How We Calculate

Our transparent methodology for estimating newsletter value. We combine industry benchmarks with your specific metrics to provide accurate valuations.

The Formula

Monthly Value = (Subscribers × Category Rate × Engagement) + Paid Revenue

Subscribers

Your total subscriber count

Category Rate

$/subscriber by niche

Engagement

0.8× to 1.5× multiplier

Paid Revenue

Paid subs × monthly price

This formula balances audience size with category-specific sponsorship rates and engagement quality. Paid subscriber revenue is added directly as it represents actual recurring income.

Factor Breakdown

1Category Rates

Different newsletter categories command different sponsorship rates. Finance and business newsletters typically have higher CPMs due to advertiser demand for these audiences.

Finance$4.00/sub

Business$3.25/sub

Tech$3.00/sub

Crypto$2.75/sub

Marketing$2.75/sub

Other$1.75/sub

Lifestyle$1.00/sub

2Engagement Multipliers

Your open rate affects how valuable your audience is to sponsors. Higher engagement means better ad performance and higher rates.

≥50% open rate1.5×

≥40% open rate1.2×

≥30% open rate1×

Below 30% or unknown0.8×

3Paid Revenue

If you have paid subscribers, we add their monthly contribution directly to your valuation. This reflects actual recurring revenue.

Paid Revenue = Paid Subscribers × Monthly Price

Example: 500 paid subscribers at $10/month = $5K/month added directly

Example Calculation

10,000 subscribers in Finance with 45% open rate and 200 paid subs at $8/mo

Base: 10,000 × $4.00 = $40,000

With engagement: $40,000 × 1.2 = $48,000

Paid revenue: 200 × $8 = $1,600

Total: $48,000 + $1,600 = $49,600/month

// Unified valuation formula (matches database trigger)
function calculateMonthlyValue(
  subscribers: number,
  paidSubs: number = 0,
  monthlyPrice: number = 0,
  openRate: number | undefined,
  category: string
): number {
  if (subscribers <= 0) return 0

  // Category rates ($/subscriber)
  const RATES = {
    finance: 4.0,
    tech: 3.0,
    business: 3.25,
    crypto: 2.75,
    marketing: 2.75,
    lifestyle: 1.0,
    other: 1.75,
  }

  // Engagement multipliers by open rate
  function getMultiplier(rate?: number) {
    if (rate == null) return 0.8
    if (rate >= 50) return 1.5
    if (rate >= 40) return 1.2
    if (rate >= 30) return 1.0
    return 0.8
  }

  const rate = RATES[category] ?? RATES.other
  const baseValue = subscribers * rate
  const multiplier = getMultiplier(openRate)
  const paidRevenue = paidSubs * monthlyPrice

  return baseValue * multiplier + paidRevenue
}

This is the actual TypeScript code used to calculate your newsletter's value. The database trigger uses an equivalent formula.

Data Sources

Our rates are synthesized from multiple industry sources to ensure accuracy. No single authoritative source exists, so we cross-reference multiple data points.

Beehiiv State of Newsletters 2025

Industry benchmarks and newsletter statistics

Beehiiv State of Newsletters 2026

Latest newsletter industry trends and data

Newsletter Operator

CPM rates and monetization benchmarks

Press Gazette

Substack newsletter rankings

Substack Going-Paid Guide

Conversion rates and pricing guidance

GetResponse

Email marketing benchmarks