How To Make Money Podcasting
Podcasting is a relatively recent opportunity for creators of content. The development of social media platforms has created a way easier than before for a small team, or even a single individual, to engage with an audience and build a following. The challenge for many novice podcasters is to make money from a podcast. A majority of the top podcasts generate enough revenue to sustain themselves, even though there's not a standard revenue model.
Wherever you're starting from running an ongoing podcast takes time and funds. Making money with podcasts is not always easy however there are a variety of possibilities for you to consider if you're looking to start your own podcast off the ground.
In this blog, we'll share tips from an expert podcaster who has earned seven figures. explore the models and tactics to help you build your own successful podcast.
Tips from a podcaster who is successful in earning cash
Before going to strategies for monetizing podcasts to make podcasts more profitable, let us set the stage by introducing some helpful tips from Kate Erikson from Entrepreneurs on Fire A successful podcast that has more than 2000 episodes, more than 1 million listening sessions per month as well as a seven-figure annual income.
What makes it a good idea to launch a podcast?
Podcasting is an exceptional medium. It allows you access to numerous benefits for entrepreneurs or small-business owner that you would have to work twice as hard to achieve -- or 10 times as long to create elsewhere.
- A Close Connection. To begin, it gives you the ability to direct your message directly to your ideal listeners and offer them free, valuable, and consistent information. The result is a fast "know trust, love, and confidence" for your viewers. The intimate connection that is built through the use of audio is truly powerful.
- For free and on demand The second reason is that podcasting is easy. People don't need to turn down whatever they're currently doing in order to tune in to the latest podcast. They can listen while they're going to the store, working out, driving, doing housework ... plus, it's free and on-demand!
- Reach. Thirdly, it gives your business with an entirely new channel for marketing and growth opportunity that you own and are in complete control of. It allows you to reach out to listeners around the world at no cost, and also share your product or services with them to help expand your business.
- Impact. Lastly, podcasting allows you to share your message and mission across the globe. The ripple effect and the impact on the world is irresistible.
What's it like in the initial days of starting the podcast?
Launching a podcast requires an enormous amount of work. When you are in the initial stages there is a ton of choices to make.
- What is the topic you will focus on?
- Who's your avatar -- your one perfect listener?
- Do you plan to do the show based on a particular topic, an interview show, or a combination?
- How long will your episodes be, and when do you plan to publish them?
- What equipment and software do you intend to use?
Luckily, there are many amazing resources out there to help you, such as this Free Podcast Course. Remember, you can always pivot or change course down the road. The most important thing in the early stages is to keep on moving. Try different approaches and testing to see what works, and what will resonate with you the most.
Once you're started, you must focus on spreading the word and growing your audience. In the initial couple of years, it is best to concentrate on just these two things:
- Successfully getting to launch
- Growing your audience
Enhancing your listening ability is all about doing the work so that you can become better at what you do. It could be becoming a better speaker, interviewer, or teacher. This could mean more and more one-on-one conversations with the people who are already listening to you. discover what they thought about your brand so that you can double down on the efforts you make to reach out to more people. You may have to try something completely different than what you intended to develop. You should be flexible, and never be comparing yourself to one individual You today.
How does one approach podcast monetization, and build an income stream?
From the start, our full focus was providing value. Following the words of Albert Einstein -- "Try not to become a man of success, but rather strive to be a person of value" -- I put my head down and I determined to create the most popular daily podcast which was ever created.
Now, this was pretty simple since I was the only daily podcast for interviews but I was determined to become better and more effective in providing more value through my interviews. It meant that I had be able to make myself a better interviewer and become more adept at identifying those who are the best, be more efficient in sharing my podcast, and become better at becoming a better podcaster.
While I was focusing to putting in the work, becoming better, and delivering more value, I began to have listeners reach out to me and ask whether I could provide coaching.
I had guests asking whether they can purchase advertising spots on my podcast to promote their forthcoming book or course release.
I was listening.
There has never been a time when I have created ways to earn money from thin air. Each method I've used to monetize my podcast was an outcome of my listening to what my listeners ' wants and require. We've made money by:
- Coaching
- Sponsorships
- Partnerships with affiliates
- Online courses
- Speaking
- Masterminds
- Events
- Journals and books
If you've come up with an idea for a product or service due to the fact that your customers have come to you and asked for it over and over again -- you have prove your idea.
Have your listeners give you money in exchange to use the concept.
After you've proved the idea, you can create the answer (product or service) and build a system around it, design funnels, and expand.
What are the most common mistakes that a new podcaster avoid?
