The fun of podcasting is that you can make it into anything you want it to be, whether it's a profitable business, a side gig, or a pastime. You might be shocked to learn that, if done correctly, podcasting can bring in a sizable income. the positive news Starting to transform your podcast into a company is not that difficult. Making the thing work for you is all that is required since you already have it. In this post, we'll show you step-by-step how to rapidly and successfully make money from podcasting. Let's begin immediately.
Can you Make Money From Podcasting?
Absolutely. But let's be clear—we're not saying your podcast will start making money right away. You must put in the effort if you want to see results, just as with anything else.
Leveraging your personal or podcasting brand typically goes hand in hand with monetizing your podcast, and doing so will ultimately be to your long-term advantage. You can make money from podcasting in one manner or another as long as you have a captive audience of some kind.
How Do Podcasts Make Money?
The fact that there are so many various options to Make Money from Podcasting is what I find most interesting.
Remember that different revenue-generating strategies are more feasible or efficient at various growth stages: what works for a well-known, a more established podcast may not be as accessible for a program that is just getting started, and that's good!
Expand Your Audience to Attract Advertisers
Including advertisements in your podcast should be obvious for podcasts with a sizable following. Companies and brands are willing to spend more for your listeners.
Podcasters with a limited following must first expand it to get advertising. This will come naturally if you put in the effort through successful marketing, branding, and word of mouth.
Making Money With Advertisements and Sponsorships During the Show
Deals for sponsorships and advertising may be highly lucrative and just need minimal effort from you (beyond securing the deal, of course). The more of an audience you have, the more money these brands and businesses will be prepared to offer you since they are paying you for visibility.
The well-known phrase “brought to you by x, y, and z” is well-known to everyone who consumes podcasts. All sponsorship ends there.
Many podcasting ad firms support the interaction between podcasters and marketers. For a charge, they take care of all the administration and logistics.
Reach out to specialty businesses that cater to your sort of audience if you have a smaller podcast in a certain area. A fantastic partnership can be waiting for you.
When should I start thinking about monetizing my podcast?
It's up to you to do this. You could begin informally and have no immediate plans to monetize your podcast. Alternatively, you may start your podcast to make money. It also depends on what you mean when you say “making money from your podcast.” Do you want to supplement your income with a few more bucks or do you want to make up a significant chunk of it? Your answer to this query will decide whether and how you consider generating income from your podcast.
It doesn't really matter when you begin, in the end. Although, as we previously indicated, the chances available to you may vary based on the stage of growth your podcast is at.
12 Ways To Make Money from Podcasting
1. Ask for donations
As the adage goes, you won't receive what you don't ask for. Perhaps the most straightforward approach to monetizing your podcast is to solicit donations from your audience. Through websites like Patreon or PayPal, loyal and helpful listeners may make donations to support your podcast.
2. Offer paid membership tiers
A certain strategy to Make Money from Podcasting is to set up premium membership tiers if you have a dedicated and engaged fan following. This is an excellent strategy for monetization since it benefits both parties because your listeners believe they are receiving close access to rare content.
Additionally, a membership program is a terrific method to maintain your freedom from brand collaborations while still making money from your podcast for podcasters who value that independence.
You may also provide an ad-free option to your paying subscribers if you already have that profitable ad arrangement in place. There is always a way if there is a will!
What are Podcast Memberships
In essence, a podcast membership is a more specialized subscription. Your listeners pay a certain amount regularly in exchange for unique features and material.
Memberships for your podcast are a powerful tool for establishing a steady cash stream and fostering a feeling of community among your listeners. Certainly a win-win situation.
For podcasts with a committed and devoted fan following that frequently listens to and interacts with your material, a subscription model will work well.
How to Use Memberships to Monetize a Podcast
Ensure your membership is worthwhile
You could discover that many of your listeners will help you out of goodwill because they think your podcast will succeed, but you shouldn't always count on that.
