diff --git a/ghost/admin/app/components/dashboard/dashboard-v5.js b/ghost/admin/app/components/dashboard/dashboard-v5.js
index 434122678b..593de615b7 100644
--- a/ghost/admin/app/components/dashboard/dashboard-v5.js
+++ b/ghost/admin/app/components/dashboard/dashboard-v5.js
@@ -14,6 +14,10 @@ export default class DashboardDashboardV5Component extends Component {
         return this.dashboardStats.siteStatus === null;
     }
 
+    get totalMembers() {
+        return this.dashboardStats.memberCounts?.total ?? 0;
+    }
+
     get hasPaidTiers() {
         return this.dashboardStats.siteStatus?.hasPaidTiers;
     }
diff --git a/ghost/admin/app/components/dashboard/v5/charts/anchor.hbs b/ghost/admin/app/components/dashboard/v5/charts/anchor.hbs
index 8a699a5a14..858e313d8a 100644
--- a/ghost/admin/app/components/dashboard/v5/charts/anchor.hbs
+++ b/ghost/admin/app/components/dashboard/v5/charts/anchor.hbs
@@ -82,4 +82,14 @@
         </div>
 
     </article>
+
+    {{#if this.isTotalMembersZero}}
+        <div class="gh-dashboard5-anchor-empty">
+            <div class="gh-dashboard5-anchor-empty-message">
+                <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><defs><style>.a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px;}</style></defs><title>graph-stats-ascend</title><polyline class="a" points="23.25 12.75 23.25 6 16.5 6"/><path class="a" d="M23.25,6l-7.939,7.939a1.5,1.5,0,0,1-2.122,0l-3.128-3.128a1.5,1.5,0,0,0-2.122,0L.75,18"/></svg>
+                <h4>Get your first member to unlock analytics!</h4>
+                <p>Analytics will appear here as soon as someone subscribes to your site.</p>
+            </div>
+        </div>
+    {{/if}}
 </section>
diff --git a/ghost/admin/app/components/dashboard/v5/charts/anchor.js b/ghost/admin/app/components/dashboard/v5/charts/anchor.js
index 8aa73ef480..9f100b318c 100644
--- a/ghost/admin/app/components/dashboard/v5/charts/anchor.js
+++ b/ghost/admin/app/components/dashboard/v5/charts/anchor.js
@@ -65,6 +65,7 @@ export default class Anchor extends Component {
     @service dashboardStats;
     @service feature;
     @tracked chartDisplay = 'total';
+    @tracked totalMembersOverall = null;
 
     daysOptions = DAYS_OPTIONS;
     displayOptions = DISPLAY_OPTIONS;
@@ -81,6 +82,8 @@ export default class Anchor extends Component {
     loadCharts() {
         this.dashboardStats.loadMemberCountStats();
 
+        console.log('this.dashboardStats.memberCounts', this.dashboardStats.memberCounts);
+
         if (this.hasPaidTiers) {
             this.dashboardStats.loadMrrStats();
         }
@@ -112,6 +115,14 @@ export default class Anchor extends Component {
         return this.dashboardStats.memberCounts?.total ?? 0;
     }
 
+    get isTotalMembersZero() {
+        return this.dashboardStats.memberCounts && this.totalMembers === 0;
+    }
+
+    get isTotalMembersMoreThanZero() {
+        return this.dashboardStats.memberCounts && this.totalMembers > 0;
+    }
+
     get paidMembers() {
         return this.dashboardStats.memberCounts?.paid ?? 0;
     }
@@ -179,6 +190,13 @@ export default class Anchor extends Component {
             data = stats.map(stat => stat.paid + stat.free + stat.comped);
         }
 
+        // with no members yet, let's show empty state with dummy data
+        if (this.isTotalMembersZero) {
+            stats = this.emptyData.stats;
+            labels = this.emptyData.labels;
+            data = this.emptyData.data;
+        }
+
         // gradient for line
         const canvasLine = document.createElement('canvas');
         const ctxLine = canvasLine.getContext('2d');
@@ -192,6 +210,11 @@ export default class Anchor extends Component {
         const gradientFill = ctxFill.createLinearGradient(0, 0, 1000, 0);
         gradientFill.addColorStop(0, 'rgba(250, 45, 142, 0.2');   
         gradientFill.addColorStop(1, 'rgba(143, 66, 255, 0.02');
+
+        // fake data
+        console.log('stats', stats);
+        console.log('labels', labels);
+        console.log('data', data);
         
         return {
             labels: labels,
@@ -345,6 +368,378 @@ export default class Anchor extends Component {
         return 180;
     }
 