Don't skip steps. There's no quick way to create an effective podcast. Put in the work do the work, perform the repetitions, and always be focused on adding value to your viewers.
And NICHE. In the podcasting space, you have to find a way to stand out. Be unique. It's YOUR show.
Now, let's dive into the way that podcasts generate revenue beginning with two strategies for the monetization process.
Who is your client and what's your offering?
In creating an accurate picture of your show- the people who follow it and those who will pay you for the privilege of running it You can begin contemplating the various monetization options that are right for you.
TIP: In podcast monetization, your customers and your audience do not necessarily have the same name.
Here are some of the most well-known choices that podcasters use to maintain their show and information about making each work to your podcast.
Content users
Directly selling content to your target audience
The idea of asking your listeners to purchase products from you or to make direct contributions, can be a challenge for new podcasters. But it's among the many funding methods that help ensure that your show is independent.
Consumer-based funding is the process of selling products or content directly to your customers. It can be accomplished by a number of methods, and we'll cover in more depth further in this blog.
- Selling digital and physical products, like online courses, memberships and swag
- Direct donations via PayPal as well as Apple Pay
- Direct donations via Patreon, Subscribestar, or other patronage platforms
- Payable in cash or check are sent to an P.O. box that you have for this purpose
There are a variety of options for direct funding to the general public who can support them. For instance, you could offer the membership option as well as the early and VIP access to your content through Patreon.
Pros and pros and
| The advantages of making money from the user | The disadvantages of monetizing consumers |
| The support for audience typically comes without any strings to be fulfilled, and is the most pure method to monetize your content than "selling out" to an advertiser | Requesting cash from people can be a challenge for certain people, especially when you're just starting out |
| The podcast you create could earn a higher-than-average amount of money from a relatively small but generous audience | Your audience for your podcast might not be financially capable of supporting your expenses. |
| Direct donations via PayPal or P.O. box are not required to pay an amount of commission that must be paid to the platform | This could cause offence to some of your followers by making numerous appeals for money as well as support |
| It's easy to expand your income when you need to -- for example, with a special funding request for new equipment or as part of an appeal for charity | Program time spent asking for support may be a distraction from your subject matter |
Affiliates and sponsors
Offering an audience access to companies
A different method of sponsorship is podcasters are considering ways to make money from podcasts. Sponsors are businesses that will offer a branding message that is added to the content.
This could be accomplished either by direct, often through a contract between the sponsor and the podcast and the show, or indirectly through an agency. Some agencies act as the intermediary to connect podcasters with suitable clients. Other entities act as ad agencies.
When it comes to podcasts that are distributed via YouTube, Google is one of the most popular choices for sponsors. If your podcast is eligible for monetization this way and you are eligible to receive an amount of the earnings Google charges to run commercials before, during, and after your show.
It is also possible to add affiliate links to earn an amount of commission or flat rate per purchase. For example, Amazon pays anywhere between 4 to 10% of the purchase price to those who purchase through your unique hyperlink.
Pros and Pros and
| The Benefits of Sponsorship | Pros of Sponsorship |
| Sponsorship revenue streams tend to be more secure than donations directly by the public | Advertising revenue may be taken for non-compliant or controversial content, also called demonetization. |
| Large podcasts can be sold at very competitive rates advertising messages | Because margins for ads are small, you require an enormous audience in order in order to earn any revenue. Small channels might not be considered eligible for advertising income until they've reached specific amount of viewers. |
| Tax papers and other forms of record-keeping could be made easier by using documents provided by the agency's partners | Sponsors paying for the right to have a message included in content typically require that you have to say as well as how to convey it in order in order to get paid |
| Commercial messages that are played between and after a show do not interfere with content | Content sponsored by sponsors generally needs to carry a disclaimer to viewers, and any the fact that you are funded by outside sources could damage your credibility with people following your program |
The best 10 ways to earn income through your podcast
It's not necessary to stick to one model for how to make money from podcasts. Many podcasters combine and mix financing models in order to build an approach that is suitable for their particular needs. In the beginning of the development of your show, you could need to test a variety of possible funding strategies until you find a system that works well for your podcast. Later on, it may be beneficial to review the funding model for your podcast because the expansion of the show has led to new doors for you to monetize your content. These are some of the most popular paths podcasters have to choose from.
From the content you provide to your customers
Because you may not have a large fan base, having the audience pay you directly for the content you create could be a great place to start because of a number of reasons:
- You need a large audience to attract partners and sponsors
- You can earn more from less of an audience
These are popular ways to make money from your web page immediately:
- Patreon, etc. : Patreon and other platforms allow your show's supporters to make direct payments for the your content that you post. The most popular membership options are one-time donations, recurring monthly subscriptions, and payments on a per-episode basis. A lot of these websites permit you to choose multiple support levels and offer benefits for donors, for example, a show-wide shout-out or one-on-one contact with the donor.
