Yes, it’s entirely possible to make money from podcasts; and many are earning it! Learn the best podcast monetization methods that suit you.
You’re already a podcaster or planning to start podcasting, you can actually make money by podcasting. In fact, there’re many ways to make money from podcasts, if you’re willing to make the effort.
Some of the ways work well when you are just getting started, while others work best once you get established and have a large following. In any way, you’ll surely find at least one way to make money from podcasting.
10 Ways To Make Money From Podcasts
In this article, we’ll talk about how do podcasts make money & how much. However, before we begin, here’re some of the facts and figures about podcasting.
A report by IAB says that advertising spends on podcasts stood at $800 million in 2020. And this is expected to double to $1.7 billion in the next three years, or by 2024.
So, if you’re planning to start a podcast, here’s how you could make money podcasting from this profession.
1. Advertising (Programmatic Ads)
The simplest way to start making money from podcasts is advertising. Usually, all the podcasting platforms have their own advertising services. One can make a lot of money from advertising on podcasts.
The programmatic advertisements can help podcasters sell their full inventory, not only to domestic but also to international markets. So, for example, if 20% of podcast listeners are from Spain, then Spreaker, for example, gets to serve them specific ads for that specific region.
Sponsorships come the next in ways to make money from podcasts. You usually need a larger audience of at least 5k to 10k listeners per month in order to make a good amount of money.
Another option that works really well if you have a smaller or niche audience is to reach out directly to the companies that you think would be a great fit for your audience. In the beginning, try smaller or local companies, and talk to them about the ways they can get the benefit by supporting your podcast.
3. Offer Courses
Offering courses or something to do with passion and hobbies is one of the best ways to make money from podcasts. Usually, all the podcasters provide courses on the topic about which they speak.
If you’re good at teaching any specific subject or skill, then it’s very easy for you to attract a lot of people to your courses through podcasts. You can create your courses on sites like Udemy, Coursify, etc.
The best part is you can sell it again and over again by tweaking it and you can cross-sell as well.
As you already have a lot of knowledge in your niche which you’re sharing with the world, but each person and business is different and hence have different sets of questions based on their requirement and experiences. As a result, why not start coaching/consulting?
Consulting services such as financial and business consultancies always remain in high demand across the whole year. You can promote some of these consultancies on your podcasts and charge a fee.
5. Offer Premium Content
Selling premium content is a great way to make money from podcasts by scaling your business. Premium content is different from membership as it is usually more detailed and longer than anything your receive in membership or free content.
Your audiences will have to pay a subscription fee, either one-off or on a per podcast basis to listen to the premium content. Normally, the podcast related to making money or getting some freebies can always be given as premium content.
As a podcaster, you can always ask for money to sponsor your programs. It can be done through crowdfunding or by asking for donations. You can find many such platforms where you can raise a good amount of money for your podcasts.
The podcasts which are majorly dedicated to creating public awareness, education can go for crowdfunding. Crowdfunding is usually available when it could benefit a large group of people.
7. Affiliate Marketing
Do you know how podcasts make money with affiliate marketing? Affiliate marketing is a way in which you earn money by selling other products, or services. Every time you make a sale you get a commission under your unique link.
You can sell anything on your podcasts the great place to start is by thinking about the products you use for your podcast or business. You can also consider what other online or physical tools make your life easier and make money.
8. Provide Services
Selling your services through podcasts is an amazing marketing strategy. However, to do so, you’ll have to be an expert in your field. That way you can charge a fee for your podcasts.
This podcast monetization strategy will take extra work because you’ll have to spend more time providing the service but if you’re willing to go this route, this could be a great way to bring in some money.
Some of the trending services that can sell right now are training people on how to create podcasts, how to become a freelancer, how to become a profitable trader, how to trade cryptocurrency, and many more.
9. Host Events
Hosting events is a great way to make money from podcasts, as it brings together your best fans and brings even more value. You can promote any events such as seminars, conferences. Even you can find sponsors that’ll pay you for providing such podcasts.
Also, you can sell them as premium content for interested audiences. Hosting events is one of the popular ways to make money from podcasting.
10. Public Speaking
If you’re an influencer, famous podcaster, organization then you could get invited as a public speaker at their events. You can charge fees per hour for speaking at such events.
This is a superb way to make money with podcasting as it gives you exposure to more and more audiences, who would then join into your podcasts.
You may also like: 10 Tips to negotiate your salary for a New job
The podcasting industry is still unorganized, but it’s growing exponentially. All the above-mentioned 10 ways to make money from podcasts are tested and proven. So, if you’re planning to make money from podcasting, now is the right time to get started.
Well now you should have some ideas on how do podcasts make money, the driving force of your podcast should be sharing your passion and growing your listener community! When you keep those in mind, and stay consistent, making money from your podcast will flow naturally to you.