How To Make Money With A Podcast
How to make money with a podcast is a question we receive often! What are your podcasting goals? Is it a fun hobby? Or are you wanting to make it a business and earn money?
If you’ve answered yes to the latter, we are here to offer you a few strategies and tips on how you can monetize your podcast and turn it into lucrative work!
For starters, although there are several ways to make money with a podcast, it is important to keep in mind that different profit-making practices are more effective at different stages of growth.
In other words, what works for a more established podcast with a larger following may not be as attainable for a show that is in the early days of its launch, and that is nothing to fret about!
Whether you’re an expert in the game, or just starting out, this is for you!
Sponsored Advertisement
If you’ve listened to a podcast before, I am certain you have heard a podcast host read through a sponsored ad with the classic tagline of “brought to you by…” — You know the one, right?
Some companies will pay you to read a short script during your show episodes that advertise and promote their products.
True Native Media is an example of a Podcast Representation Agency specializing in podcast advertising and host-read endorsement ads.
Ads can be a fairly easy way to make money, but keep in mind that they often require a larger listenership and detailed demographic info.
Companies will want to make certain that your podcast is a good match for their ad by looking at the number of listens or downloads you have, your premium content, as well as particulars about your audience.
If you are a small business podcast within a specific space, there is the option of personally reaching out to niche companies that cater to your target audience — a partnership may be just around the corner! :)
Insider’s Note: Podcast Advertising Networks such as Midroll work to make your life easier, connecting podcasters with potential brands and sponsors, and saving you the time and effort in exhaustively tracking them down independently.
Affiliate Marketing
Companies that you run sponsored advertisements for may also present you with an exclusive affiliate discount code to offer to your listeners.
This may earn you a small commission each time someone uses your discount code at checkout when they make a purchase. You can also leverage the power of social media in publicizing these affiliate codes to encourage more uses!
Affiliate links work in the same sense as codes in that you will earn a small sales commission each time someone clicks on your link and buys whatever product or service is offered.
Some popular affiliate networks you can join are Amazon Associates, LTK and Skillshare.
Listener Support
It goes without saying that running a podcast requires a tremendous amount of time and effort, and sometimes we simply need a little help from our friends!
To help balance the production costs of each episode, it doesn’t hurt to ask your listeners to tip you or donate money to you. Examples of donation platforms include Venmo, Patreon or GoFundMe.
Insider’s Note: If you ask your listener base for donations, it is important to be as specific and detailed as possible in regards to where the money is going (i.e. buying new production or video equipment, implementing new software, hiring an extra team member).
It is a simple way to make a little extra money with your podcast, as well as be able to expand and explore new ideas for your show and overall listening experience!
Selling Merchandise
Selling branded merchandise, depending on your marketing scheme and audience, is another great trick to podcast monetization.
If you have a signature logo or phrase, you can produce a variety of different items to offer for sale. For example, the infamous podcaster Joe Rogan of The Joe Rogan Experience (one of the highest earning podcasts) offers merch such as clothing, duffel bags, and even beach towels!
Not only is the sale of the physical product an extra way of making money, but it is also an effective strategy to market podcasts for free. In other words, every time one of your listeners wears their branded piece of clothing, they are indeed promoting your podcast!
Live Events
Live events are an exciting means of audience engagement, and yes, an opportunity to generate passive income for podcasts!
From live recordings to interactive workshops, live events offer unique opportunities for monetization, as well as building stronger connections with your audience and fellow podcasters.
A quick step guide includes first defining your goals, choosing the event type, selecting the right venue, promotion, securing sponsorships, ticket sales, audience interaction, etc.
Expertise Sharing
As an expert in your field, your industry knowledge may be of great demand beyond the free information and content you offer on your podcast episodes.
Take advantage by using your podcast to organize and book consulting/coaching calls with clients, as well as create paid membership tiers — another sizable strategy in making profit!
Networking & Collaboration
Networking is one of the most powerful tools for podcasters to grow their audience, gain exposure, secure sponsorships and create new revenue streams.
By building strong relationships within your industry and community, you can utilize these connections to start making money for your podcast effectively!
Below are a few networking/collaboration tactics we like to recommend to our community:
Build connections with industry leaders by engaging with them via social media, and participating in online discussions.
Invite influencers to be guests on your podcast. Cross-promotion is key!
Attend both in-person and virtual networking events.
Leverage social media platforms such as LinkedIn and Twitter.
Join online communities, discussion forums and Facebook groups for podcasters, and engage in discussion/share tips!
Running a podcast can be highly rewarding, but as with any venture, it does require plenty of hard work, patience and organization.
We hope that you will review this blog post whenever you are struggling with your podcasting journey, and be reminded that if you put the work in, fulfillment will come to you both financially and emotionally — keep hanging in there, and stay proactive and confident!
Did you find this blog post helpful? What strategies would YOU add to our ‘How To Make Money With A Podcast’ rundown