- Swag: Swag is the common term for any physical merchandise you offer through the show. Anyone can sign up for an account at Teespring and Zazzle and upload designs to various items. The most popular swag items are coffee cups, T-shirts, bumper stickers, and various other items that you will find.
For Sponsors
If you've got a bigger audience, you might have the ability to draw companies that pay to gain access to your audience.
Here are a few methods to make money from your podcast with sponsorship
- Sponsored Content Not a new concept. The first TV programs would typically have a break during which the host would tell the viewers about Geritol or the other item that sponsored the program. If your show is an advertiser, you may get asked to use a portion of the time in your show to inform the viewers about the company or product backing the show. In return, your podcast could make several hundred or even thousands each episode.
- Product Placement: Product placement can be similar to sponsored content, but it more often involves broadcasting the product's image on the screen or simply talking about the way you utilize a product. As an example, a show on personal finance may be accompanied by a demonstration on how to use a personal financial app such as WealthSimple. It's a risky method for making money through an online podcast. Depending on how you do it, it might even be illegal in some countries, such as the UK, where strict laws regulate native advertising.
- Guest Appearances Sometimes guest guests who have paid to be featured on your podcast. A few guests would pay for an appearance when they've got something to market or service to provide. The cost of allowing them access to your audience can be a great means for guests to advertise or raise their visibility on the internet as well as be an effective way to improve your own. Also, you can exchange guest appearances with other podcasts in order to increase each other's profiles.
Podcasts monetization: do's and do's and
If you're planning to make money from your podcast, there's a few things you should keep in mind as you develop a revenue model. Certain things that you must always (or nearly always) accomplish, and some must be kept to a minimum.
| Do | Don't |
| Find out, define, and understand the audience you're trying reach | Expect to succeed overnight; building a funding network can take months or even years |
| Begin thinking about monetization options as early as possible -- even before you're prepared to sell your product | Mix your funding streams or try to get too much out of the sources. Do not, for example bombard your premium subscribers by promoting ads they have paid for to get rid of |
| Find the appropriate methods for social media marketing along with a backup plan in case one revenue stream lets you down | |
| Create a promotional plan , and release it across platforms to attract the maximum amount of attention | Come on too strong. A lot of your potential followers can be driven away through a forceful appeal for support |
| Include other creators and ask for shout-outs for a fee | Surround your viewers with advertisements, sponsorship messages, appeals for support, and other sales pitches |
Podcast monetization FAQs
How can podcasts make some money?
Podcasts usually earn revenue through two primary sources: support for listeners and advertisements from third party advertisers. If your podcast makes money from its audience they may rely on patronage or subscriptions or sales of genuine or downloadable content to get through. Third-party support is usually via ads or endorsements paid for of some kind.
How much money do podcasters make?
There is no limit to the amount of money a podcast will earn you. Joe Rogan, host of the Joe Rogan experience, reportedly made $100 million from an exclusive deal with Spotify in 2020. the podcast Entrepreneurs On Fire has a seven-figure annually. While the going is often slow in the beginning and you may have be able to live just on cash for several months or even years however, a well-planned monetization plan will see your show earn hundreds or even thousands of dollars per episode.
What is the best time to start thinking about monetizing my podcast?
Consider ways to earn money through a podcast from the beginning as possible. The ideal scenario is that your revenue plan could be an integral part of design even before the recording of the first episode. The earlier you begin investigating the possibility of funding your podcast, the more time you have to do research and develop a good working strategy.
How big does my following require to be for me to earn a profit?
There is no set amount for the minimum number of subscribers to a podcast. It is possible to start getting direct donations from your first subscriber during the first few episodes. More realistically, most podcasts get serious about making money around the low-thousand-mark for listeners who are regular. As a rule, it is possible to monetize smaller audiences if you're counting on direct support, like selling classes and memberships, whereas sponsors typically pay for the larger viewers.
The last word on how to make income from your podcast
Podcasting is a very exciting and promising way to reach an audience of people curious about the content you share. This isn't the only way, however, and you shouldn't limit yourself to just one path to the public. By integrating your podcast in a multi-channel and multi-platform network consisting of online courses and memberships, as well as digital products and affiliates will aid you in not only increase the number of listeners to your podcast but also make money from the podcast you've invested a lot into.