In the busy world that we live in, podcasts are a new rage. It is more convenient to listen to the information of interest than anything else and let’s accept it, convenient too. More than 160 Million people in the U.S. have heard a podcast. This staggering number does prove to us that it is a huge market full of opportunities. Contrary to popular belief, it is possible to monetize a paid podcast.
There are currently a lot of podcasters who make a living off of monetizing their Apple podcast subscription. Some people are content to make enough money to meet their server fees or get takeout once every few weeks. After all, there aren’t many other places where you can get paid to share your enthusiasm for something you love.
With this article as your guide, you’ll learn how to monetize a podcast.
What Should Be in Place Before Podcast Monetization?
Money is a big motivating factor in all our lives. That said, money cannot be earned that easily. There are a few factors that need to be considered before we go ahead and try and monetize a podcast.
- Content
As there are many other podcast subscription platforms available to reach more listeners, producing high-quality content is essential to the ongoing success of any podcast. When you settle on a specific podcast subject, you may reach your intended audience more precisely with your content. After that, post your podcast on a subscription-based platform that is better suited to your content than Apple’s Podcast subscription. You can effectively use them to expand your audience. But also make sure that you select the option that best serves your intended demographic.
That is why doing your research is essential before committing to a platform. Don’t forget that choosing the wrong one can spell the death of your podcasting business long before you see any return on investment.
- Your Performance
How do you sound when you’re speaking into the microphone? If your audience is bored, it doesn’t matter how interesting your topic is or how important your message is.
Make sure your presentation reflects your genuine interest in the topic and desire to help the audience by demonstrating your passion and excitement.
- Building Community And Relationships
Interactions and dialogues with you as the podcast host and with other listeners who share your passion engage audiences. Without a sense of belonging and participation from others, what you have going on is not a discussion but rather one-sided broadcasting.
How To Monetize A Podcast?
We’ve included some of our favorite methods for making money off of podcasts. Choose the podcast monetization strategy that works best with the tone of your program.
- Selling Sponsorships Or Adverts
The most popular way for a podcast to make money is through advertisements. You don’t have to produce something to sell, making it even more straightforward. You need only negotiate a sponsorship arrangement.
A common way podcast hosts introduce themselves is by saying something like, “This episode is brought to you by [some company].” It’s not hard to grasp the concept. We call that a sponsorship.
The number of viewers who tune in to your show will determine how much money you get from sponsors. Your income will grow proportionally to the size of your audience. On the other hand, this makes it difficult to make money if you don’t have a large audience.
Pre-roll and mid-roll mentions are typically monetizable. Seats in the middle of the row (during your show) cost extra. When appropriate, mention the sponsor both before and after the show.
- Course Development
In this paid podcast, you will provide a comprehensive course that breaks down complex concepts and explains them in layperson’s terms. This approach can be perfect if you enjoy getting down to the nitty-gritty details when instructing others.
You can record the contents of this podcast orally, visually, or on paper. You can also find a variety of platforms to assist you in your pursuit.
If you believe that offering courses is the best approach for your podcast monetization, you should start by taking a course on one of the third-party sites. Although you will be required to pay the price for each student podcast subscription in the course, you will not be required to develop a working system on your own site.
When you realize the profitability of this podcast, you can end up handling it in-house.
- Offer Premium Episodes
Since you already know your listeners enjoy your podcast, you can safely assume that some of them will pony up for a paid-up version. Just make sure to restrict access to these exclusive recordings by charging for them.
You could sell:
- Interviews with notable people
- Access to episodes before they become available for free one day
- The Ad-Free Experience
- Live broadcasts of shows
- Sell Repurposed Content
Repurposing existing work is an excellent approach that podcasters can use for commercial purposes. Making something similar now takes far less time.
Select several of your finest podcast episodes that cover related ground. You can transcribe them manually or use automated transcription tools within the dashboard. Then you can modify the transcripts, supplement them with additional materials, and publish them as a book.
Finally, use your podcast to promote your new book.
- Post Your Podcast On YouTube
Uploading your podcast episodes as videos to YouTube is a simple method for monetization of content you’ve previously developed.
You only need to turn on monetization in your account settings, and Google will take care of the ads and money distribution.
It’s not necessary to spend a lot of time editing the video. Just throw in one picture to your episode tape. However, consider YouTube SEO recommended practices to increase your videos’ visibility.
Do you know how much money you can make on YouTube? Many variables come into play, including the number of times your video is viewed, how long each viewer spends on it, how often they click on your adverts, and whether or not they skip them. Profits per view usually range from $0.50 to $2.00.
- Host A Live Event
Hosting a paid live event is a great way to connect with fans and making money simultaneously. Your podcast’s listeners and the content will determine the kind of event you should throw for them. You may have a seminar, a workshop, a class, or just organize a meeting for which the listeners would be willing to pay.
- Donations And Online Crowdfunding
It’s acceptable to solicit financial support from listeners of your podcast. This monetization method is best suited to podcasts with a heavier focus on entertainment.
Some services can assist you in managing donations. They make it simple to customize the level of support you provide in exchange for access to additional content or benefits.
They also allow you to create a distinct paid-only RSS feed, which is a great precursor to monetizing your podcast.
Conclusion
Successful podcasts result from the hard work of the podcast’s creator, who must be committed to continuous improvement and the podcast’s audience.
There are tools accessible for those ready to put in the effort, whether they are just starting or want to take their podcast to a higher level.
A successful launch of a podcast is necessary before you can even consider monetizing it. You can’t make something professional-looking if you don’t know the fundamentals.
As time goes on and technological innovations and consumer tastes become myriad, podcasts will inevitably undergo their own transformations. Your podcast will stay relevant and provide cash for future growth if you are adaptable and eager to learn new things.
