How to Make Money With a Podcast

9 Ways to Make Money With a Podcast

Make Money With a Podcast

Let's get right to business. Here are 9 ways to make money with a podcast:

  1. Advertise Affiliate Products
  2. Promote Digital Products
  3. Become an Online Coach
  4. Consulting
  5. Crowdfunding
  6. Monetize Ads
  7. Promote Physical Products
  8. Sells Ebooks
  9. Sponsorships

As you can see, there are several ways to monetize a podcast. But first, you must focus on building a following. You can't make money with a few people watching your content. Therefore, you must concentrate your efforts on gaining more subscribers. All things considered, you can make money with a few subscribers. And there are strategies to earn money from a limited following. However, you can't quit your job that way.

It is imperative to have a monetization strategy to earn money from podcasts. Before starting a podcast, it's important to understand that the most profitable way to make money from podcasting is through advertisements.

1) Advertise 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.

2) Promote Digital Products

Digital products are ubiquitous, as we all know. These are products like digital audio and music, photography, software, video, eBooks, documents, tutorials, apps and courses.

3) Become an Online Coach

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

4) Consulting

You do not need to have a degree to consult 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.

5) Crowdfunding

Crowdfunding is a process that involves viewers contributing pledges and support to your platform. Many entrepreneurs use crowdfunding as a marketing strategy. This 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. Patreon.com is an outstanding resource for crowdfunding.

6) Monetize Ads

Some individuals believe as soon as they launch a podcast, they can begin earning money from monetizing. However, this is the wrong approach. You'll need at least 10,000 followers on your social platform to monetize ads on YouTube, as mentioned earlier. However, earning money placing ads is one of the best ways to get money. In 2021, it's projected that advertisers will spend over 1 billion for advertisements. Therefore, monetizing ads can put you in a billion dollar marketplace.

7) Promote 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.

8) Sell 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. Consequently, 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.

9) Sponsorships

One of the most popular ways to make money podcasting is through sponsorships. Implementing sponsorships on your platform can be one of the easiest methods to earn money. On the flip side, you can sell personal advertisements on your platform.

Most publishers use an advertising model called cost-per-mile (CPM) to earn. In this model, publishers earn money from 1000 ad impressions. The average rate for podcast advertisements is twenty-five dollars for a sixty-second ad (CPM).

How Much Money Do Podcasts Make?

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

The spending on podcast advertising has skyrocketed over the last 6 years. In 2015, advertisers spent $69 million on ads. Two years later (2017), advertisers spect $314 million on advertisements. In 2019, businesses spent $514 million on podcast ads. According to data from the Interactive Advertising Bureau (IAB) and PwC, in 2021, experts expect ad revenue to exceed $1 billion dollars.

There is not a minimum or maximum amount of money a podcast can produce. Podcasting is not like a typical 9- 5 job where employees get paid a certain amount weekly. Here are the top 3 podcasters:

Joe Rogan Experience ($900,000 monthly).
Chapo Trap House ($153,000 monthly).
Smart Passive Income ($100,000 monthly).

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, be sure you have enough time on your hands.

Do Podcasts Cost Money?

Answer: yes. To develop professional content, the entrepreneur creating the podcast must have the proper equipment. There are two ways to 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 an attractive 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.

However, if you choose to record the podcast yourself, you'll need to purchase the equipment and software. Indeed, it will be cheaper to record the content, but it will require most of your time.

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