Today many podcasters around the world live their passion. “How do podcasters make money?” It is a valid question to ask yourself because you spend time and resources in making a show. If you want to do it seriously, getting a way to earn money podcasting will help you produce it over the long term.
In this article, you’ll finally catch up about monetizing your podcast in less than five minutes!
1. Create Paid/Premium Podcast Content
Let’s say you have got extra audio you’ve worked really hard on – a podcast episode that dives more profound and is longer than usual, an unedited podcast script PDF, or some unique educational or valuable content for listeners.
That’s where the premium content feature comes into play. It allows you to give listeners content at fixed prices for a single episode or a series of bonus content over a month or a year. On your quest to monetize podcasts, use this option as a way to provide specialized content such as lessons, a bonus series, exclusive interviews, and more. Use exclusivity to keep your podcast gated yet still accessible.
2. Subscriptions
Podcast subscriptions have emerged in a few different forms in recent years but are by no means new. It is a simple enough concept – if you put your podcast behind the paywall, you’re usually transitioning from a free, ad-supported podcast to a subscription-based service.
3. Sponsors and Advertisers
The terms “sponsor” and “advertiser” are thrown around in place of each other, but they are actually structured quite differently.
The amount a show may charge for commercials generally depends on the audience CPM (cost per mille / thousand). Current industry standards for the total advertising price on a show are around $ 40–50 CPM, so a podcast show with 1,000 listeners can expect to charge $ 40– $ 50 per ad. Having said this, however, audience value can shift CPM up or down. It is how advertisers determine whether your podcast show will give them ROI.
For a podcast creator ads are the easiest to sell because many companies are ready to place ads on podcasts with an audience. Ads work well for the monetization of B2C shows. Advertisements work best when the show has a high audience because the conversion rate tends to be lower overall.
A show must have a limited number of sponsorship packages to sell. They can be offered on a seasonal or annual basis, or you may have a frequent sponsor. You can also include some pay-per-click (PPC) advertisements to ensure that the episodes have a greater reach.
4. Ask Your Listeners For Donations
This in itself will not give you a much revenue stream, but it is something you can do in conjunction with more attractive strategies, which can help you make money from your podcast. If you host your podcast on your website, you can always use a PayPal donation to encourage people to donate.
To successfully monetize your podcast, you will need to do more than just ask for donations. However, this is something that you can start doing immediately and without any hassle.
5. Creating Courses
If you like giving information about your content to others, then this method may be for you. Here, you will break things down and simply explain them as a complete syllabus. It can be in video, audio, or written form. There is a wide range of platforms out there that can also help you do it.
My two favorite course platforms are Teachable and Thinkful, both of which help you create courses in a super-simple and great-looking way.
Pros: It can be high-value products that can fetch up to three (even four) figure sums.
Cons: It can take a lot of time to put them together, which can eat up vast amounts of time in your podcast creation time. Depending on your theme, they may also need to be updated regularly.
6. Events
Hosting an event is not only a great way to earn money but to bring your best fans together and give them even more value.
7. Gate your back catalog
If you started a podcast centuries ago and made a back catalog of episodes, try this strategy.
Instead of creating new premium content, you can restrict access to your old episodes. It means you’ll be adding a paywall for users to listen to older content.
8. Affiliate Marketing
Affiliate marketing is a prevalent technique on the Internet. It may allow you to sell or recommend products from another site while earning commissions. To make money from this technology for your podcast, you must have a website. Earnings can grow very quickly, but we recommend you only recommend products related to the topic of your podcast to honor your audience.
At the end, if you want to go much deeper into this, you can call us. Our podcast marketing experts will give you a free consultation regarding the same. Call now!