Free tool · newsletter.app

The Newsletter Ad Spend Index

A Bloomberg-style terminal for newsletter sponsorships. See who's buying, what placements cost, and how CPMs compare across 47 newsletters and 43 advertisers — $39M in modeled 2026 spend reaching 23M subscribers.

Updated monthlyModeled from public rate cardsPodcasts & YouTube coming soon

Spend run-rate · trailing 12 months

Modeled newsletter ad spend is +29%

Aug · $30MJul · $39M

Modeled 2026 spend

$39M

43 advertisers

Tracked newsletters

47

11 categories

Combined reach

23M

subscribers

Median CPM

$89

42% avg open

Where the money goes

Modeled 2026 spend by advertiser category

Fintech
$7.9M
SaaS
$7.4M
Marketing
$4.5M
AI / ML
$3.8M
Productivity
$3.7M
Security
$3.7M
Cloud & Infra
$2.9M
Dev Tools
$2.4M
Data
$1.5M
Commerce
$920K
1
HubSpot

Marketing · The Rundown AI, Superhuman

$4.2M
Placements: 612
Newsletters: 41
+38
2
Salesforce

SaaS · Morning Brew, CB Insights

$3.1M
Placements: 280
Newsletters: 26
+21
3
Vanta

Security · Lenny's Newsletter, Not Boring

$2.4M
Placements: 410
Newsletters: 38
+44
4
Notion

Productivity · The Rundown AI, Superhuman

$2.2M
Placements: 360
Newsletters: 34
+33
5
Stripe

Fintech · Stratechery, Fintech Brainfood

$1.9M
Placements: 190
Newsletters: 22
+18
6
Mercury

Fintech · Not Boring, The Generalist

$1.7M
Placements: 240
Newsletters: 27
+36
7
AWS

Cloud & Infra · TLDR, CB Insights

$1.6M
Placements: 150
Newsletters: 18
+15
8
Brex

Fintech · The Information, Not Boring

$1.5M
Placements: 170
Newsletters: 19
+24
9
Ramp

Fintech · The Information, Money Stuff

$1.4M
Placements: 160
Newsletters: 18
+41
10
Google Cloud

Cloud & Infra · TLDR AI, The Batch

$1.3M
Placements: 120
Newsletters: 15
+22
11
Zapier

Productivity · Ben's Bites, The Rundown AI

$1.1M
Placements: 200
Newsletters: 23
+27
12
Circleback

AI / ML · The Neuron, The Gist

$980K
Placements: 220
Newsletters: 24
+58

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Methodology

How we model the numbers

Every figure is a modeled estimate built to be directionally useful for benchmarking — not an audited financial. We triangulate from published rate cards and media kits, live newsletter sponsorship marketplaces, observed placements in real issues, and third-party audience analytics. Spend is modeled as price × send frequency × estimated fill rate across the tracked network, then sanity-checked against disclosed deals. Newsletters with a dot are verified against a public rate card.

Sources we draw from

  • Paved

    Live newsletter ad marketplace with audience sizes, CPMs, and bookable rate cards.

    Marketplace
  • Passionfroot

    Creator/newsletter booking pages exposing real placement prices and availability.

    Marketplace
  • Who Sponsors Stuff

    Searchable database of which brands sponsor which newsletters and podcasts.

    Directory
  • SparkLoop / beehiiv Ad Network

    Recommendation and ad networks that reveal participating newsletters and payouts.

    Marketplace
  • Swapstack

    Newsletter sponsorship marketplace with rate cards and category filters.

    Marketplace
  • Substack & beehiiv leaderboards

    Public bestseller and category leaderboards for subscriber-tier ranking.

    Directory
  • Published rate cards / media kits

    Operator media-kit PDFs and /advertise pages with flat prices and CPMs.

    Rate card
  • Live issue archives

    Public web archives of past issues to detect actual run sponsors and cadence.

    Disclosure
  • SimilarWeb / audience analytics

    Traffic and audience estimates used to triangulate subscriber and engagement scale.

    Analytics

FAQ

Newsletter advertising, answered

How much does it cost to advertise in a newsletter?+

Across the newsletters tracked here, primary sponsorships range from about $1,600 for niche weekly sends to $50,000+ for flagship daily briefings like Morning Brew. The blended median CPM is roughly $89 per thousand opens, with premium B2B and finance lists commanding $100–270 CPMs.

What is a good newsletter CPM in 2026?+

CPM (cost per thousand opens) is the cleanest way to compare newsletters of different sizes. Broad consumer-leaning AI and tech lists sit around $35–60, mid-market operator newsletters land at $60–120, and premium niche or executive audiences run $120–270+.

How is the modeled spend calculated?+

We combine public rate cards, sponsorship marketplaces, audience estimates, and observed placements in live issues. Spend is modeled as price × frequency × estimated fill rate across the tracked network. These are directional estimates for benchmarking, not audited figures.

Which brands spend the most on newsletter ads?+

In this index, the heaviest newsletter sponsors are HubSpot, Salesforce, Vanta, Notion, and a fast-rising group of AI-native challengers — Anthropic, Perplexity, Circleback, and Clay — scaling spend quickly across AI and GTM newsletters.

Will you cover podcasts and YouTube?+

Yes. Podcasts and YouTube sponsorship indices are coming next, using the same modeled-spend methodology. Newsletters first — join the list to be notified when the others launch.

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Figures are modeled estimates for benchmarking and do not represent audited spend by any company named. © 2026 newsletter.app