Newsletter sponsorship calculator
Ad revenue from list size or opens, per month and per placement.
How the placement is priced
Placement price = (inventory / 1,000) × CPM. Monthly = placement price × placements.
Inventory is either subscribers or estimated opens. Pick one and say which on the invoice. Buyers reverse-engineer the other.
When a small list should quote a flat fee
At 1,500 engaged subscribers, a $40 CPM against opens is only a few dozen dollars per send. Pitching a flat sponsorship package usually works better until delivery is large enough that buyers expect a CPM rate.
Questions
Should I price on opens or on list size?
Opens are more honest. List size is more common on media kits. If you quote list size, expect a sophisticated buyer to divide by your open rate anyway.
What CPM should a small newsletter charge?
Niche beats size. A 4,000-person list of CFOs can beat a 40,000-person general list. The table here is a starting bid, not a ceiling.
Does Substack take a cut of sponsorships?
Direct sponsorships you sell yourself are usually yours. Substack's 10% applies to paid subscriptions. Confirm the current terms for any marketplace product you use.
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Rates reviewed 2026-09-11