Many people are now starting their podcasts. Podcasting is an excellent way to share your experience, thoughts, and learnings. Do you know that you can also make money from it? You can monetize your podcast, and this post will guide you about the process.
When to Start Monetizing your Podcast?
If you’re an aspiring podcaster, you can monetize it to earn extra income. However, you should not expect that you can immediately make money from your podcasts. If it’s your first-time creating podcasts, it is essential to build first a community of listeners. You can do this through the following:
You should be consistent in releasing your podcasts.
Make sure your podcasts can be accessed on distribution platforms, including Apple Podcasts and Spotify.
Tell people about it and share the said content on different social media platforms.
If you have already gained a podcast audience, it is the time when you should start monetizing your podcast. Monetizing your podcast doesn’t have complicated rules. If you gather 400 to 500 downloads per episode, it’s the best time to make money with your podcast.
Here is a guide for monetizing your podcast.
How Do I Start a Monetized Podcast?
As you gain an audience, you can now monetize your podcast through the following strategies.
Affiliate marketing and sponsorships
With sponsorships, you can promote your podcast. In affiliate marketing, you can receive a commission as you refer people to other companies.
Sell paid content
Use your own podcast in referring your audience to your specific paid content. If you sell an online course, merchandise, coaching sessions, or a book, your content can be an intermediary to connect your services to people who want to purchase them.
Exclusive content and subscriptions
You can also convince your audience to subscribe to a paid membership. However, this method has more workload. You need to create an excellent reward system for your donors, whether it’s free merchandise or exclusive episodes.
Donations and crowdfunding
You can also ask for donations from your audience to support you. Having a solid and loyal audience base is your advantage.
You can host an IRL podcast event to monetize your podcast. It is an effective strategy, especially if you have a local audience who would like to travel to see you. It also needs a huge amount of listeners to get higher profit.
Join a podcast advertising network
A podcast advertising network is a third-party platform that serves as a middleman between podcast sponsors and hosts. This service will place ads in your podcast and pay per 1000 impressions of the advertisement.
Monetizing your Podcast Indirectly
The following ways allow you to monetize your podcast indirectly.
Sell physical products
If people love your podcast, they might want to buy merchandise they can find in your show. You can sell mugs, T-shirts, and other items that allow you to connect with your audience.
Sell mastermind slots
You can also monetize your podcast with a mastermind group. It is a group of individuals who support one another for one goal. They provide brainstorming, education, and accountability to assist your progress with what you want to accomplish.
Sell content upgrades
You can also indirectly monetize your podcast by selling content upgrades. It can be a downloadable resource for your podcast episodes. It was an upgrade since it can enhance the experience of your listeners.
You can sell the content upgrade by placing a payment form on your website. You can put it on your page where you publish your content.
Sell coaching or consulting services
If you host a podcast, you can be an authority in a specific niche. Your audience will respect you as an expert. With this, you can monetize your podcast by providing consulting or coaching services in line with your topic.
Other Strategies to Monetize your Podcast
If you want to monetize your podcast effectively, consider the tips below.
Take advantage of social media
Social media is one of the best platforms to advertise your creative content. It is easy to use, affordable, and has a wide reach. You can use Twitter and Facebook to share your podcasts.
If you have chosen a platform to use, you can post updates:
- The topics that will be covered.
- What your audience can expect.
- Allow your followers to be updated about the next episodes due for release.
- You can post about the lessons and best quotes after the episode. Interact with your audience by asking them what they liked about your latest episode.
- You should let your audience express their opinion about your content. If you have active engagement with your audience, they will follow more podcasts.
Connect with your fellow podcasters
It is also a good idea to be in touch with your fellow podcasters. A popular podcaster can feature your podcast. With this, you can gain more audience for your content. In this method, you can tag them on your social media accounts. You can also share relevant content about your collaboration.
Advertise your podcast
Another tip for monetizing your podcast is through paid advertising. It allows you to connect with your target audience and gather traffic.
How Many Views do you Need to Monetize a Podcast?
You can begin to monetize your podcast if you gain at least 5000 or 10000 listeners monthly. Once you build a solid audience, you can start making money with your podcast episodes. You should increase engagement with your target audience to gain more followers.
If you get 400 to 500 downloads each episode, you can make money with your content. Having more listeners means more profit from your podcasts. So, you should do something to convince your listeners to keep following your podcast episodes.
How Much do Beginner Podcasters Make?
Podcasters can earn money, but how much does a beginner podcaster make? The following are some examples of making money based on the performance of your podcast.
1000 downloads each episode
If you achieved 1000 downloads for your podcast episode, you have experienced moderate success. We can’t offer you the exact amount of money for this achievement.
3 podcasts weekly
If you create 3 podcasts for every week and come with two ads each at $30 CPM, you can gain about $27,000.
10,000 downloads each episode
If you get 10,000 downloads each episode, you can gain about $500 to $900 each episode in affiliate sales.