+    // used for empty state
+    get emptyData() {
+        return {
+            stats: [
+                {
+                    "date": "2022-04-07",
+                    "free": 2610,
+                    "tier1": 295,
+                    "tier2": 20,
+                    "paid": 315,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-08",
+                    "free": 2765,
+                    "tier1": 298,
+                    "tier2": 24,
+                    "paid": 322,
+                    "comped": 0,
+                    "paidSubscribed": 7,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-09",
+                    "free": 3160,
+                    "tier1": 299,
+                    "tier2": 28,
+                    "paid": 327,
+                    "comped": 0,
+                    "paidSubscribed": 5,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-10",
+                    "free": 3580,
+                    "tier1": 300,
+                    "tier2": 30,
+                    "paid": 330,
+                    "comped": 0,
+                    "paidSubscribed": 4,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-11",
+                    "free": 3583,
+                    "tier1": 301,
+                    "tier2": 31,
+                    "paid": 332,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-12",
+                    "free": 3857,
+                    "tier1": 303,
+                    "tier2": 36,
+                    "paid": 339,
+                    "comped": 0,
+                    "paidSubscribed": 8,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-13",
+                    "free": 4223,
+                    "tier1": 304,
+                    "tier2": 39,
+                    "paid": 343,
+                    "comped": 0,
+                    "paidSubscribed": 4,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-14",
+                    "free": 4289,
+                    "tier1": 306,
+                    "tier2": 42,
+                    "paid": 348,
+                    "comped": 0,
+                    "paidSubscribed": 6,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-15",
+                    "free": 4458,
+                    "tier1": 307,
+                    "tier2": 49,
+                    "paid": 356,
+                    "comped": 0,
+                    "paidSubscribed": 8,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-16",
+                    "free": 4752,
+                    "tier1": 307,
+                    "tier2": 49,
+                    "paid": 356,
+                    "comped": 0,
+                    "paidSubscribed": 1,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-17",
+                    "free": 4947,
+                    "tier1": 310,
+                    "tier2": 50,
+                    "paid": 360,
+                    "comped": 0,
+                    "paidSubscribed": 5,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-18",
+                    "free": 5047,
+                    "tier1": 312,
+                    "tier2": 49,
+                    "paid": 361,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-19",
+                    "free": 5430,
+                    "tier1": 314,
+                    "tier2": 55,
+                    "paid": 369,
+                    "comped": 0,
+                    "paidSubscribed": 8,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-20",
+                    "free": 5760,
+                    "tier1": 316,
+                    "tier2": 57,
+                    "paid": 373,
+                    "comped": 0,
+                    "paidSubscribed": 4,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-21",
+                    "free": 6022,
+                    "tier1": 318,
+                    "tier2": 63,
+                    "paid": 381,
+                    "comped": 0,
+                    "paidSubscribed": 9,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-22",
+                    "free": 6294,
+                    "tier1": 319,
+                    "tier2": 64,
+                    "paid": 383,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-23",
+                    "free": 6664,
+                    "tier1": 320,
+                    "tier2": 69,
+                    "paid": 389,
+                    "comped": 0,
+                    "paidSubscribed": 6,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-24",
+                    "free": 6721,
+                    "tier1": 320,
+                    "tier2": 70,
+                    "paid": 390,
+                    "comped": 0,
+                    "paidSubscribed": 1,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-25",
+                    "free": 6841,
+                    "tier1": 321,
+                    "tier2": 80,
+                    "paid": 401,
+                    "comped": 0,
+                    "paidSubscribed": 11,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-26",
+                    "free": 6880,
+                    "tier1": 323,
+                    "tier2": 89,
+                    "paid": 412,
+                    "comped": 0,
+                    "paidSubscribed": 11,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-27",
+                    "free": 7179,
+                    "tier1": 325,
+                    "tier2": 92,
+                    "paid": 417,
+                    "comped": 0,
+                    "paidSubscribed": 5,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-04-28",
+                    "free": 7288,
