Newsletter CPM explained: what's a good rate?

What CPM means for newsletters

CPM is cost per mille — the price per 1,000 impressions. For newsletters, the impression that matters is an open, not a subscriber and not a send. If a sponsor pays $1,000 for a placement that gets 20,000 opens, that's a $50 CPM.

CPM is useful because it makes any deal comparable. A flat fee, a per-send price, even a performance deal can all be converted to an effective CPM, which is how you tell whether an offer is actually good.

What counts as a good CPM

There's no universal 'good' number — it's entirely niche-dependent. A $45 CPM is excellent for a broad lifestyle newsletter and poor for a B2B SaaS list that should be clearing $135+. The right question isn't 'is this a good CPM' but 'is this a good CPM for my niche and engagement'.

As a rough 2026 frame: under $30 CPM is value/scale territory, $40–$90 is solid mid-market, and $100+ signals a premium, hard-to-reach audience. Engagement, exclusivity and timing move you within the band.

Always check the effective CPM of an offer

When a sponsor sends a flat number, convert it back to a CPM against your real opens before you reply. A '$800 flat' offer sounds fine until you realise it implies a $20 CPM on a list that should command $60. The calculator does this conversion instantly so you never accept a lowball dressed up as a round number.