Generally, it’s challenging to provide an exact estimate. It can depend on the number of your listeners. In addition, the money you can earn will depend on your efforts to monetize your podcast. For example, you can get $20 to $100+ each episode for every 1000 followers you can acquire.
You can earn more if you have various types of monetization plans, including selling other services or donations. The more efforts and monetization techniques you implement, the more you will earn with podcasting.
You can earn money with the help of different techniques. The following are some examples of how some podcasters make money.
- 42% provide premium content and provide members services.
- 54% get money through selling sponsorships.
- 18% directly sell information products and online courses from their podcast.
- 15% earn money from events and speaking gigs.
- 18% get income by promoting products as affiliates.
- 5% sell guest spots and ask their guests to pay to be interviewed.
- 14% get money from selling merchandise to your show.
- 3% get money from donations from their listeners.
- 3% sell newsletters about their show.
- 1% get money through licensing their podcast to third parties such as radio stations.
You should make efforts to gain more listeners to make your podcast more profitable.
If you want to grow your podcast and monetize, you can consider the tips below.
Ask for donations
If you’re a beginner in podcasting, you can ask for donations to monetize your content. Some fans are happy to provide dollars to their favorite podcasters.
Sell your premium episodes
Once you know that your target audience loves your podcasts, you can have a chance to get high payments. You can make premium episodes to get more money. You can also sell:
- Early access to episodes which can be accessible later on
- Q & A with special guests
- Live-streamed episodes
- Ad-free episodes
Gate your back catalog
If you created a back catalog of your podcast episodes, you might try this technique. You may restrict your audience from accessing your older episodes. With this, you will be paid if users want to listen to your older material.
Incorporate your podcast into YouTube
Another way to monetize your podcast is to publish it as YouTube videos. You don’t need to worry because it’s a quick procedure. You will only enable monetization in the settings of your account. Then, Google will handle the advertisements and distribute your money.
How Many Subscribers do you Need to Make Money on a Podcast?
If it’s your first-time podcasting, you should understand that you can’t immediately make money. Generally, you should grow your subscribers to at least 5000 each episode. With this milestone, you can begin monetizing your podcast.
You can charge an ad space on your show. If you incorporate ad space with affiliate sales, you may gain a higher amount from podcasting.
Which Podcast Platform is Best for Monetization?
There are various podcast platforms on the market. So, you should choose the best platform that can help you monetize your podcast effectively. The following are some of the top podcast platforms you can use for monetizing your podcast.
Buzzsprout will make your podcasting simple. It has an excellent dashboard design that allows you to make creative content. The platform is loaded with many advanced features like built-in transcription integration, publishing workflow, text editor, brand new embed player, and Magic Mastering to create the perfect sound for your episodes.
There’s also affiliate marketing integration on your website. It is a mobile-friendly podcast platform. The Buzzsprout will also offer you the best statistics. It comes with an affiliate marketplace and allows you to add team members.
The Transistor is one of the latest analytics and podcast hosting platforms today. They focus on brands and those who want to take podcasting seriously. With this platform, you can get excellent podcast statistics. You can also manage and add team members. Using Transistor can help you host various shows as much as you want. It can be your efficient podcast website.
Another unique feature of Transistor is that it comes with a private podcasting feature. You can host different shows, so you can make public and private podcasts under one account.
This podcast advertising platform provides freedom of expression. It seems like a Spotify for podcasting. If you produce ads, Art19 can be the right podcast platform for you.
This platform is owned by the Panoply network. It focuses on targeted advertising and boasted more than 60,000 intent-based and demographic segments. If you want to monetize your podcast, Megaphone can be your efficient partner. The platform offers to track user analytics, publishing, DAI, distribution, sales, and other features.
The platform is designed by the experts behind Slate’s famous award-winning audio network. It relies on the Megaphone’s sales, audience development, and marketing services for media brands and podcast producers. You will need to have about 50,000 downloads of each episode before joining.
It is a well-established player in the podcast advertising market. It utilizes the CPM model and can give you access to advertisements from top companies, including Toyota, HBO, and Audible. The platform commands bigger fees to match.
The Captivate is an excellent platform for podcast hosting. It has been serving many podcasters for several years. The platform can offer you understandable and advanced analytics. It also comes with a well-designed website. Captivate offers built-in CTAs to assist people anywhere you want. Each plan comes with private podcasting. It also has excellent features like innovative UI like WordPress integration and default schedule time.
The Castos hosting platform can seamlessly integrate with WordPress. It features the Seriously Simple Podcasting WordPress plugin, where you can upload your latest episodes and manage your feed. You can download bandwidth monthly with a customizable player in embedding your website. Additionally, you can access unlimited upload volume. Castos also provide a 14-day free trial.
With these podcast hosting platforms, you can monetize your podcast efficiently. You can also acquire more listeners for your podcast episodes. Choose the best platform that suits your specific needs.
Is it Hard to Monetize a Podcast?
