“How do you make money from podcasting?” That’s a legitimate question after investing your time and resources in creating valuable episodes for listeners.
Podcasting is a great way to position yourself as an authority in your industry. It involves producing high-quality and valuable podcast episodes that attract more listeners and establish you as an informed expert.
After gaining a considerable listenership, you can monetize your podcast. Monetizing your content will help you stay relevant and consistent for a long period.
There are two strategies for monetizing your podcasts. Direct monetization where you sell your shows. For example, you create valuable and original content and marketing to your audience.
The other one is indirect monetization. This is where you sell products or services related to your podcast content.
Here are ten direct and indirect strategies you can use to make money from your podcast.
- Sponsorship Deals
55% of people in the U.S listen to podcasts, and 75% know about podcasting. That’s why brands team up with podcasters to advertise their products and services.
Sponsorship is one of the easiest and most common strategies to monetize your podcast. It does not require a specific number of listeners or downloads before you can reach out to a brand and promote its products.
After contacting a relevant sponsor and agreeing on a sponsorship deal, you can do pre-, mid-, or post-roll ads. For example, a pre-roll ad is when you say, “This episode is brought to you by [company name].”
In a mid-roll ad, the same statement comes in the middle of your episode, and in a post-roll, it comes at the end.
If you are an excellent podcast host with many listeners, it’s easier to land a sponsorship deal.
- Podcast Subscriptions
Podcast subscriptions are an excellent monetization strategy that allows you to sell premium content to listeners. It involves preparing valuable content and adding something extra that isn’t in your regular content.
For example, you can release a premium episode that has something special, like a Q&A session with a guest specialist.
Other additions to your premium content that are not in your regular content could be a live recording, video, or an additional show.
In order to maximize your podcast promotion, you need to make sure that it is available on multiple platforms, rather than only on Apple podcast subscription. Supercast platform allows content on significant players this makes it easy for subscribers to play the content they like. You also get paid instantly per subscription. Podcasters offering podcast subscriptions own their subscriber relationships. You can access the complete list of subscribers, including their email addresses.
- Repurpose Content and Sell
Convert your content into different formats and sell them. People learn using different styles. For example, some prefer to read materials like books.
Transcribing your content into book format and selling caters to the needs of such people. Add extra value to your books and market them on your podcasts.
Let your listeners know your book has comprehensive information on what you’ve discussed in your shows. It’s also possible to sell on Amazon after designing it in a suitable format.
- Request for Donations
Ask your listeners for donations towards a particular course. For example, you may want donations to buy podcast equipment to help create more valuable content.
If you already have a fan base that truly loves your content, they will be willing to contribute to gain more from your shows. Make sure your reasons for asking for donations are authentic. Consider choosing services for collecting donations like Paypal, GoFundMe, and Stripe.
This strategy is best for new podcasters who have just started and need help promoting their content.
- Create and Sell a Course
Podcasts are mostly educational, and 74% of listeners tune in to learn something new. Listeners can learn a new skill or art by listening to a podcast.
Compiling your educational content together as a course is a great monetization strategy. Ensure your e-course adds value to your listeners and helps them acquire new skills. Testimonials from previous students will encourage more listeners to enroll in your online e-course.
- Affiliate Partnerships
Podcasters can partner with companies that offer affiliate programs. Affiliate marketing involves selling products or services using a special link.
It’s essential to ensure that what you’re selling is related to your content and listeners. This increases the chances of your audience clicking the link and buying. If a listener buys through your link, you earn a commission.
- Sell Merchandise
Podcasters can sell their products. If you have a large and loyal audience, you can market your products and sell to them.
For example, you can sell branded T-shirts, caps, keyholders, and stickers. They can have your podcast, name, catchy phrase, or logo. Selling your merchandise is another way of extending your brand reach.
Listeners who buy and wear your branded T-shirts or caps help create awareness. More people can learn about your podcast and become loyal fans increasing your fan base.
- Join Advertising Networks
Join ad networks that connect you to specific brands. These are intermediaries who put ads on your podcasts and pay per number of impressions. The amount you earn depends on the number of listeners.
It’s important to read the terms and conditions of advertising networks to know how much you will make. This is because the networks also take their cut from your earnings.
- Conduct Live Events
Host a live event on your podcast. If you have a large and loyal audience, you can start a live event and invite your fans to come and see you.
Fans from your local region are likely to buy tickets and show up, while those far away can tune in and watch live. Live events provide an opportunity to connect deeply and interact with your audience.
- Create and Sell Apps
Apps make users have an interactive and fun experience. If you understand your listeners’ challenges, you can create an app that addresses their pain points.
For example, if you have a parenting podcast, you can sell an app that helps parents organize themselves using a unique parenting calendar app.
The apps can also be branded and help you interact with your audience better. They can have all your content updates and provide a direct way for your listeners to talk to you.
Key Takeaway
There are many ways you can choose to monetize your podcast. Test them and select the best strategy for your podcast.
The strategies you select should help you maximize revenue by delivering quality to your audience. The first step is to produce quality content and build your audience consistently. This enables you to create trust and loyalty, making it easier to get the desired results.
