Newsletter Ad CPM Rates for Publishers in 2026

Email newsletters have quietly become one of the most predictable high-CPM channels for publishers in 2026. While web display CPMs still struggle to move beyond single digits in many cases, newsletter advertising tells a very different story.

Across B2B, SaaS, fintech, ecommerce, and creator-led niches, newsletter ad CPMs regularly land in the $30 to $100+ range, with premium, highly targeted lists often going higher. This isn’t driven by novelty. It’s driven by fundamentals that advertisers now prioritize: direct audience access, measurable engagement, and first-party data.

Subscribers opt in. Open rates are visible. Clicks and conversions are trackable. As third-party cookies continue to fade and broad targeting loses efficiency, newsletters offer something increasingly rare: a direct line to a known, trusted audience. That shift has pushed a growing share of brand and performance budgets into email.

Rather than acting as a list of “best tools,” this article looks at how newsletter CPMs are being realized in 2026, and the types of platforms publishers use to access those rates depending on how they sell, scale, and manage sponsorships.

Newsletter CPM Benchmarks in 2026

Exact CPMs vary widely based on niche, audience quality, and how sponsorships are sold. Still, across the market, a few patterns show up consistently:

• Broad consumer newsletters: often $15 to $30 CPM

• Niche or professional audiences: commonly $30 to $75 CPM

• Highly targeted B2B or executive lists: $75 to $100+ CPM

• Direct-sold sponsorships: typically outperform marketplaces

• Engagement-driven lists: command higher pricing than size alone suggests

List quality, open rates, and audience trust matter far more than raw subscriber count. In practice, a smaller but focused list often outperforms a large, general one on both CPM and advertiser retention.

How Publishers Are Accessing Newsletter CPMs in 2026

Newsletter CPMs aren’t unlocked through one universal method. Publishers take different paths depending on how much control they want, how involved they are in sales, and how mature their audience is.

The platforms below are best understood as infrastructure and market access layers, not CPM “boosters” on their own.

1. Substack

Substack remains the heavyweight in the newsletter ecosystem, particularly for writers and independent publishers. While it’s best known for subscriptions, many publishers also monetize through sponsorships layered on top of free or mixed tiers. Substack’s discovery and recommendation engine plays an indirect role in CPM by helping publishers grow audiences that advertisers want access to.

How it relates to CPM

• Monetization often combines subscriptions and ads
  
• CPMs vary by niche and audience depth
  
• Best results come from clear positioning and audience trust

For publishers here, CPM is less about automation and more about relationship-driven sponsorships.

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2. Who Sponsors Stuff

Who Sponsors Stuff isn’t a monetization platform in the traditional sense. It’s a visibility and research tool. Publishers use it to identify brands already sponsoring similar newsletters, then approach those advertisers directly.

How it relates to CPM

• Direct deals often lead to higher CPMs
  
• Full pricing control stays with the publisher
  
• CPM is shaped by negotiation and audience fit

This approach favors publishers who are comfortable selling and want to maximize net revenue.

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3. Paved

Paved operates as a mature newsletter ad marketplace, sitting between full automation and direct sales. It gives publishers access to consistent advertiser demand while handling logistics like payments and reporting.

How it relates to CPM

• CPMs are generally steady and predictable
  
• Marketplace pricing trades peak rates for consistency
  
• Works well for scaling monetization without sales overhead

For many publishers, this represents a middle ground between control and convenience.

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4. Letterhead

Letterhead focuses on giving publishers the tools to run their own sponsorship business. Rather than supplying advertisers, it helps manage inventory, pricing, and revenue tracking.

How it relates to CPM

• Direct relationships typically result in higher net CPM
  
• Revenue compounds as repeat sponsors return
  
• Best suited for newsletters with established demand

This model rewards long-term brand building over short-term fill.

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5. beehiiv Ad Networ

The beehiiv Ad Network offers built-in monetization for newsletters hosted on beehiiv. Ads are matched automatically, removing the need for outbound sales or negotiation.

How it relates to CPM

• CPMs may be lower than direct deals
  
• Consistency and ease offset pricing trade-offs
  
• Useful for early-stage or fast-growing lists

This setup prioritizes reliability over maximum yield.

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6. Hypepotamus Ad Network

Hypepotamus operates in a narrow but valuable niche: startups, technology, and founders. Advertisers pay more to reach these audiences because of their decision-making power.

How it relates to CPM

• Higher CPM driven by niche relevance
  
• Smaller scale, higher intent
  
• Works best for professional audiences

Audience quality is the primary CPM driver here.

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7. Kit

Kit (formerly ConvertKit) positions newsletters as part of a broader creator-led revenue stack. Ads are often supplemental, with CPM influenced by how well the audience aligns with paid products and services.

How it relates to CPM

• CPM varies widely by creator niche
  
• Best used alongside owned products
  
• Audience trust directly impacts sponsor pricing

Here, newsletter CPM reflects the overall strength of the creator business.

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Why Newsletter CPMs Are High in 2026

From a publisher perspective, the reasons are practical:

• First-party, privacy-safe audience data
  
• Predictable engagement metrics
  
• Strong demand from B2B and performance advertisers
  
• Clear attribution compared to web display
  
• Brand trust built over repeated sends

Newsletters don’t scale infinitely, but they scale reliably.

Challenges to Consider

Higher CPM doesn’t remove friction:

• CPM varies sharply by niche
  
• Smaller lists may see inconsistent deal flow
  
• Sponsorship success depends on engagement, not size
  
• Direct sales require time and relationships
  
• Over-monetization can erode trust

Sustainable CPM comes from balance.

Conclusion

Newsletter advertising has firmly established itself as one of the highest-CPM channels available to publishers in 2026. As targeting tightens and advertisers favor trusted environments, email continues to outperform many traditional formats.

The publishers earning the strongest CPMs aren’t simply adding ads. They’re cultivating the right audience, pricing thoughtfully, and choosing monetization paths that align with how they want to run their business. When done well, newsletter CPM isn’t just high, it’s dependable.