Sunday, January 05, 2020

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How to Make Money With a Podcast

Learn How to Make Money With a Podcast

  Lately people have been trying to learn How to Make Money with a Podcast for many reasons. One reason being is the marketplace is fairly diverse. This individual marketplace has a global reach, providing content in over 100 languages. Additionally, the ad revenue is growing expeditiously. Every year, the ad revenue generated from podcasting rapidly increases.
  • 2015 ad revenue $69 million.
  • 2017 ad revenue $314 million.
  • 2019 ad revenue $514 million.
According to data from the Interactive Advertising Bureau (IAB) and PwC, in 2021 ad revenue from podcasting is projected to surpass 1 billion. Given this data, you should have a better idea of why so many people are trying to learn how to make money with a podcast.

To be honest, making money from podcasts requires a great deal of time. Before choosing this method as a way to make money, be sure you have enough time on your hands.

It is highly recommended to focus on your respective field when you start a platform. The reason for focusing on a respective field is to obtain a target market. A target market contains the group of customers in which you plan to market your product to. In other words, these individuals are the followers of your podcast.

Starting your platform:
  1. Choose a title - It's recommended to choose a title on subjects that interest you. More importantly, you should choose a title on a subject that you have knowledge about. You may want to include keywords in your title for search engine optimization purposes.
  2. Create a description - The description should be a summary of what your title is about. Keep in mind, you're creating content when writing a description. Therefore, remember to include keywords to optimize the search engine.
  3. Create a cover - It is advised to pay a professional for a cover if you have no experience with graphic design. Your cover is very important because it's the first thing people see when they visit your platform.

Ways to start Making Money From Podcasts


Make money from podcasts text, man on microphone.

There are several ways to begin Making Money From Podcasts. You can monetize your platform selling digital products, affiliate products, physical products or books and eBooks. In addition, you can earn revenue from coaching, consulting, advertisements, sponsorship's, public speaking, live events and crowdfunding. The way you choose to monetize should merely depend on the amount of social followers you have.

It is imperative to have a monetization strategy to begin Making Money From Podcasts. Some individuals believe as soon as they a podcast they can begin making money by monetizing ads. However, this is the wrong approach to start making money from podcasts. You will need a minimum of 10,000 social followers for advertisers to consider ad placement on your platform.

Ways to Monetize a Platform

Digital Products - Digital products are very popular as we all know. These are products such as digital audio and music, photography, software, video, eBooks, documents, tutorials, apps and courses.

Affiliate Products - Affiliate products can come in handy. Basically you are partnering with a company by choosing to sell these products. It's free to join and sign up for affiliate programs. These programs provide your platform with a wider variety of products for your customers to choose from. Which gives you more diversity as a seller. After selling a product you earn a percentage of the purchase.

Physical Products - Physical products are the most profitable products to market. When you sell physical products you earn %100 commission because the product belongs to you. Physical products also provide your platform a brand that adds more value to your podcast.

Books and eBooks - Selling eBooks and books are important for many reasons. The first reason is when you write books, you provide readers with another method to engage with your platform. As a result, you are meeting an important goal of marketing, staying engaged with your customers. Some podcasters offer their customers books and eBooks for free. Everyone loves freebies, giving out your Books and eBooks for free can definitely be beneficial in the long haul.

Coaching - If you have good problem solving skills, coaching people or businesses could very well be your respective field. You can coach people on just about any subject. You can coach people on parenting solutions, life problems, health and fitness, weight loss and nutrition among several other subjects.

Consulting. You do not need to have a degree to start consulting people or businesses. You will need to have a purported expert level of knowledge on the subject you're consulting your followers about. A few types of consultants are business consultants, financial consultants, strategy consultants, social media consultants and marketing consultants.

Advertising - You'll need at least 10,000 followers to your social platform to post ads as mentioned earlier. However, earning money placing ads is one of the best ways to make money. In 2021 the revenue generated from advertising is projected to be 1 billion. Therefore, monetizing ads can put you in a billion dollar marketplace.

Sponsorship's - One of the most popular ways to make money podcasting is through sponsorships. Even more, implementing sponsorship's on your platform can be one of the easiest methods to make money. On the flip side, you can sell personal advertisements on your platform.

Most publishers use a form of advertising called cost per mile to earn. Paid ads are sold by means of an advertising strategy called Cost Per Miles (CPM). When you agree to pay for an ad you're paying an agreed amount of money for 1000 impressions. The average rate for podcast advertisements is twenty-five dollars for a sixty seconds ad (CPM).

Crowdfunding- Crowdfunding is a process that involves viewers contributing pledges and support to your platform. In fact, many entrepreneurs use crowdfunding as a marketing strategy. This particular strategy is a way to make the community feel more involved. The viewers don’t feel like they are donating money, they feel as if they're contributing to the success of the podcast. A great resource entrepreneurs can use to crowdfund Patreon.com.

Do Podcasts Cost Money?

The answer to this question is yes. In order to develop professional content, the entrepreneur creating the podcast must have the proper equipment. There are two ways to professionally develop content for a podcast. The first way is to record content at a studio. Whereas the second way is to record content yourself.

If you choose to record your podcast at a studio, more than likely you will have to pay for studio time. The average cost for booking time at a nice studio can cost anywhere from $40 - $550 an hour. By the same token you will need an audio engineer. Hiring a professional audio engineer will cost you around $40 - $200 per episode.

On the other hand, if you choose to record the podcast yourself you'll need to purchase the equipment and software. Indeed, it will be cheaper to personally record the content, but it will acquire much of your time.

You'll need the right equipment in order to develop a professional sound to communicate with your viewers. Here is a list of equipment you will need.

  1. Microphone - Needed to communicate with the audience.
  2. Pop filter or windscreen - Eliminate your plosives, letters like p, b, and k.
  3. Boom arm - Connects to the desk and the microphone
  4. Shock mouth - Used to suspend the microphone in mid-air and absorb vibrations.
  5. Usb cord with xlr cable - to help you sound better.

You can get all of the equipment listed above under $100 if you purchase the Audio-Technica ATR210-USB USB/XLR Microphone with Knox Gear Boom Arm and Shock Mount.

On the flip-side you will need a digital audio workstation to develop podcasts. Mac users use Garageband and PC users use Audacity.org. The good news is the software you'll be using is free.

How Much Money does Podcasts Make?

The amount of money a podcast generates depends on the social following. Platforms with a small number of followers will not earn as much revenue as platforms that have a larger amount of social followers.

There is not a minimum or maximum amount of money a podcast can make. Podcasting is not like a typical 9- 5 jobs where employees get paid a certain amount every week. The highest paid individual podcasting earns $70,000 per episode.

Here you can find monthly reports that show how much money a podcasting platform earns. These reports will provide detailed information about revenue generated from top podcasters. They also contain valuable information about the podcasting industry.
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