Make sure your listeners believe they are receiving a fair bargain because you will be asking them to make a recurring payment.
Create Bonus or Premium Content for Subscribers
When it comes to the special material you provide to your subscribers, you may be imaginative and have fun. You may make this part of developing a membership scheme as labor-intensive (or not) as you like.
You may record more episodes, invite your members to witness your live recording session o,r solicit their feedback on potential future episodes. Whatever you believe your audience would be willing to pay for, that is truly up to you.
Create tiered memberships
You may provide many tiers with increasingly greater features and premium benefits. Because of the variety of pricing points that are catered to, even individuals on a tighter budget could be persuaded to join.
A basic membership might be a cheap price to pay for a quick mention on your show. A VIP membership, however, can grant access to live events where your listeners can interact with you in person (or online).
Consider signing up for the Apple Podcasters Program to sell subscriptions via Apple Podcasts. or develop membership programs using Patreon.
3. Get sponsorships or sell ads
As we previously stated, getting a sponsorship or advertising contract shouldn't be difficult if you have a sizable audience or target a certain listenership.
You are effectively selling air time before (pre-roll), during (mid-roll), or after your program when you sell sponsorship or advertisement (post-roll). Because listeners are less likely to skip through, mid-roll is the most coveted and costly ad spot. Similar to pre-roll, post-roll is the least profitable placement because most listeners will switch to the next episode or stop listening altogether.
There are two typical types of podcast ads:
- The host promotes the product. The host shares and discusses the concerned good or service. The episode's flow may be less disrupted or invasive with this choice.
- Pre-recorded ads. You receive a pre-recorded advertisement from the brand or business that purchased the ad spot. Simply count the recording as one of the predetermined number of episodes.
4. Join an advertising network
There are networks for podcast advertising, like Midroll, to make your life simpler. They save you the time and effort of having to search for companies and sponsors yourself by connecting podcast broadcasters with them.
5. Sell repurposed content
Make sure you get the most out of the time and effort you invested in making your informative and worthwhile podcast. To reuse your podcast episodes, consider transcription (which is quite simple with Riverside.fm’s automated transcription feature).
Once you have your podcast transcription, you can convert it into an article and submit it for consideration to well-known media that cater to your specialized market.
6. Syndicate your show to YouTube
By posting your program as a video on YouTube, you are repurposing your podcast by syndicating it there. Although it's simple to create a video podcast with Riverside.fm, if you can't, don't panic. Simply upload your podcast audio and use the cover art from your podcast as the picture for the video.
What is the YouTube Partner Program?
You may make money off of your YouTube material by joining the YouTube Partner Program. You may use the software to access more YouTube features and services.
How to use the YouTube Partner Program to Monetize a Podcast?
The YouTube Partner Program makes it simple to make money from podcasting. However, keep in mind that to participate in the program, you must meet certain qualifying conditions as well as a minimum subscription and viewer count. A good method to reach a larger audience, some of whom might not be interested in podcasts on traditional listening sites, is by uploading your podcast on YouTube.
This is how you can make money from podcasting through YouTube:
- Advertising Revenue. Any advertisements that are shown next to, over, or played before or during your video will earn you a share of the money.
- Channel Membership. Subscribers can pay a monthly subscription fee for more benefits and unique material, much as creating membership tiers for their podcasts.
- Sell your merch. You may add a second source of revenue to your YouTube channel by selling products with your brand on them.
- YouTube Premium Revenue. You will receive a part of a YouTube Premium subscriber's membership price when they view your content.
7. Sell merchandise
Everyone enjoys some branded merchandise. You may make everything from t-shirts to coffee mugs right away if you have a distinctive logo or podcast artwork. Branded podcast merch is excellent since it doubles as advertising. In addition to being an extra source of cash, selling tangible products is also a highly effective free way to promote your podcast. Each time a listener sports a branded t-shirt, they are unintentionally marketing your podcast.
