Enter the number of impressions (or users reached, if you are using reach as a proxy), the CPM for your vertical (cost per 1,000 impressions), and the engagement/conversion rate into the calculator to estimate the earned media value.

Earned Media Value Calculator

Enter any 3 values to calculate the missing variable

Earned Media Value Formula

The following formula is used to calculate an earned media value (EMV) using CPM (cost per 1,000 impressions):

EMV = (UR / 1000) * CPM * (CR / 100)
  • Where EMV is the earned media value (in currency)
  • UR is the number of impressions (some people use “users reached” as a proxy when impression counts aren’t available)
  • CPM is the cost per 1,000 impressions for the vertical (in currency per 1,000 impressions)
  • CR is the engagement/conversion rate as a percentage of impressions (e.g., 2 for 2%)

To calculate earned media value with this method, divide impressions by 1,000, multiply by the CPM, then multiply by the engagement/conversion rate expressed as a decimal (CR/100).

Earned Media Value Definition

Earned media value (EMV) is a way to estimate the monetary value of earned media—unpaid exposure such as press mentions, shares, word-of-mouth, reviews, and other user-generated or third-party coverage—by comparing it to what similar exposure might cost in paid media.

The true formula for earned media value has not been agreed upon by experts in the field, but the formula above is one such way.

How to calculate earned media value?

First, determine the CPM for the vertical being worked in. For this example, assume a CPM of $2.45 (i.e., $2.45 per 1,000 impressions).

Next, determine the number of impressions delivered by the campaign. After running the ad for a week, assume a total of 20,000 impressions.

Next, determine the engagement/conversion rate of the impressions. In this case, assume that 2% of impressions resulted in the action you’re tracking (e.g., a like/share/comment/click, etc.).

Finally, calculate the earned media value using the formula above:

EMV = (UR / 1000) * CPM * (CR / 100)

= (20,000 / 1000) * 2.45 * (2 / 100)

= 0.98 (about $0.98).

How this result can be used to analyze the success of the campaign is up to the company, but at baseline, it can be used to compare with other campaigns.