+                    "tier1": 325,
+                    "tier2": 100,
+                    "paid": 425,
+                    "comped": 0,
+                    "paidSubscribed": 9,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-29",
+                    "free": 7430,
+                    "tier1": 325,
+                    "tier2": 101,
+                    "paid": 426,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-04-30",
+                    "free": 7458,
+                    "tier1": 326,
+                    "tier2": 102,
+                    "paid": 428,
+                    "comped": 0,
+                    "paidSubscribed": 2,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-05-01",
+                    "free": 7621,
+                    "tier1": 327,
+                    "tier2": 117,
+                    "paid": 444,
+                    "comped": 0,
+                    "paidSubscribed": 17,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-05-02",
+                    "free": 7721,
+                    "tier1": 328,
+                    "tier2": 123,
+                    "paid": 451,
+                    "comped": 0,
+                    "paidSubscribed": 8,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-05-03",
+                    "free": 7897,
+                    "tier1": 327,
+                    "tier2": 137,
+                    "paid": 464,
+                    "comped": 0,
+                    "paidSubscribed": 14,
+                    "paidCanceled": 1
+                },
+                {
+                    "date": "2022-05-04",
+                    "free": 7937,
+                    "tier1": 327,
+                    "tier2": 143,
+                    "paid": 470,
+                    "comped": 0,
+                    "paidSubscribed": 6,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-05-05",
+                    "free": 7961,
+                    "tier1": 328,
+                    "tier2": 158,
+                    "paid": 486,
+                    "comped": 0,
+                    "paidSubscribed": 16,
+                    "paidCanceled": 0
+                },
+                {
+                    "date": "2022-05-06",
+                    "free": 8006,
+                    "tier1": 328,
+                    "tier2": 162,
+                    "paid": 490,
+                    "comped": 0,
+                    "paidSubscribed": 5,
+                    "paidCanceled": 1
+                }
+            ],
+            labels: [
+                "2022-04-07",
+                "2022-04-08",
+                "2022-04-09",
+                "2022-04-10",
+                "2022-04-11",
+                "2022-04-12",
+                "2022-04-13",
+                "2022-04-14",
+                "2022-04-15",
+                "2022-04-16",
+                "2022-04-17",
+                "2022-04-18",
+                "2022-04-19",
+                "2022-04-20",
+                "2022-04-21",
+                "2022-04-22",
+                "2022-04-23",
+                "2022-04-24",
+                "2022-04-25",
+                "2022-04-26",
+                "2022-04-27",
+                "2022-04-28",
+                "2022-04-29",
+                "2022-04-30",
+                "2022-05-01",
+                "2022-05-02",
+                "2022-05-03",
+                "2022-05-04",
+                "2022-05-05",
+                "2022-05-06"
+            ],
+            data: [
+                2925,
+                3087,
+                3487,
+                3910,
+                3915,
+                4196,
+                4566,
+                4637,
+                4814,
+                5108,
+                5307,
+                5408,
+                5799,
+                6133,
+                6403,
+                6677,
+                7053,
+                7111,
+                7242,
+                7292,
+                7596,
+                7713,
+                7856,
+                7886,
+                8065,
+                8172,
+                8361,
+                8407,
+                8447,
+                8496
+            ]
+        }
+    }
+
     calculatePercentage(from, to) {
         if (from === 0) {
             if (to > 0) {
diff --git a/ghost/admin/app/components/dashboard/v5/charts/overview.hbs b/ghost/admin/app/components/dashboard/v5/charts/overview.hbs
index 7589593c8d..cd0eb7a3eb 100644
--- a/ghost/admin/app/components/dashboard/v5/charts/overview.hbs
+++ b/ghost/admin/app/components/dashboard/v5/charts/overview.hbs
@@ -1,6 +1,5 @@
-<section class="gh-dashboard5-section gh-dashboard5-overview">
+<section class="gh-dashboard5-section gh-dashboard5-overview {{unless this.isTotalMembersMoreThanZero 'is-hidden'}}">
     <article {{did-insert this.loadCharts}} class="gh-dashboard5-box is-secondary">
-
         <div class="gh-dashboard5-columns">
             <div class="gh-dashboard5-column">
                 <Dashboard::v5::Parts::Metric
@@ -27,6 +26,5 @@
                     @large={{true}} /> 
             </div>
         </div>
-
     </article>
 </section>
diff --git a/ghost/admin/app/components/dashboard/v5/charts/overview.js b/ghost/admin/app/components/dashboard/v5/charts/overview.js
index 8ce8293ed1..4cd6930d94 100644
--- a/ghost/admin/app/components/dashboard/v5/charts/overview.js
+++ b/ghost/admin/app/components/dashboard/v5/charts/overview.js
@@ -20,6 +20,14 @@ export default class Overview extends Component {
         return this.dashboardStats.memberCounts?.total ?? 0;
     }
 
