Sponsorship revenue
Opens sold, CPM and other revenue.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: sponsorship revenue.Updated 30 October 2026
What it does
Advertising revenue from an audience rather than from subscribers. The closing list times the open rate times the sends in the month gives opens; the share of sends carrying a sponsor turns them into opens sold, and the CPM prices each thousand. Other revenue, courses and affiliate links, sits beside it.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 53–57: Sends a month, Open rate, Sell-through: sends carrying a sponsor, Sponsorship CPM, per 1,000 opens…
- Revenue, rows 14–16: Opens sold to sponsors, Sponsorship revenue, Other revenue: courses and affiliate
- Revenue, rows 19–20: Total revenue, Subscriptions, % of revenue
What a reviewer looks for
- Sponsorship priced on the whole list rather than on opens.
- Every send assumed sold.
- An open rate that never moves when the list is cleaned or grows.
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