Examples of Podcast Products and Merchandise
Joe Rogan’s merchandise ranges from t-shirts and socks to duffel bags and beach towels.
8. Public speaking
You may start charging for public speaking engagements if you've been podcasting for a while and have made a name for yourself in your field of expertise.
9. Create a paid e-course
An e-course is the ideal option for you to sell your podcast if it has any instructional or informational elements. It need not cost a lot of money to create an online course. Your e-course can simply summarise the information you discuss on your podcast and add a few more nuggets of wisdom.
E-courses are appealing to potential customers since they are based on demonstrable outcomes. They are completely aware of what they are investing in and what they will get from it.
Additionally, the chance is that you'll have lots of takers whenever you offer your course because you already have a captive audience.
10. Sell content upgrades
A quick and simple approach to making money for your podcast is by offering content enhancements like a printable cheat sheet or an exclusive resource. The content upgrade should be relevant to the episode's subject matter and enhance the listening experience.
For instance, if the topic of your podcast episode was “how to quit procrastinating,” you may provide a checklist or a practical plan of action to assist your listeners in putting your advice into practice.
11. Events and conferences
Events and conferences are excellent ways to interact with your listeners, Make Money from Podcasting, and unite your neighborhood.
This is a more ambitious and extensive method of making money from your podcast for obvious reasons. This works well for established podcasts with the ability to plan a significant event.
How to Use Conferences and Events to Monetize a Podcast?
When you have a loyal following and have made a reputation for yourself as a podcaster, you might start to dream larger and organize an entire paid event.
Meeting you and any co-hosts in person will be the main draw for the majority of your fan following. Your event's format will depend on the kind of podcast you present and the kind of listeners you target.
Consider holding lectures, workshops, or panel discussions if your podcast is educational. You may also perform a stand-up show if you're a comedy host.
While an in-person conference or podcast event is not feasible in the current COVID environment, you might want to think about doing an online event or Livestream in its instead.
12. Sell consulting or coaching services
You can start providing your services to other podcasters as a podcasting consultant or coach once you've established your reputation in the industry and proven you have what it takes.
This will entail giving other podcasters guidance on how to develop, promote, and monetize their show.
Those that prefer visuals? View the video below to learn how to make money with podcasts.
5 quick and super-effective tips to monetize your podcast
TIP 1: Record a high-production value podcast
If you want to Make Money from Podcasting, attract lucrative partnerships, and capitalize on your brand, you need to be recording a professional standard podcast. Your listeners and potential sponsors are more likely to commit to and support your podcast if it lives up to expectations. There’s nothing worse than subpar audio or lackluster editing cramping your style.
You won't be sorry if you use Riverside.fm to record a podcast at studio quality from anywhere in the world.
TIP 2: Build a community
Consider your audience and community before you even consider how to make money from your podcast. They are a podcaster's most important resource.
However, it's not just a game of numbers. Naturally, expanding your audience is vital, but developing a feeling of neighborhood and close relationships is even more crucial.
Your audience is more likely to respond favorably to the commercials, affiliate links, and sponsorships you put in your show if you can build a listener base that backs you and your podcast. Additionally, if your audience is engaged, you will be able to charge more for advertising with you.
TIP 3: Think about what kind of monetization will work for you and your audience
What functions well for one podcast might not function at all for another. To make money efficiently with your podcast, you must understand both your audience and your podcast.
Different revenue strategies will be more suitable depending on your pitch, the listeners you draw, and the function your podcast serves. For instance, creating an online course would probably be a waste of time if you were a comedy podcast, whereas finding sponsorship would be preferable. The opposite can be accurate if you work as a teacher or coach of some kind.
TIP 4: Be open to diversifying your brand
In a perfect world, your podcast would be able to support you directly through sponsorships and advertisements, and that would be the end of it. Unfortunately, this is not always feasible, especially if your audience is limited.
