How to Make Money With a Podcast

Ways to Make Money With a Podcast

There are several ways to begin making money from podcasts. The way you choose to monetize should merely depend on the amount of social followers you have.

  1. Advertise Affiliate Products
  2. Advertise Digital Products
  3. Coaching
  4. Consulting
  5. Crowdfunding
  6. Monetize Ads
  7. Promote Physical Products
  8. Sells Paperback Books or Ebooks
  9. Sponsorships

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 obtaining 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 Make Money From Podcasts

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.

Advertise 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.

Coaching

If you have good problem solving skills, coaching people or businesses could 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.

Crowdfunding

Crowdfunding is a process that involves viewers contributing pledges and support to your platform. 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. Patreon.com is an outstanding resource for crowdfunding.

Monetize Ads

You'll need at least 10,000 followers to your social platform to monetize ads on YouTube 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.

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.

Sell Books or 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.

Sponsorships

One of the most popular ways to make money podcasting is through sponsorships. Even more, 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 a form of advertising called cost per mile to earn. Paid ads are sold by means of an advertising strategy called Cost Per Mile (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).

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 increased rapidly over the last 6 years. In 2015, $69 million was spent on advertisements. Two years later (2017), $314 million was spent on podcast ads. In 2019, $514 million was spent on podcast ads. According to data from the Interactive Advertising Bureau (IAB) and PwC, ad revenue from podcasting is expected to exceed 1 billion in 2021.

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 Experince ($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 as a way to make money, be sure you have enough time on your hands.

Do Podcasts Cost Money?

Answer: 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.

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