Now that you know everything about how to start a podcast and promote a podcast, the next question will be, “how do you monetize a podcast” or “can you make money creating a podcast?”
We have you in our thoughts if that’s what you are thinking of. However, let’s state some facts;
Most podcast shows out there didn’t have any revenue in 2021. The shocker is that if podcasters don’t have a good podcast monetization strategy, they will likely not make any in 2023.
That’s one. Here’s another;
It took most established podcasters years before they could make money from their podcasts. Even Forbes stated that making money from podcasting is possible but not easy.
If you’d like to make good money from your podcast, you need to ensure that;
- You are using your podcast show to build relationships
- Look for a niche you can build authority and influence
- Ensure that your podcast is indeed a creative outlet.
Once these three are in place, we believe you will be in the proper position to monetize your podcast in 2022.
There are numerous ways to monetize your podcast in 2023, and that’s what this piece will be about. Let’s get into the dollar and cents of it;
1. Start a Course
A lot of podcasters are overlooking this goldmine. Yes, a goldmine that will be worth $374.3 billion by 2026.
All you have to do is teach others what you talk about on your podcast show. There’s someone, or a lot of people out there, who would want to be taught in an easy-to-follow way.
Create a course that, if followed, you’d have a specific result once completed.
Start by letting your current audience know that you have an online course. You can do this on your podcast or email your audience to be aware of the online course.
Let’s say you are running a podcast show on digital skills. Then, there’s nothing wrong with starting a course on learning these digital skills.
2. Offer a Service and Product
Remember what we said about being an authority in your niche. This is where it comes in, offer a service that aligns with your podcast show.
You have to show and prove that you are an expert on the topic. You’d be surprised that many people will use your service knowing that you know your onions.
That’s the same thing Nick Looper of Side Hustle Nation does in monetizing his podcast. As he calls himself, the Chief Side Hustler sells products and services that make him good monthly revenue.
We think this is one of the best ways to monetize your podcast in 2023. Once you become an authority, don’t hesitate to offer products and services.
3. Re-Purpose Your Content
Monetizing your podcast in 2023 is not dependent on the number of listeners you have on your podcast show.
This strategy does not even require a single listener.
Content re-purposing means you’ll take information from your podcast episodes into a book. It’s either you convert it into a book or a course. You can then place this book on Amazon in a paperback version or the digital format on Amazon Kindle.
This is a tested way to monetize your podcast in 2023. We’ve seen Tim Ferriss do it, and you can also.
4. Sync Your Show to Youtube
Maybe this is yours to the question of how to monetize a podcast in 2023 you’ve been asking.
Another overlooked means to monetize your podcast in 2023 will be to syndicate your podcast to YouTube. While we’ve noticed that not all podcasters do this, you should if you intend to make money in 2022.
It’s a quick and easy process, and you’ll be surprised at the number of views you’ll get on Youtube.
Youtube is a search engine; if you have mastered Search Engine Optimization for your podcast, you’ll make good dough.
With many viewers, you can always join the YouTube advertising service and smile at the bank every month.
5. Sell Yourself as a Podcaster
With the growth in the number of branded podcasts, there’s a window of opportunity for you as a podcaster.
We are going from the era of asking, “do podcasts make money” to “how do podcasters make money.” This is simple, look at businesses in your niche yet to start a branded podcast and pitch your service to them as a podcaster.
Since you have the skills, experience, and expertise, you can offer these brands your service.
It’s a factor of being a good podcast host and understanding the rudiments of starting a podcast.
Note that your podcast show will serve as the portfolio to convince these brands.
Final Thoughts on Podcast Monetization in 2023
We’ve only identified how to earn from your podcast if you can take action now. We created this piece to respond to podcasters who won’t stop asking us how to monetize a podcast.
There’s no one-size-fits-all podcast monetization; you must pick one and work around it. We’d love to see you killing it as a podcaster and reducing the number of times you search for “ways to monetize your podcast.”
