The internet is a treasure trove for those who know where to look. There are so many money-making opportunities that you can grab. Blogging, vlogging, eCommerce, and ePublications are some money-minters. And one activity seems to take the
limelight today; podcasts.
Do you know as of 2022, there are over 2 million podcasts? Up to 20.3% of internet users are active podcast listeners. If you translate that into numbers, it is upwards of 424.2 million people. Industry projections for podcasting are quite optimistic. By 2028, the industry could bring in over $94.8 billion.
The popularity of podcasting is due to its money-making potential. And, we will show you how to monetize and start earning from your podcast.
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Monetizing Your Podcast
There are two distinct ways to make money from your podcast.
- Direct monetization has the show as the main product. You create content and give access to those with the podcast subscription. Only paying members can get access to the content.
- Indirect monetization uses the podcast as a platform to sell other items. You can, for instance, promote products by running ads, sponsorships, and more.
It is critical to find the right platform. Think about it like setting up an eCommerce platform. You want a web builder that will offer all the functionalities you need. The aim is to give customers the best user experience to keep them coming back.
It may be tempting to jump onto the big brand names like Apple Podcast. But, there are other fantastic options worth exploring other than Apple podcast subscription. From the get-go, you will love the pricing since these platforms offer lower annual fees than Apple.
Aside from that, other podcast subscription platforms comprise almost half of the total number of podcast consumers. This means that when you exclusively release your podcasts on Apple Podcast, you are missing out on half of your target audience.
Podcasters also get a wide range of perks, engagement tools, email addresses and names for subscribers, and more. You will not find such useful extras on other platforms.
Now, let’s look at some podcast monetization techniques you can start earning from.
Paid podcasting/subscription, as we already stated, is a type of direct monetization. These are common features on platforms like Apple Podcast and Spotify. People pay to get access to your content via an RSS feed.
Determine how much you will charge for a subscription. It will depend on the type of content and your audience. To make a profit, you also have to consider production costs, software/hardware costs, and more.
Applying podcast subscription tiers will widen the pool of audiences you can reach. Having a one-covers-all cost can lock out some potential audiences.
Paid subscriptions can be tough because the content has to be relevant to the audience. Think about it this way, would you pay to listen to something that adds no value to your life?
Here is some motivation to give podcast subscriptions a shot. The podcast True Crime Obsessed is the highest-paid podcast earner. On average, each listener pays $4.98. With over 50,000 subscribers, the creators rake in over $3 million every year.
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Ads and Sponsorships
Ads and sponsorships can make you some good money on your podcast. The trick is to have content that attracts large numbers of listeners. Only then will the brands be willing to spend money on your platform. Think about it much like TV or radio ads.
It is important to know how to package your offering. Think about when listeners are less likely to switch off. Mid-rolls are the most engaging times. So you can offer such spots at higher pricing than, say, post-roll.
The next is to decide between the two ways to run the ads. One way is through product promotion where you endorse the products. The other is pre-recorded ads which you slot in at specific times in the podcast. In both cases, do not be intrusive because this can turn off listeners.
Affiliate Marketing on Your Podcast
Make cash with affiliate marketing on your podcast. Again, your power to convince audiences will have a huge impact. You will need to convince the listeners to buy from the affiliate partner. The latter will then pay you a commission for any sales that come through you.
Broaden your thinking to go beyond the show alone. You can sell different items on your podcast. These include:
- Merchandise: If your podcast is a huge success, take it further by selling merchandise. Audiences who love your platform will have no issue buying branded stuff. You can sell stickers, caps, t-shirts, and more. Don’t sell run-of-the-mill items that everyone has. Involve the audience in coming up with catchy phrases or tag lines. Think exclusivity when rolling out products so that only a select, lucky few will have them. That way, you create that sense of urgency to buy every time you have new stuff out.
- eCourses: Another product you can sell is eCourses. This will work well for educational podcasts. You can even use a podcasting subscription to avail such material to paying members.
- Apps: A third option is apps that respond to specific audience needs. Parenting, exercise, and nutrition apps are some examples. Please note that it must be a solution relevant to your podcast niche.
- Consulting service: Audiences tune in because they have faith in what you have to say. Indeed, you are a considerable authority in a specific niche. So, instead of dispensing free advice, how about making some money out of it. That can come in the form of offering consultancy services to listeners. You can start through online consultations. Before you know it, you could get invitations for speaker events or training sessions.
- eBooks: Publish an eBook covering your niche. Indeed, this ties in with the point above. Not only will you make money, but, an eBook will reach a wider audience, even outside of those who listen to your podcast. It is a fantastic way to increase your fan base and share your knowledge and insights.
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Podcasts are a fantastic way to engage with audiences. But, beyond that, you can make good money. We have shared some practical and workable podcast monetization tips above. Start with a good understanding of your audience. That is the best and only way to create relevant content.
You must also engage with the listeners to get them to tune in every time you host. With a good number, it will be easy to make money from your podcast.
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