CPM (cost per mille) is the standard pricing unit for newsletter advertising. CPM = (Total Spend ÷ Impressions) × 1,000. Creator newsletter CPMs range from $5–$15 for general interest to $25–$80+ for finance, B2B, and developer niches. Direct sponsorships typically command higher CPMs than programmatic ads. When pricing sponsorships, multiply your expected opens by CPM ÷ 1,000 to estimate fair rate.