Thinking of starting a podcast on Spotify and looking for ways to earn money?
Or do you have a podcast on Spotify and want to know how to increase your income?
Well, whether you are just getting started or you have an established audience on Spotify, we have good news for you: there are endless ways for you to monetize a podcast on Spotify.
In this article, we take a look at the ten popular methods that have the greatest potential for podcasters to earn money on Spotify.
So, let’s get started.
#1 Affiliate Marketing
Affiliate marketing is where you promote and sell the products or services of other companies under a special affiliate link/URL. You typically earn a commission when podcast listeners click on the URL and make a purchase.
There are many affiliate programs for every product or service available in the market. You can sign up for the affiliate programs of popular companies such as Amazon or eBay, choose a favorable product or a service, and start earning right away.
The earnings from affiliate marketing depend on the size of your audience. The greater the size of your audience, the greater the earnings.
Note that it is best to promote affiliate products or services that you are familiar with. This way, you can build a trustworthy relationship with your audience.
Sponsors are one of the best ways to monetize a podcast on Spotify. Sponsors are companies that want to promote their products or services within your audience in exchange for monetary benefits. In simple words, sponsors pay you monthly or per-episode basis for advertising their products or services to your target audience.
It is fairly easy to seek out sponsors for your podcast. You can check out similar podcasts and contact their sponsors. You can also attend industry events or join business networks to find appropriate sponsors for your podcast.
The earnings from sponsorships depend directly on the size of your audience. So, the odds of landing a sponsor for your podcast on Spotify are better if you have a well-established audience base.
You can join podcast advertising networks such as Midroll, PodGrid, Advertise Cast, etc. to easily monetize your podcast on Spotify. These ad networks act as third-party platforms between hosts and sponsors.
These networks work by putting advertisements in your podcast. Ads can be placed at the start, middle, or end of the podcast. You can earn per 1,000 impressions of the ad, whereas the ad networks receive a cut from your earnings.
Various platforms take a different cut from your earnings, so it is important to read their terms and conditions before you sign up for their ad network. The earnings from ads also depend on the size of your audience. So, the greater the size of the audience, the more the earnings, and vice versa.
You can also monetize your podcast on Spotify by creating an e-course that teaches similar content to what you talk about on the show.
Do you teach art or skill in your podcast? Well, then this is the perfect opportunity for you to monetize your podcast. You can create informational audio or video courses to teach your audience. You can also create great-looking worksheets.
There are many platforms you can use such as:
Using these platforms you can create a great-looking online course for your listeners. These platforms are super-simple to set up. So, what are you waiting for? Create an inspirational course for your listeners now!
Coaching is relatively easier than creating a complete online course; however, it is not everyone’s cup of tea. If you like to get on calls to teach or guide clients, then this is the ideal monetization method for you. Just create a booking form that accepts payments and you are good to go.
This way, you can also build meaningful relationships with your clients. These high-value relationships lead to other long-term opportunities as well; however, it requires effort, knowledge, and time to become a reliable online coach.
For coaching, you can use multiple online platforms such as Skype or Zoom. Or you can offer email or text coaching as well.
Common coaching industries include health and fitness, relationships, business, teaching, etc. So, if you are in one of these industries, start coaching now!
Donations are a simple way for new podcasters to earn money. If you have a loyal listening community, you would be surprised to see how many listeners are willing to support you.
However, you are required to be transparent with your audience. What do you need the donations for? Do you need donations to create better podcasts? Do you need money to purchase good-quality tools? The more authentic the cause, the more the will to donate.
For donations, you can use various online platforms such as PayPal, Skrill, or GoFundMe. Add your link to the description box.
You can also create incentives or bonuses for those who donate to your cause. For instance, you can send a custom sticker or give a shout-out to listeners who actively donate to support your cause. This way, you can not only stimulate your listeners to donate but create a special bond with your audience.
#7 Premium Content/Episodes
To monetize your podcast on Spotify, come up with unique ways to deliver value to your audience in the form of premium content/episodes. Premium content can be anything including:
- Behind the scenes
- Additional interviews
- Q&A with the hosts
- Guest interviews
Many podcasters sell the back catalog of their podcasts as well. This way, listeners can access your recent shows for free, but they need to pay to access older episodes.
You can also create special podcasts for weekly, monthly, or annual subscribers. Add a reliable payment method and start selling premium episodes now!
If you have a loyal audience base on Spotify, then it is time for you to create and sell your own products. These products can include anything such as:
- T-shirts or hoodies
- Mugs or cups
- Phone cases etc.
There are endless possibilities here. You can create unique products with personalized catchphrases. However, do not forget to brand your merchandise with the name or logo of your podcast.
To create and sell products, you can develop a personal website and add a reliable payment method; however, if you are just starting out, you can also use third-party platforms such as Teespring to manage the printing and selling of your products.
Selling personalized products not only helps you connect with your listeners, but is a great way to expand the reach of your podcast.
Like products, you can also sell services through your podcast on Spotify, but you need to build a loyal and engaging audience that is willing to purchase your service.
These services can include anything such as:
- Email coaching
- Skype/Zoom consulting
- Therapy session
- Online counseling etc.
There are endless possibilities. You just need to offer a unique and value-based service.
Selling a service through your podcast on Spotify is also a great way to market your service as people can connect with you as well.
Memberships are a great way to have a steady income from podcasts on Spotify. Members support your podcast through monthly or annual payments.
Through memberships, you can build a close relationship with your listeners that helps you create a stronger listener community. This listener community thus supports you both literally and figuratively.
You can meet your members face-to-face and give them a say in your content. You can also send out member surveys, host member events, or invite them as guests to your show. This way, your audience takes the passion of your members for your cause that enables them to support your podcast wholeheartedly. It is a win-win situation for everyone!
Patreon is a great example of memberships as the platform helps you earn most of the money. Your members pledge to support your cause on a monthly or annual basis in exchange for exclusive updates and events.
Also, Patreon is completely free. The platform only takes a small cut from your earnings, so what are you waiting for? Get started now!
We hope that this article has opened your eyes to the endless possibilities for monetizing your podcast on Spotify.
However, note that you need to understand the needs of your target audience before choosing a monetization strategy for your podcast. Choosing the monetization method perfectly suited to the needs of your listeners is the best way to build credibility and trust with your listeners.
Not just that, choosing reliable monetization methods helps increase your reach. You do not want to come off as too abrasive and lose followers by choosing the wrong monetization strategy.