Podcasting is one of the best ways of discussing something you enjoy with others, and sharing your understanding as you grow your audience and network. You’ll reach people you wouldn’t have otherwise, and make invaluable contacts with the people you interview on your broadcasts.
So it’s no wonder podcasting’s popularity has grown so rapidly over the last decade – indeed, according to Shopify, podcast listeners are the fastest-growing media audience, and this kind of broadcasting has almost unlimited potential.
Hobby vs Passive Income
Creating podcasts doesn’t have to be just a hobby. There are ways you can also make money from it. And while many only start thinking about monetising shows some time after launch, actually this is something you should be bearing in mind from the outset. It’s possible to make money no matter how long you’ve been podcasting.
Clearly, you’ll need to be realistic and bear in mind that, of course, the more listeners you have, the more money you’re likely to be able to make from your podcast, so it’s all about the analytics.
Top 5 of Podcast Monetisation Ideas
Streaming platforms such as Spotify and Apple Podcasts do pay for streams, but their payouts tend to be quite low. So here are some of the other ways of making your shows pay their way:
- Industry Leader Route
Podcast hosting will help build your reputation as an expert in your industry or niche area. In all fairness the smaller the niche the better as you will likely have less competition. It boosts your chances of attracting invitations to speak at industry events, conferences and so on. Even being able to launch consulting or coaching services as people increasingly turn to you for advice. This route does take time, it’s worth to focus on this however from day 1. Start talking about yourself as an expert from episode 1. If you are already offering coaching or take part in events – talk about it! It’s hard to be tooting your own horn, but there is no place for modesty if you are in this for some serious dosh!
- Sell Your Own Products and Services
A podcast can be a great way to attract your ideal clients or customers. Don’t be shy about using your broadcasts to help promote your own services and products. From courses to books or consulting services. Direct listeners to your website, or mention what you do in your episodes. Sell an e-book or online course for listeners about the topic you’ve been discussing.
Eventually, you may even want to think about selling custom merchandise to fans. Think about doing this via a print-on-demand distribution model. This means a third-party prints and ships products for you from the point of purchase. It minimises time-wasting, overhead costs, inventory storage and financial risk.
Consider having an online store for these products. Once it’s set up, running it can be more or less entirely automated.
- Sponsorship and Advertising
These are among the more obvious ideas for monetising your podcast; indeed, you’ve probably thought of them already. There are a number of different podcast ad networks (such as Authentic and Midroll) which connect podcasters with advertisers. Through these, you can find advertisers, negotiate fees, agree the script and so on. More information on this can be found in our Podcast Advertising Guide.
It’s true that you’ll typically require a bigger audience of, say, between 5,000 and 10,000 listeners to work with these networks. So gaining sponsors for new podcasts can be a challenge initially. If your audience isn’t quite at that size yet, you could try directly contacting potential advertisers which you think would be a great fit for your listeners. It is important that you understand your podcast analytics so you know how attractive you are to potential sponsors.
- Affiliate Marketing
This earns you a commission when you refer your listener to other organisations; typically after somebody has actually made a purchase. Ideally, you would be promoting products or services you either use or understand well, so you can do so authentically. This is one of those things that are honestly worth to start thinking about from day 1. Links inserted will live forever and as your audience grows, Google picks up the posts and more people view your content – your affiliate links will start paying more and more.
- Coffee Break
The above are not the only ways of monetising your episodes. You could ask for donations or crowdfund. For example via a platform such as Patreon. This is a great way to ask your audience to get you a cup of coffee to say thanks! Or consider charging for premium content, for example additional interviews. You could also think about hosting an event, accepting public speaking engagements or writing and promoting a book on the back of your podcast.
Help Is Available Along The Way
At Music Radio Creative, we support podcasters through editing and production services, not to mention jingles, voice overs and intros. Talk to us today about how we could help you create a professional podcast which increases listeners and could earn you good money.