It's essential to be open to other possible revenue streams, which may include broadening your brand and your content offerings if you're set on making money from podcasting. This might involve creating additional episodes that are only available to your members or offering online courses, coaching, or both. Consider novel ideas.
TIP 5: Strike a balance and don’t be afraid to say no
Every opportunity to make money from your podcast will be a lifesaver if you have a limited budget or are struggling to make ends meet. However, you are ultimately the one who knows your podcast and audience the best. Strike a balance between your desire for financial success and the integrity of your podcast as much as you can. Never be scared to decline an agreement or collaboration if your instinct tells you it's not the perfect fit for your podcast. There's a good chance that a better offer is close by.
What is Affiliate Marketing for Podcasts?
Sell affiliate products and make money with affiliate sales
Rather than getting paid for incorporating the advertisement, selling affiliate products to your listeners includes promoting things as usual and getting paid according to how many people buy the item in question.
Due to the obvious fact that there is no assurance as to how many people will purchase the product you are marketing, affiliate sales are a considerably less predictable source of income.
How to Find Affiliate Sponsors
It's not necessarily necessary to sign a partnership agreement to begin promoting affiliate products on your podcast.
There are many different affiliate programs available that are simple to access. There are many results when you search quickly, but two of the more well-known ones are Amazon Associates and Skillshare. Another option is to get in touch with companies you think your audience would like and try to strike up an exclusive affiliate arrangement.
How to Use Affiliate Sponsors to Monetize a Podcast
You are essentially betting and hoping that your audience will be interested in an affiliate product when you promote and market it on your podcast. If all goes according to plan, you'll sell a lot of the products and earn a respectable commission.
How to Promote Your Affiliate Links
You may either mention the affiliate product amid the episode's flow – especially if it is relevant to your specific topic or subject – or carve out a distinct segment to advertise it. Make certain that you share the affiliate link with your audience. You can mention it during your podcast as well as in your show notes and podcast transcript.
Top tip: make sure to let your audience know that you get a kickback from their purchase.
How Much Money Do Podcasters Make?
There is no precise statistic for how much podcasters earn. All of this is relevant to the success of a podcast. The more downloads or listeners a podcast has, the more money it may make.
Who Are The Highest Earning Podcasters?
The highest-paid podcasters, according to Forbes, are:
- Joe Rogan of The Joe Rogan Experience has 190 million monthly downloads and earns $30 million a year.
- Karen Kilgariff and Georgie Hardstark of My Favorite Murder have 35 million monthly downloads and make $15 million each year.
- Dave Ramsey, a host of The Dave Ramsey Show, makes $10 million each year and has 13 million weekly listeners.
Make Money from Podcasting FAQ
As we've shown, making money off a podcast is not as difficult as it may seem. You only need to put in the time and effort to make it happen. There are many ways to make money from podcasting.
Never forget that not everything that works for one podcast will necessarily work for you.
For obvious reasons, having a larger audience—or at the very least, a smaller but devoted listenership—always helps with monetizing your podcast.
Despite this, there are methods for smaller, less well-known podcasts to begin generating income.
It costs whatever you want it to cost. If you want to invest in a setup of a professional caliber and have a sizable budget, your expenses will mount. On the other side, you may start with almost nothing if you just want to experiment with podcasting.
To cut a long tale short, podcasts on Spotify can and do generate money. Currently, podcasters on the platform earn money through all of the strategies we've discussed, including sponsorship, advertising, and affiliate marketing. However, Spotify has just established a podcast monetization scheme (now only available in the United States) that will allow podcasters to make money directly through the platform.
You may optimize your podcast earnings through paid subscriptions with this strategy, which is exclusively offered through Anchor – their podcast hosting service.
Certainly, podcasting may be a profitable endeavor. The most popular podcasters earn millions of dollars yearly. Although not everyone experiences this. It requires a lot of effort, and not everyone can make a living from podcasting.