Can You Make Money Podcasting?
Yes, you can make money podcasting. You can feel the effects of podcasting in your bank accounts asides the goodwill you’ll receive from your audience. Successful podcasters like Pat Flynn and Joe Rogan built a living from their podcasts. This shows you can make money from podcasting. That said, how do you go about it?
1. Advertisements:
One of the most common ways to make money doing podcasts is to run ads on your podcast. Businesses are looking for ways to get their products in the face of potential customers; if your platform can do that, they will run after you.
The best part is that you don’t need to trouble yourself finding these businesses; there are podcast networks that connect podcasters with advertisers and do all the work. All you need to do is run the ad on your podcast according to their conditions and get paid. However, you must be creative with how you run ads on your podcast. Ads are mostly a huge turnoff to listeners, but you can always find a way around it.
2. Sponsorships:
3. Donations:
4. Selling products:
5. Premium content:
6. Affiliate marketing:
Here, your podcast acts as the middleman between a company and buyers. Affiliate marketing is one of the easiest ways to make money from podcasting, provided you have a ready audience. You need to advertise a product or service on your podcast and get a commission off every sale made through your podcast. There is usually a customised link the company gives you to be able to track every sale. The more the sales, the more money you make. It’s advisable that the products you advertise relate to your podcast theme to make it easier for your audience to buy.
7. Consulting:
8. Speaking gigs:
9. Live events:
How Much Does A Podcast Make?
Statistics show that there is no fixed amount as regards how much you can make podcasting. What determines how much podcasts make is how large their audience is, how well they can combine different monetisation methods, and how effective their marketing is.
The money podcasts make for advertisements is calculated as cost per mile (CPM) or per one thousand listeners, which can range from $15 to $30, depending on the advertisers or podcast platform you use. If you have 10,000 people listening to your podcast weekly and you get paid $25 for every thousand listeners, that’s $250 you’ll be making monthly from podcasting. Some podcasts that make a steady flow of income include Smart Passive Income and The Ringer.
In addition, you need to combine the monetisation methods if you want to make good money with podcasting. A podcaster who runs ads on their podcast sells custom merch and offers consulting services will make more money than one who only relies on ads.
However, it’s not enough to know how podcasts make money. You have to do what successful podcasters do too. The first thing is to determine your content. Your content will determine your target audience. If you know how businesses can scale their income, your target audience is business owners and those aspiring to own a business.
Asides the quality of your content, you need to be patient and consistent. Your podcast won’t start making millions of dollars the first day or the first year you start. Building a large, loyal audience isn’t magic; it takes the right strategies and time. Therefore, if you aren’t ready to play long-term, you’ll find it challenging to make money from podcasting.
Conclusion
Making money from podcasting is easier once you have built a loyal audience with quality content, effective marketing and consistency. Also, combining different monetisation methods will scale up your income from podcasting and make it highly profitable for you.
Check out our free “Podcasting Mastered” course for a detailed walk-through on everything you need to know about starting a successful business podcast. And feel free to reach out for personalized guidance.
