With the growing number of podcasts, the number of successful podcasters is also on the rise. Today, some podcasters have crossed the six-figure milestone and have taken podcasting as a full-time job. Making money from podcasting is not in doubt, but a factor of when.
Let’s make this clear before we go ahead on reading on how do podcasts make money; if you are after a quick way to make thousands of dollars, then you should steer clear of podcasting.
For a fact, this piece is intended for people who already have a podcast and are looking for a means to monetize it. It’ll be a grave mistake to focus on money even before you start your podcast. This is the number one reason why many quit podcasting even before they make any impact.
With this in mind, this piece focuses on two angles; how do podcasts make money and when you can start monetizing your podcast.
How To Make Money From Your Podcast
It’s all about being able to monetize your audience. However, it’s a factor of the size of your audience. Here are ways you should be considering;
- Premium Content and Exclusives
This can be anything your audience is crazy about. There are no limitations to what you can offer as premium content. Currently, podcasters offer additional interviews, ad-free RSS feed, behind the scene content, Q & A with hosts, and more as premium content.
By premium content and exclusives, we mean content outside of your regular content. You will have to put such content behind a paywall. The idea of making money via premium content is to charge a monthly subscription fee everyone can afford.
2. Affiliate Marketing
Affiliate marketing is an age-long means of monetizing content. The best examples of affiliate marketing can be found among bloggers. The beauty of affiliate marketing is that you are paid for every sale you help make.
If you are still growing as a podcast, affiliate marketing should be given a thought. There’s no risk on the side of the company you are helping to market their product. You necessarily won’t need to have thousands of listeners before making money from affiliate marketing.
Don’t make the mistakes thousands of podcasters make by limiting affiliate marketing to just their podcast’s website. You can utilize your transcript blog, videos, courses, ads, and even resource page.
3. Public Speaking
Being a podcaster means you will be approached for speaking engagement within your niche. When anyone listens to your podcasts and they love them, they will likely want to invite you as a speaker to conferences and seminars.
Aside from that, you will be paid for the speaking engagements, and it’s also an avenue to grow your audience. The speaking fees vary, but you make from a few hundred to as much as six figures.
In essence, you will be making money and also widening your audience.
4. Sponsorship and Direct Ads
This is the commonest way through which podcasters make money. However, this is best for podcasters who have grown large enough with thousands of listeners.
You will have to promote the product or services of the sponsor during your podcast. What you earn from the sponsor would be a factor of the number of times your podcast was downloaded. What is earned is based on Cost Per Mile (CPM), and it ranges from $18 to $50.
There are other means of earning through sponsorship, and you can determine this on your own.
5. Complementary Products
As a podcaster, nothing should stop you from also having an array of complementary products to your podcast. This could be books, consultancy, courses, merchandise, and more.
Never forget to mention this product during your podcast; you never know who is listening and ready to buy.
When To Start Monetizing Your Podcast
The success of your podcast is determined by four factors; niche, uniqueness, persistence, and social media presence. With a proper dose of these four, you are closer to making good revenue from your podcast. As soon as you can get these four factors right, you are ready to monetize your podcast.
Relying on the experience of Marc Clair, a podcast host, and producer, it may take as long as 18 months before you start seeing results. That’s if you produce a show weekly. In his words, things can be faster than stated if you have luck, a marketing budget, and irresistible content.
Finally, aim at growing the right audience and not just a large audience. With the right audience on your side, you’ll see excellent results in record time.