What is Cost Per Thousand (Print CPT)?
Cost Per Thousand, commonly abbreviated as CPT (or CPM – Cost Per Mille), is a pricing metric used in print media buying. It represents the cost an advertiser pays for every 1,000 impressions or circulations of their advertisement in a print publication.
How CPT Works
CPT is calculated by dividing the total cost of an advertisement by the publication's circulation (in thousands). For example, if a full-page advert in a national newspaper costs £5,000 and the publication has a circulation of 500,000 copies, the CPT would be £10 (£5,000 ÷ 500 = £10 per thousand).
This metric allows media buyers at agencies like Connect Media Group to standardise comparisons across different print channels – from national dailies like The Times and The Guardian to regional press, magazines, and trade publications.
Why CPT Matters in Print Media
In an era of digital dominance, print CPT remains a crucial metric for several reasons:
Comparative Analysis: It enables apples-to-apples cost comparison between publications of different sizes and price points. A premium magazine might have a higher absolute rate but a lower CPT if it reaches more readers.
Budget Efficiency: Understanding CPT helps agencies optimise media spend. Lower CPT doesn't always mean better value – audience quality, targeting capability, and brand fit must also factor into recommendations.
Negotiation: CPT provides a benchmark during rate negotiations with publishers. Understanding industry standards across UK publications strengthens the agency's negotiating position.
CPT in the UK Print Market
The UK print sector sees significant CPT variation. National newspapers typically offer competitive CPTs due to high circulation, whilst specialist trade publications command premium CPTs because of their targeted, high-value audiences. Regional press often provides efficient CPT for hyperlocal campaigns.
Limitations
CPT measures reach, not engagement or response. Print offers qualities – brand safety, credibility, dwell time – that CPT alone doesn't capture. Additionally, circulation figures don't always reflect actual readership; a publication with 500,000 circulation might reach 1.5 million readers through pass-along.
Using CPT Strategically
Effective print media buying combines CPT analysis with qualitative factors: audience demographics, publication environment, and brand alignment. CPT is a starting point, not the final decision-maker.
Best Practice
When evaluating print opportunities, calculate CPT consistently using audited circulation figures (typically ABC – Audit Bureau of Circulations – certified in the UK), and cross-reference CPT against publisher-provided readership data for a complete picture.