Print CPM
Print ad CPM: what the numbers mean and how to use them.
CPM in print advertising is more nuanced than in digital. Raw CPM from rate cards tells you cost-per-circulation, not cost-per-reader.
- $14-22 — Typical quality-adjusted CPM for national newspapers
- 2 to 4x — Typical readers per copy, varies by title
- Higher — Trade and consumer magazines tend to be shared more widely
How CPM is calculated in print advertising
CPM (cost per mille, or cost per thousand) in print is calculated by dividing the ad cost by the audience in thousands. The confusion arises from what counts as the audience. Publishers quote CPM against audited circulation (ABC or AAM figures), which is the number of copies printed and distributed. Readership is always higher than circulation because a printed copy is usually read by more than one person. As a rule of thumb many titles fall in the range of roughly 2 to 4 readers per copy, so a newspaper with 100,000 circulation might reach 200,000 to 400,000 readers depending on the title. That pass-along gap means your readership-based CPM is well below your circulation-based CPM. Always clarify which denominator a publisher is using when comparing rates, and use the readers-per-copy figure the specific title reports in its media kit.
What good print CPM looks like by publication type
National daily newspapers typically show circulation-based CPMs of $20-45, but quality-adjusted CPMs (accounting for readership multipliers and section engagement) of $12-22. Regional newspapers have lower absolute CPMs but often stronger market penetration in defined geographies. Consumer magazines range from $15-60 depending on circulation size and audience specificity. Trade and B2B magazines often show high circulation-based CPMs ($60-120) but their qualified audience makes cost-per-engaged-reader competitive with mass-market options. Sunday editions consistently show lower CPMs than weekday rates despite reaching more readers per copy, making them frequently the better value choice. Source readership benchmarks from recognised industry measurement bodies such as PAMCo (UK) and Scarborough (US).
Why section placement changes your effective CPM
Section readership varies substantially within a single issue. Section-engagement research indicates main-news and business sections tend to be among the highest-engagement environments and classified display among the lowest; treat these as directional, not precise. The front news section attracts most of the total readership, lifestyle and supplements attract a smaller share, and classified and back sections reach fewer readers still. If you pay the same rate for a back-section placement as a front-section placement, your effective CPM on the back page can be several times higher because far fewer readers see it. Always ask publishers for section-specific readership data, and compare CPMs at the section level, not just the publication level. Recognised measurement bodies such as PAMCo publish section-level data for major UK titles.
CPM comparison between print and digital
Digital CPMs for display advertising typically run $1-5 for programmatic inventory, $5-15 for premium placements. These numbers look dramatically lower than print CPMs. However, digital CPMs measure impressions, not engaged reads. Eye-tracking studies generally find that only a small fraction of digital display impressions are seen for more than a second, while a much larger share of print ads receive meaningful attention. When adjusted for attention time and recall probability, print CPMs are often comparable to or better than digital alternatives for brand-building objectives. The most useful comparison metric is cost-per-engaged-reader, which Adscribed calculates for any print placement.
Frequently asked questions
What is a good CPM for newspaper advertising?
A quality-adjusted CPM of $12-22 is typical for national daily newspapers with strong section readership. Regional newspapers often achieve $8-16. The right benchmark depends on your target audience and publication type. Raw circulation-based CPMs will look higher because they use the smaller circulation figure rather than total readership.
How do I calculate print CPM from a rate card?
Divide the ad rate by (circulation divided by 1,000). For example, a $3,000 ad in a publication with 200,000 circulation gives a CPM of $15. Then divide by the readers-per-copy multiplier to get a readership-based CPM. Many titles fall in the roughly 2 to 4 readers per copy range, so that $15 might fall to somewhere around $4 to $7.50 on a per-reader basis depending on the title.
Is magazine CPM better or worse than newspaper CPM?
Magazines typically show higher circulation-based CPMs but benefit from higher readers-per-copy and longer issue shelf life. Consumer and trade titles are often shared and re-read, so they tend to sit toward the higher end of the typical readers-per-copy range, and pass-along can make up a meaningful share of total readership. When adjusted for total readership and attention time, magazine CPMs are often competitive with or better than newspaper equivalents for the right audience.
Why does CPM vary so much between publications?
CPM varies based on circulation size, audience demographics, editorial environment, and market competition. A specialist magazine with 50,000 highly targeted readers will charge a higher CPM than a mass-market paper with 500,000 general readers, because the specialist audience is more valuable to relevant advertisers. Geographic coverage, readership demographics, and section placement all affect the final effective CPM.