Podcasting has never been more popular.
This year, listeners will have 700,000 active podcasts and 29 million episodes to choose between. These staggering podcast statistics shouldn’t come as a surprise.
After all, podcasts can create brand awareness, build audiences, drive traffic, and, ultimately, generate substantial sums of money. That’s right, with the right approach, podcasts can become a novel (and lucrative) income stream for individuals and/or businesses.
Are you hoping to monetize a podcast? Read on to discover 5 ways to make money podcasting.
1. Advertising and Sponsorship
Businesses are always looking for ways to reach new audiences. That’s why companies pay good money to podcasters to promote their products and services. Of course, the larger your audience, the greater the financial reward. More listeners increase the value of a podcast; companies will pay more as a result.
Numerous paid advertising networks exist that connect popular podcasters with advertisers. They take the legwork out of the process, making it easier to start generating an income.
Podcasters work hard to create free content to their listeners.
Many fund projects with their own hard-earned money, purchasing the equipment and software required to get everything up and running.
One way to offset those costs is to seek support from the audience itself. Creating a crowdfunding page can provide listeners with a way of donating to the show.
Directing people to the crowdfunding page can generate enough money to ensure your podcasting efforts remain financially viable. With the money coming in, you can keep delivering the same quality (and free) content.
Here are some tips on leading successful crowdfunding campaigns.
3. Sales of Products and Services
Many podcasters end up creating products and services that complement the show.
That might mean selling branded merchandise or offering tailored advice and support to eager listeners. For example, a podcast for marketers could sell private marketing consultations to support somebody’s business. It’s worth emphasizing how podcasts generate trust with an audience. If you establish yourself as an authority on a topic, then people will be willing to pay for your insight and expertise.
4. Affiliate Sales
Affiliate marketing sales are another way to generate income from an engaged audience.
Podcasters will often affiliate themselves with another business’ products or services. They’ll then promote it on the show and get a cut of any profits the business gets as a result. They might advertise a particular discount code or web address in the show itself, or the show notes. Audience members that use the code, or make a purchase through the link, pay a percentage of the fee to the podcast host.
5. Paid Content
Not all podcasts are free. Some hosts make money by charging an entrance fee. The episodes provide such value that listeners are willing to pay for them.
There are all sorts of approaches to take. You could charge per episode, series, or on a subscription basis. You could keep main content free, but require payment for bonus content, or early access to the next episode.
Time to Make Money Podcasting
Monetizing a podcast is no mean feat, but it’s absolutely possible with the right approach. Hopefully, this post has highlighted 5 key ways to make money podcasting.
Do you have any questions? Is there something you would like to add? Let us know in the comments below!