Making money with your podcast is a great way to generate some extra income or even make a living! Today, we’ll be talking about all of the different ways you can monetize your podcast.
By using this guide, you’ll be able to maximize the earning potential of your podcast. We’ll also discuss some of the benefits of monetization and share some of our best tips for getting started.
Why monetize your podcast?
There are several reasons why you might want to monetize your podcast. For starters, it can be a great way to generate some extra income.
If you’re already generating a steady stream of listeners, then monetizing your show can be a great way to boost your earnings. Additionally, if you’re looking to build a sustainable business around your podcast, monetization can be vital.
Another reason to monetize your podcast is that it can help you attract and retain listeners. If you’re offering exclusive content or bonus features for paying subscribers, this can be an excellent incentive for people to stick around. Additionally, if you’re able to generate consistent revenue from your podcast, this can help ensure its longevity.
So, those are just a few reasons you might want to monetize your podcast. Now let’s take a look at some of the best ways to do it.
How much money can you earn from your podcast?
This isn’t easy to answer, as it largely depends on your audience size and engagement levels.
Additionally, the amount of money you can generate from your podcast will also depend on your monetization method. For example, if you’re selling advertising space, then you’ll likely earn more money from a show with a large audience than one with a smaller audience.
Similarly, if you’re selling products or services through your podcast, you’ll likely earn more money from a show with an engaged and loyal audience. The Joe Rogan Experience, for example, makes over $800,000 per episode due to its audience.
On average, podcasts that receive 1,000 downloads can expect to make under $1,000 per month. However, having multiple income streams as you grow your podcast will help you to improve your earnings. Podcasts with a larger listener base and multiple monetization avenues can easily make over $10,000 per month.
And it’s not just about your download numbers, it’s about the technology you’re using to insert these advertisements into your episodes. When Sunny Gault (Founder of IPN) switched from editing ads into her episodes to “dynamic ad insertion” or DAI, where the ads are inserted electronically and removed when the campaign is complete, she literally 10x’d her podcast revenue! Through DAI, Sunny placed ads across her entire library of content, not just her most recent episode. She could charge more money because more people were hearing the ad…. multiple times!
Not all podcast host providers provide DAI technology. Our network has partnered with Megaphone so you can have access to these tools at an affordable price. Click here for more information.
Best ways to make money with your podcast
Podcasting can be a great way to make money on the side, or even as a full-time job. There are many different ways to monetize your podcast, and we’ll be discussing some of the best methods here.
Sponsorships and advertisements
The most common way to make money with your podcast is through sponsorships and advertisements. You can either find sponsors yourself or work with a podcast network that will help connect you with advertisers.
You’ll need to create a media kit that outlines your audience demographics and show statistics to get started. This will help potential sponsors understand the value of advertising on your show. Once you have a few sponsors lined up, you can incorporate ads into your episodes.
You can also work with companies to create sponsored episodes where you promote their products or services within the content of your show. This is a great way to provide value to your listeners while generating income for your podcast.
Another popular way to make money with your podcast is through affiliate marketing. This is where you promote products or services from other companies in return for a commission on sales.
To get started with affiliate marketing, you’ll need to find products or services that are relevant to your podcast topic. Once you’ve found a few good options, you can start promoting them to your listeners.
You can find affiliate marketing opportunities for your podcast on websites like Amazon Associates, ShareASale, and Clickbank. Some great affiliate programs for podcasts include Skillshare, Bluehost, and AWeber.
You can promote affiliate products in your episode descriptions, on social media, or even during the episodes themselves. Just be sure to disclose that you’re an affiliate when promoting products so that your listeners are aware of them.
Patreon is a great way to monetize your podcast if you have a dedicated and engaged audience. Patreon allows fans to support your show financially every month. In return, they get access to exclusive content, early access to episodes, or even just a behind-the-scenes look at your show.
To get started with Patreon, you’ll need to set up a profile and create rewards for your supporters. You can then promote your Patreon page to your listeners and encourage them to become a patron. You can also check out other membership platforms such as SupportingCast and Glow.
Selling products or services
If you have a product or service that’s relevant to your podcast audience, you can sell it through your show. This could be anything from an e-book or course to physical products like t-shirts or mugs.
The best way to sell products through your podcast is to mention them during the episodes themselves. You can also promote them in your show notes or on social media. Just be sure to give your listeners a discount code to save on their purchases.
Here are some ideas for products you could sell to your audience:
- E-books or courses
- Physical products like t-shirts or mugs
- Digital products like templates or stock photos
- Services like coaching or consulting
There are many different ways to monetize your podcast, and the best method for you will depend on your audience and what type of show you’re running. Experiment with different methods and see what works best for you.
Getting started with monetization
The above methods can help you earn some extra income from your podcast. And, with a bit of effort, you can even turn your podcast into a full-time job. If you’re interested in monetizing your podcast, then the best place to start is by planning out your strategy.
Think about which methods would work best for your show and what type of products or services you could sell. You should also create a media kit and reach out to potential sponsors. And finally, be sure to promote your Patreon page or product links during your episodes.
With a little bit of planning and effort, you can start earning money from your podcast in no time! Follow us to take advantage of our free podcasting resources, and be sure to check out our other blog posts for more great tips on growing your show.