+    get isTotalMembersZero() {
+        return this.dashboardStats.memberCounts && this.totalMembers === 0;
+    }
+
+    get isTotalMembersMoreThanZero() {
+        return this.dashboardStats.memberCounts && this.totalMembers > 0;
+    }
+
     get paidMembers() {
         return this.dashboardStats.memberCounts?.paid ?? 0;
     }
diff --git a/ghost/admin/app/styles/layouts/dashboard-v5.css b/ghost/admin/app/styles/layouts/dashboard-v5.css
index 1a4d9aabe9..e14fec0ece 100644
--- a/ghost/admin/app/styles/layouts/dashboard-v5.css
+++ b/ghost/admin/app/styles/layouts/dashboard-v5.css
@@ -757,6 +757,10 @@ Dashboard v5 Overview */
     position: relative;
 }
 
+.gh-dashboard5-overview.is-hidden {
+    display: none;
+}
+
 .gh-dashboard5-overview .gh-dashboard5-area {
     flex-direction: row;
     padding: 24px;
@@ -874,6 +878,58 @@ Dashboard v5 Anchor */
     right: -18px;
 }
 
+.gh-dashboard5-anchor-empty {
+    position: absolute;
+    top: 16px;
+    left: 16px;
+    width: calc(100% - 32px);
+    height: calc(100% - 32px);
+    background: rgba(255,255,255,0.8);
+
+    -webkit-backdrop-filter: blur(3px);
+    backdrop-filter: blur(3px);
+    display: flex;
+    align-items: center;
+    justify-content: center;
+}
+
+.gh-dashboard5-anchor-empty-message {
+    background: #ffffff;
+    width: 416px;
+    padding: 32px 48px 48px;
+    border-radius: 8px;
+    text-align: center;
+    box-shadow: 0 4px 20px rgba(0,0,0,0.075);
+}
+
+.gh-dashboard5-anchor-empty-message svg {
+    width: 48px;
+    height: auto;
+    margin: 0 0 16px;
+    fill: red;
+}
+
+.gh-dashboard5-anchor-empty-message h4 {
+    font-size: 1.55rem;
+    font-weight: 700;
+    line-height: 1em;
+    margin: 0 0 12px;
+    padding: 0;
+    color: var(--black);
+    white-space: nowrap;
+    letter-spacing: -.3px;
+}
+
+.gh-dashboard5-anchor-empty-message p {
+    font-size: 1.2rem;
+    font-weight: 600;
+    line-height: 1.4em;
+    color: var(--black);
+    letter-spacing: -.1px;
+    margin: 0;
+    padding: 0;
+}
+
 
 /* --------------------------------- 
 Dashboard v5 Engagement */
diff --git a/ghost/admin/public/assets/icons/analytics.svg b/ghost/admin/public/assets/icons/analytics.svg
new file mode 100644
index 0000000000..64be19a396
--- /dev/null
+++ b/ghost/admin/public/assets/icons/analytics.svg
@@ -0,0 +1 @@
+<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><defs><style>.a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px;}</style></defs><title>graph-stats-ascend</title><polyline class="a" points="23.25 12.75 23.25 6 16.5 6"/><path class="a" d="M23.25,6l-7.939,7.939a1.5,1.5,0,0,1-2.122,0l-3.128-3.128a1.5,1.5,0,0,0-2.122,0L.75,18"/></svg>
\ No newline at end of file