it.
That's why a smaller newsletter with readers who open every week can be better value than a much bigger one at a lower rate per subscriber. It's also why I'd always ask for recent opens and clicks, not just the list size, before comparing two quotes.
What pushes a newsletter's rate up or down
- Audience fit. A newsletter read by your exact buyers can charge more and still be the better deal.
- B2B or consumer. Business readers who choose software are harder to reach, so their attention is priced higher.
- Position. A slot near the top of the issue is seen by more readers than one at the bottom.
- Dedicated or shared. A whole send about your product costs more than a slot shared with the publisher's own content.
- How crowded the issue is. Exclusive sponsorship of an issue is worth more than being one of several.
- Timing. Launch weeks and busy seasons fill up first.
How to compare two newsletter ad quotes
- Ask each publisher for the opens and clicks from their last few sponsored placements.
- Divide each quote by the clicks it is likely to send. That gives you a cost per click you can compare.
- Adjust for fit. A click from someone who matches your buyer is worth more than one who doesn't.
- Book one placement with a tracked link before you commit to a bundle.
- Compare the real cost per signup after the send, then decide where to spend next.
How I quote for my own newsletter
I quote each partnership for the brand in front of me, because each one is shaped around what that brand wants. As my partner page puts it, "There's no fixed package." Placements are either a featured slot inside the Sunday newsletter or a solo email feature, and I'd rather run fewer sponsors well: "Fewer competing calls to action. Clear framing. The same destination reinforced instead of buried."
For the wider picture, my newsletter readership statistics pull the independent numbers together, how newsletter sponsorship works walks through a booking from start to finish, and the newsletter ad formats compared help you pick which kind of placement to price up. If you want a placement that keeps working after the send, placing your brand on a marketing blog is the longer-lived option.
My verdict
Don't shop on the headline rate. The cheapest newsletter per subscriber is often the most expensive per customer. Ask for opens and clicks, work out your cost per click, test once, and let the results set your budget for the next send.
If you want to put your product in front of my readers, start with how partnering with me works. Tell me three things: what you're promoting, what you want to achieve and your ideal timing, and I'll tell you straight whether it makes sense. If you'd like to see the newsletter for yourself first, read about the Sunday newsletter here.
Frequently asked questions
How are newsletter ad rates calculated?
Each publisher sets their own, usually as a flat fee per send, a rate per thousand subscribers or opens, or a rate per click.
What is CPM in newsletter advertising?
CPM means cost per thousand. In newsletters it can mean per thousand subscribers or per thousand opens, so always ask which one a quote uses.
Why do B2B newsletters charge more?
Business readers who choose software are harder to reach elsewhere, so publishers price that attention higher. The better question is what each click costs you.
How do I compare newsletter advertising quotes?
Divide each quote by the clicks it is likely to send to get a cost per click, then adjust for how well the readers match your buyer.
How does Lilach Bullock quote newsletter placements?
Each partnership is quoted for the brand. Tell me what you're promoting on the partner with me page and I'll come back to you.