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Podcasting can be financially rewarding if you know how to monetize your program in a competitive field. There are podcasters who make thousands each week while others struggle to make a few bucks. The more you know about monetizing your podcast, it goes without saying, the more you’ll make.
If you’re wondering, “can I make money podcasting?”, the answer is yes. There are several ways to generate revenue, depending on the topic of your program and demographic, so let’s take a look at some of the proven methods.
One of the easiest ways to make money from your podcast is to find sponsors. There are many companies willing to pay you to pitch their goods and services. That’s not as difficult as it might seem. Networking with other podcasters can be beneficial for finding sponsorship sources. Boardwalk Audio is one such source, but you do need to apply for membership.
Not every podcaster is comfortable with interrupting sales pitches, even if they’re for 30 seconds, but if you have the listeners to satisfy a sponsor’s needs, it will bring you a tidy revenue stream that you can use to pay for your program production. Of course, you won’t want to flood your podcast with a plethora of ads, and you’ll want to strategically place them so that listeners don’t tune out.
With the popularity of podcasts, many podcasters charge a nominal monthly subscription. You’ll need to offer unique content as well as content for subscribers only. You can also charge for access to archived programs.
A fee of $0.99 or $1.99 per episode is reasonable and will appeal to binge listeners. You can set up a personal payment plan or use online software to host a membership area for your podcasts. As you launch a new podcast episode, you can add it to the members’ area for easy access.
Taking It On The Road
Real Estate guru Jason Hartman won’t disclose how he makes money from his popular podcasts, but one way he does is obvious. He offers live real estate investment seminars and conventions, some in exotic locations. If you podcast about a topic that can be converted into live workshops, public speaking or performances, there is plenty of profit to be made.
Putting together a live workshop or performance is a great choice for podcasters because your listeners are already accustomed to hearing you speak. Getting the chance to meet someone they listen to on a regular basis gives them a great opportunity and it also solidifies your authority in your niche.
Coaching and Consulting
If you can offer coaching or consulting, this is a real moneymaker. If your podcast is about a coachable subject, you can offer online coaching. Many people will pay top dollar to have someone teach them step-by-step on a subject matter. This can be used across more industries than you think, so question yourself if there is a way to coach someone on the topic you talk about.
The same is true for consulting. It’s like taking it on the road, without traveling. You can use Skype, Zoom or any webinar platform to generate income from your podcast. It’s easy to set up, requires very little costs, and you can get paid very quickly doing this type of work.
You’re an expert in the subject you’re podcasting about, so why not write a book? This will not only generate income, but it can also result in new listeners. People who love podcasts might also love reading when they can’t listen in on their favorite show. Give them a chance to consume more of your content in a different type of format.
You can also reach out to fellow podcasters and offer to be a guest on their program to discuss your book. If you aren’t in direct competition, most podcasters will welcome you as a guest. This will build your audience quickly because you get to leverage someone else’s.
Donations and Crowdfunding
Some people aren’t comfortable asking for donations, but if you are, there are many podcasters who have raised thousands; some enough to not only produce their program but to pay their living expenses. People will pay good money for something they believe in, so if your podcast is offering great value, don’t be afraid to ask for support.
Patreon is a popular service that will allow you to set up donations for your podcast. They built a system dedicated to artists, including podcasters, that makes it very easy to have people give you money for the shows you’re producing. Think of it like your local broadcasting station that offers free television and radio programs, but will accept donations to keep it going.
When you ask, “can I make money podcasting?”, you will find the answer by employing one or more of our suggestions. As long as you have a unique niche, you’ll draw listeners and the more listeners, the more financially rewarding your program will be.