Podcasting is a modern way of repurposing your content, strengthening relationships with your existing audience and reaching new audiences. With top podcasts generating more than $1,000,000 per year in revenues, podcasting can be a gold mine.
Many folks are still asking Google about how to make and monetize podcasts. Easy, you only need a decent microphone, recording software and some creativity to start things off. While many podcasts start as a hobby or side-hustle, a well-established podcast can quickly become a lucrative way of making money.
From ad revenue to selling merchandise, there are plenty of ways of monetizing podcasts. Here are 8 creative ways you can make money from podcasting.
1. Sell Ads or Sponsorships
Ads and sponsorships are some of the easiest and most common ways of monetizing podcasts. You don’t have to sell anything, just set up a deal with a sponsor and you’re good to go.
One of the best ways of monetizing using this way is running a quick ad at the start of your show, mentioning a few sponsors at a fee. For instance, you may introduce your podcast with something like, “this episode is sponsored by (company). If you’re looking for…” this way of presenting your sponsor is known as pre-roll.
Other types of podcast advertising, depending on the spot of an ad in an episode, are mid-roll and post-roll. In mid-roll, talks transition into a break where podcasters talk about sponsored products. In post-roll, however, you do mention the sponsor at the very end of your podcast.
Figure out which ones work best for you and the brands.
2. Sell Your Own Products
Selling your own products is another way of making money from a podcast. This one of the primary reasons businesses are creating podcasts—to promote their brand and products. You can sell physical products that can be things like t-shirts, mugs, and other merchandise.
Some fans are willing to show their love for specific products through supporting the podcaster by buying the merchandise offered for sale. It’s even easier nowadays as YouTube allows you to sell products directly below each episode of your channel.
Better yet, numerous manufacturers allow fans to book products before manufacturing them. This way, you won’t get stuck with a ton of products.
3. Ask for Donations
Asking people for money is another easy way of monetizing podcasts. But you have to produce great content to attract more fans to donate a few dollars to your account. You can add a donation form to your site and add a PayPal button or set up a GoFundMe campaign.
Many other podcasters use platforms like Patreon to create a membership-based business. The platform allows you to create different membership ties and invite your audiences to support your podcast by becoming regular contributors.
Keep your call-to-action authentic and free of shady sales tactics that undermine your audience. If you want funds to pay your bills and help you create better quality episodes, let your audience know. By ensuring your listeners understand what their money will be used for, they’ll likely be more inclined to donate.
4. Charge a Subscription Fee
While most podcasts are available for free, the information you provide doesn’t always have to be free. You may choose to forgo running ads and instead charge for podcast subscriptions. Some of the best monetization ideas include allowing early-access to your premium subscribers and providing ad-free subscribers’-only content.
5. Affiliate Promotions
If you don’t intend to sell your own products then affiliate programs might be your best way to earn money with your podcast. Affiliate links have been used to generate revenue for decades successfully.
Affiliate links are personalized links to an online product or store that points back to you and pays out a fraction of the sales you attract. If you’re promoting higher-priced affiliate products, with a continuing commission (the percentage you earn can add up over time).
Affiliate marketing is an ideal option if you link to products that members of your audience are likely to use. The best part is that numerous stores, including online store Amazon, offer affiliate programs. Note that it’s good practice to inform your audience about affiliates so they don’t feel you mislead them.
6. Offer a Course
A lot of podcasters use what they teach about on their podcast to create courses. The trick is in knowing your audience’s biggest pain points and offering a solution via a course. Online courses are a great way of teaching concepts in an easy-to-follow way so the subscribers can get specific results immediately after completion.
Think about creating an online course with your membership site. Then fill it with video tutorials and other resources that will help monetize your podcast.
7. Host Live Shows
Some of your fans may want to see you in action and contribute to the episode-creation process─ and there lies an opportunity. As the popularity of your podcast grows, you should consider hosting a paid live show. Touring can be reliable and lucrative as famous podcasters have found success with selling tickets to their live shows.
8. Lower Expenses
Sometimes it takes reducing expenses to increase profits. While the idea of spicing up your podcast with things like musical backgrounds and fancy editing seems sweet, this stuff might eat up some of your profits.
You can run a podcast on an almost free basis by using the standard equipment and hosting you already own. For example, using your iPhone for voice recordings is a creative way to keep your expenses extremely low. Partnering with local businesses (some provide free venues) for a free advert is also a good way to offset your podcast expenditures.
Monetizing Podcasts is Possible
Monetizing podcasts can help you add an extra stream of income to your life. If you are passionate about creating podcasts and want to transform it into a full-blown career, knowing the right ways can be crucial to your success. Combining the provided top ways to monetize your podcast could be the best way towards your financial freedom.
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