December 04, 2000, The Email List Owner and Ezine Publisher Resource Network, announced the results of the first study on email newsletter advertising. Statistics for CPM (cost per thousand impressions) and CTR (click through rate) are broken down by overall results, B2B (business-to-business) newsletter results and B2C (business-to-consumer) newsletter results.

Email newsletters, or "ezines," differ from direct email in that newsletters are "electronic magazines" with advertising placed amongst the content, whereas direct email deliveries are stand-alone advertising broadcasts on subjects the recipients have opted to receive. While direct email relies heavily on demographic information, email newsletter advertising purchases are traditionally dictated by subject matter.

"This study confirms what we've always known," said Micki Hein, vice president of sales and marketing at "Email newsletters are the most effective form of online advertising. Subscribers look forward to receiving these e-magazines in their inboxes, and this means advertisers are reaching an actively engaged audience."

Amongst other findings, the study found that while the CPM rate was less expensive for email newsletters in comparison to banners, the CTR (the percentage of users who click on an ad) was considerably higher.

"We've found that email newsletter return on investment is often more than 10 times that of Web site banners," said Todd Kellner, managing editor of "This figure is much higher than we expected."

Survey results are available at the following page:

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