Podcasting is an excellent way to make money, but it can be challenging to get started with.
There are numerous ways to monetize your podcast, such as ads, sponsorships, selling merchandise, and more!
This blog post will discuss the best methods for making money with podcasts and how much you could make.
If you already own a podcast, here are the different ways that will help to make more money.
Note: Some of these methods work well when you are just getting started, but others only get better once you’ve spent more time honing your skills and have a larger audience.
Understanding the audience
The key to making money from podcasting is to find a way with your voice and the content you produce, both unique alone.
To do this, find out what people love about podcasts or other similar media outlets like radio programs.
For example: What topics excite listeners? Do they prefer educational information over entertainment value? What type of style seems most fitting in general?
Once you have researched successful podcasts, identify an audience segment interested in listening based on their preferences (ease/difficulty level).
When you know your audience, they will be more inclined to listen to your podcast.
Finding out who will look for and download your content may seem like a daunting task, but it’s actually pretty easy!
First things first, what do you enjoy listening to? Once you have that figured out, think about the people in your niche because those are your listeners.
If this all sounds confusing (not surprising), begin by thinking of friends or family members with similar interests. Thinking about their likes/dislikes could help guide some decisions on approaching marketing strategies for upcoming episodes.
The right ideas will entice listeners to stay subscribed to podcasts for more exciting content. Be creative by including sound effects or background music; moreover, explain complex ideas or concepts.
You also have to connect with your listeners. This could mean building a website and email list for your subscribers, replying to emails and comments, or including a Q&A segment in your podcast.
To make money from podcasting, you first need to build up an audience. No listeners = no money.
Tip: Remember that a large following gives you more leverage when approaching advertisers. It also helps you get noticed by companies looking for podcasters with an established customer base.
How to Make Money With Podcasting
Now that you’ve figured out your audience and content, we’ll move on to how to make money from a podcast.
Below are seven different ways on how to make money from podcasting. These methods will work great for some niches but terribly for others. So experiment over time with the techniques.
Advertisements and Sponsorship
Podcasts can generate income by selling ads, but it may take a while to build a considerable enough following to attract the interest of advertisers.
Podcasters can make around $20 – $45 in advertising revenue for every 1000 downloads within 30 days of an episode’s release.
For example, if you have 10,000 or more listeners, then you could charge $25 CPM for a 60-second advertisement during an episode. Meaning a 60-second ad read could pay you $250.
It’s easy to see why many people turn towards the podcasting industry. A 30-second advertisement on a broadcast show costs around $18 on average; still, that number could skyrocket depending on your audience and sponsorships.
If you’d like to get sponsored, find a brand that fits your topic/audience and approach them by sending an email. Let them know about your statistics, engagement, and more.
Before going after more prominent names, approach local businesses. They might appreciate being given an opportunity when other larger corporations ignore them.
Affiliate marketing is an excellent way for your favorite brands to get more word-of-mouth advertising. You can share products and services you love with the world through affiliate links while making money as well!
Affiliates are paid when someone purchases through a unique link or code.
When you’re in podcasting, it can be a bit more tricky to get your listeners engaged. You don’t have the luxury of controlling where they’re consuming content from – so what do you do? Think outside the box!
For example, if an item needs showcasing during a segment and doesn’t work well being audio-only (such as jewelry), show them exactly how beautiful the piece is by doing something with it in behind-the-scenes footage.
For any links or discount codes, make sure people know about them at all times by repeating them throughout each section. Also, include them on your website or blog.
The affiliate commission rates vary depending on the company and offer. Typically, you’ll earn between 5 – 40% of the sale, although this is all dependant on the program.
There are also affiliate programs that provide a flat rate for every purchase instead of percentage-based commissions. It could be like $15 per referral instead of a percentage,
People all around the world are looking for someone to help them. You can become that person!
Teach people about things they need in their lives, and guide them through the process step-by-step on a phone call.
People want a personal mentor who will help them grow into more than just ordinary human beings.
If you’re wondering what kind of industries might have these types of experts, then be sure to check out business, teaching, personal growth, and more.
You may want to consider providing a free 30-minute consultation as an incentive for anyone who wants to try out your coaching. If you don’t offer complimentary consultations, think about exclusive discounts on subscriptions that are only provided through the platform of your show.
Another excellent way to make money from podcasting is to make online courses.
Online courses can make you money by teaching valuable step-by-step guides on specific topics.
The best thing about selling courses is that you don’t need a large following to make money. Courses can sell anywhere from $9 – $500+. It’s all largely dependent on the information you provide.
You can make money by promoting your merch store and linking it to your listeners from your website.
You can sell anything, from stickers to clothing, mugs, and more! Make sure to think outside of the box and actually come up with cool and unique designs.
People will be more inclined to buy if you haven’t just copied and pasted your logo on every piece of merchandise.
A good rule of thumb for pricing merchandise is around $20 each.
Another way to make money from podcasting is through a crowdfunding platform like Patreon. This is where you can get your fans’ pledge of financial assistance.
Patreon is a platform that helps you build a community around your content, and you can post anything.
Many successful crowdfunding campaigns offer perks or exclusive rewards for backers to allow them access to something they couldn’t otherwise attain.
This could be exclusive content, information, limited edition merchandise, or even a one-day early podcast upload.
Hosting an event can be another way to make money from podcasting.
This method of making money isn’t for beginners, as you’ll need to have a solid foundation and good engagement for people to want to see you live.
So there we have the seven different ways on how to make money from podcasting.
Remember, to make money, you need to build a solid foundation and be consistent with your posting schedule.
Whether it be once a week/month, stick to it!
Hopefully, you’ll be able to incorporate at least one of these methods to monetize your podcast.
Do you plan on starting a podcast?