As podcasts continue to soar in popularity, more and more people seek to join this budding turf with hopes of monetizing their passion or knowledge. Statistically speaking, the podcast industry is growing by leaps and bounds as it’s the most intimate means to consume content. If you are also interested in earning more money, then here are 4 different ways to monetize a podcast.
What Is A Podcast?
A podcast is an audio program just like Talk Radio. But rather than tuning in to it, you subscribe to a podcast via a digital device (smartphone or computer) and listen to it whenever you like. Here are some of the most popular podcasts in the United States:
- The Daily
- The Ben Shapiro Show
- The Joe Rogan Experience
- Call Her Daddy
- Up First
- Stuff You Should Know
Every podcast covers a different topic; some may discuss the current news, promote a business, or interview other people. Some podcasters even simply talk about something they enjoy or are passionate about. Due to its increasing popularity, many people are using this platform as an additional revenue means for their businesses and themselves as individuals.
The first step though is to list your podcast on a platform. Listing a podcast on notable platforms like Spotify and Apple Podcasts can greatly help extend your show’s reach and eventually make it more accessible. Besides building an audience, it can also help you attract more lucrative advertisers—a crucial source of revenue.
Stuff You Should Know, WTF with Marc Maron, and In the Dark are some of the most popular podcasts on Spotify.
While having your podcast on such platforms can offer numerous benefits, such as amplified listener access, featured in website roundups, and marketing tools and resources, it is essential to consider the platform’s restrictions before deciding whether it’s the right fit for you or not.
Please note that it can be an exasperating process to tailor your podcast to fulfill all the requirements. Moreover, both Spotify and Apple Podcasts have certain guidelines and rules regarding the content they permit on their websites.
How To Monetize A Podcast
There are numerous ways to monetize a podcast. However, the most successful ones utilize several podcast monetization strategies to ensure money flows in from different streams.
Why do they do that? – for safety.
Imagine all your podcast revenue coming in through the YouTube channel, but what if the platform bans your channel one day? All your hard work will go in vain, and you’d lose everything. Therefore, it is best to set up multiple revenue streams.
Here are some of the effective ways you can generate income from podcasts:
1) Promoting products or services
This method is quite similar to content marketing, where an individual creates a blog for revenue. However, in this case, you will first have to build a reputation and earn credibility to sell a product or service to your podcast followers.
To sell a product or service, you must first think hard about the issues your listeners face. Or even better, create and set up a survey to ask them directly. Once you have the results, think about whether you can create a product or service that will resolve their issue.
An excellent example of this is Alitu: the Podcast Maker – the creators of this product, listened to what their followers struggled with (podcast production and editing) and came up with this product that can podcast for you.
This means when you monetize a podcast is not only effective, but you will also have 100% control over it.
2) Guest speaking on podcasts
This is yet another excellent way to monetize a podcast. However, being called as a guest speaker on somebody else’s podcast requires you to first build some reputation and credibility in the required field.
Once that’s done, you can be approached for speaking gigs or guest speaking sessions in podcasts of your relative industry. It makes complete sense if somebody likes what they hear on your podcast and asks you to appear in theirs (for good money in return, of course).
Guest appearing fees can range from a few hundred dollars to six figures or more, depending on your reputation. In some cases, the host only pays for the hotel accommodation or airfare. For instance, Joe Rogan invites numerous guests and other podcasters to enrich his own show.
Nonetheless, a guest appearance on someone else’s podcast is an excellent way to amplify your authority and get exposed to a new audience that will potentially become your podcast followers.
3) Repackaging your content into audiobooks
Another effective way to generate income from podcasts and increase your authority is by repackaging or leveraging your popular podcasts into audiobooks or books for sales. With your existing podcast listeners’ help, you can acquire initial sales and propel further sales through reviews.
WSJ bestseller ‘Will It Fly’ by Pat Flynn and’ Rise of the Youpreneur’ by Chris Ducker are two famous examples. In addition to this, you can also make a guest appearance on someone else’s podcast to promote your audiobook.
4) Affiliate marketing and sponsorships
Famous podcasts like the $100 MBA Show, The Art of Charm, and Entrepreneur on Fire generate thousands of dollars every month through sponsorships. Sponsorship is one of the most commons ways to monetize a podcast.
Another commonly used way podcasters make money is affiliate marketing. It is similar to sponsorships, but rather than getting paid for downloads; you receive money contingent on what you sell for another entity. In return, the firm pays you a commission for every sale.
During an interview, Daniel J. Lewis, host of ‘The Audacity of Podcasts,’ shared that he generates a decent income from his podcast through affiliate marketing.
Start Your Journey To Monetize A Podcast
Keep in mind that hosting a podcast can be a remarkable way to share a hobby or demonstrate industry knowledge for some additional revenue. Participating in affiliate programs, promoting and selling products/services, or offering subscriptions are just a few of the many ways you can earn money through podcasts.
Amplifying audience reach by listing your show on notable platforms like Spotify or Apple Podcasts can help you build an audience and attract lucrative advertisers.
Do you have other tips on how to monetize a podcast? We’d love to hear from you!