This depends entirely on the number of times the ad is seen, the email addresses that see it, and how much the ad is clicked on.
A few tips:
- You're paid based on how often the ad is *seen,* not on how big your newsletter audience size is. (If you have less total subscribers than another blogger, but more of your subscribers actually open and read the email, you'll make more money than the person with more subscribers.)
- Ads in the middle of the newsletter will pay more than ads at the bottom, because they're more likely to be seen by your readers.
- Some readers are more valuable to advertisers than others, so how much you'll make depends on the value of your readership. Even if you have the exact same number of readers as another blogger, you might make more or less money on your newsletter ads. (This is exactly how the ads on your blog work as well!)