Well, we can’t give you an exact answer to this question. For some podcasters, it can be hard to monetize a podcast. It may require more time and effort to gain money from your podcast episodes. Additionally, there is tough competition in the podcasting industry. You should apply the best monetizing techniques to profit from your content.
On the other hand, hard-working podcasters may find it easy to monetize a podcast. Some treat podcasting as a hobby they love. With that, they feel no pressure creating podcast episodes. By implementing the best techniques, they easily monetize their content.
How to Start a Podcast
Do you wish to be a podcaster? There’s nothing impossible about achieving it. We will guide you on how to start a podcast.
You should have a plan when starting a podcast. Keep in mind, what’s your purpose in making a podcast. Are you a marketing manager, business owner, or freelancer? Podcasting allows you to grow your community or authority. You can offer your target audience and customers entertaining and relevant content.
You should also know your target audience. It is essential to determine who’s your podcast for. For example, if you want to create a fitness and health podcast, your audience will be individuals interested in weight loss, healthy eating, bodybuilding, or exercise.
Give your audience to listen to your podcast. You can create content that can offer value to people. It can be helpful to come back to your podcast for more valuable episodes. Then, you can make the name of your show.
After you plan your content type and target audience, it’s time to organize your episodes. A short podcast episode can be a maximum of 15 minutes. A long podcast episode can be more than an hour. The length of your episode can depend on your audience and your content.
Next, you should think about how often you will release your episodes. Usually, podcasters release podcast episodes regularly. You can choose to release monthly, weekly, or every 2 weeks. You should select catchy episode titles. It is also essential to select a format for your podcast. The most common formats include Solo Show, Co-hosted Show, and Interview Show.
Other formats for a podcast are:
The narrator walks through different conversations, interviews, and on-location clips to portray a picture.
This podcast format comes with several guests and one regular host discussing a specific topic.
It is a combination of a documentary and a drama. It provides information and learning, but in an entertaining manner.
With a professional format, you can effectively publish your creative content. You can provide valuable content while gaining money from your hard work.
Equipment and recording
You can now record your first podcast episode. Podcasting may require you to use recording equipment, including a computer with a USB mic. You should also have internet access. Your equipment and recording process should produce quality sound and content that your audience will love.
As you plug an audio interface or USB microphone into your computer, you will need software to edit and record the audio. You should learn how to script your podcast. If you’re learning to begin a podcast, you need to know talking into a mic will give you an authority on what you’re talking about.
Starting a podcast on your phone
If you don’t have a laptop or computer, don’t worry because we assure you that you can still start your podcast. You can use your smartphone to begin the podcasting process. With the continuous innovation of mobile technology, you can enjoy podcasting on your phone.
Be a good host to your podcast
Having the best recording equipment is not enough. You should also learn how to be a competitive podcast host. It is necessary to have confidence while talking to your audience. An excellent host should be a relatable, genuine, curious, and cohesive speaker. With this, your audience will be convinced that you’re an expert in your niche.
Recording remote co-hosts or guests
If you have regular interviewees or co-hosts from different parts of the world, it can be challenging to connect with them. The best thing to do is to use advanced equipment to make things smoother in your podcasting habit. You can use Zoom for a quality call recorder.
Podcast production and editing
The next stage in starting your podcast is the production. You will edit the mistakes and check the quality of the audio clips. Make sure to add FX or music that makes sounding excellent with leveling, EQ, compression, etc.
Editing your Podcast
Editing should be simple, like recording your podcast. You can use a digital recorder and transfer the files to a computer for production and editing.
Searching music for your podcast
Music is not a requirement for a podcast. However, most podcasters add music to the start and end of their show. It is important to use a piece of music legally on your podcast. You may acquire subscriptions, so you can access lifetime licenses and huge libraries on anything you can use with your membership.
Publishing and promotion
We are now at the last stage of starting your podcast. Keep in mind that first impressions are important. So, you need to create catchy cover art that can get the interest of your audience.
Choosing a podcast hosting platform
If you wish to have successful podcasting, you should get a quality podcast hosting platform. This platform will store your content and can be accessed by your listeners. It is also the place where your audience can subscribe to and download your podcast.
Submit to directories
After making your show with your chosen hosting platform, you can submit it to different directories. These places are where your audience can subscribe, discover, and download your content. It allows you to promote your podcast on:
- Apple Podcasts
- Google Podcasts
Once you begin podcasting, you can apply the best techniques to gain more listeners. So, you can effectively monetize your podcast. Like what we mentioned in this article, there are various ways to increase your monetization through different strategies.
Generally, your podcast can be a potential source of income. However, monetizing your podcast is not easy, especially if you’re a beginner. You need patience and dedication to make money with your podcast episodes.
You should implement different monetization plans to make the best of your podcasting. You can follow the tips and guide we mentioned in this post. So, you can have a profitable and enjoyable podcasting experience.
Are you ready to earn money while sharing valuable content? Then, it’s time you start your podcast now!