Podcasting has become very popular over the last decade, and studies show that podcast listener ratings have grown exponentially since its inception.
According to one study, podcast listening grew by 20% between 2017 and 2018 alone, and the number of Americans who listen to podcasts daily or weekly increased by nearly 50% during the same period.
Podcast shows are very common nowadays and lots of people are recommending them over other types of content, but can you make money from podcasts?
One thing is for sure – podcasts can be great moneymakers.
Wondering whether you can really make money from a podcast, and how you can go about
doing this? Then read on for all you need to know!
What Is A Podcast?
A podcast is basically an audio-only version of a website or blog post. It’s usually hosted online through services like iTunes, Spotify, Google Play Music, Stitcher, Tune In, Overcast, PocketCasts, Podbean, SoundCloud, etc.
You can also create your own podcast if you have a microphone, computer, and some recording software – but the most important ingredient is of course a great idea!
How Do I Start Making Money With My Own Podcast?
If you want to start making money from your own podcast, there are a few things you’ll need to do first:
1. Choose Your Niche
The first step in starting any business is choosing what niche you want to focus on.
If you’re not sure where to begin, consider asking yourself questions such as “what topics interest me?” and “which problems am I passionate about solving?”.
Once you’ve got a good idea of what you’d like to talk about, it’s time to research which niches are currently trending.
2. Research Topics & Ideas
Now that you’ve chosen a topic, it’s time to brainstorm ideas. Think about the types of people who would benefit from your podcast, and then think about ways you could help them solve their problems.
For example, if you love cooking, why don’t you start a podcast about healthy eating? Or maybe you’re a fitness buff, so you could talk about tips for staying fit. The possibilities are endless!
3. Create Content
Once you’ve got a solid idea of what you’d love to talk about, it’s time to get started creating content. This means coming up with a plan for each episode, writing out scripts, and recording your voice-overs.
4. Promote Your Podcast
Promoting your podcast isn’t just about getting more listeners; it’s also about building relationships with other podcasters and influencers.
By promoting your podcast, you can gain exposure, build credibility, and potentially land guest spots on other podcasts.
5. Monetize Your Podcast
This is probably the hardest part of starting a podcast, but it doesn’t mean you shouldn’t try.
There are many different options when it comes to monetizing your podcast, including selling merchandise, advertising sponsorships, affiliate marketing, and even charging for access to premium content.
6. Build An Audience
When it comes to monetizing a podcast, audience size matters. In order to make money, you need to have a large enough following of listeners to sell ads against.
Check out how you can build an audience through ads here.
So, once you’ve built a strong base of followers, it’s time to promote your podcast!
7. Grow Your Audience
As your audience grows, you’ll be able to charge more for your products and services. Plus, having a larger audience will increase the likelihood that advertisers will buy ad space on your show.
How Can I Make Money From A Podcast?
There are several ways you can make money from a podcast, depending on how much time you want to invest.
Here are some of our favorite methods:
Sell Merchandise
Selling merchandise is one of the easiest ways to make money from a podcast. All you need is a store (like Etsy) and a way to ship items.
Some podcasters choose to sell t-shirts or mugs featuring their logo, while others sell stickers or buttons.
Affiliate Marketing
Affiliate marketing works well because it allows you to recommend products that you use on a regular basis.
These products may be related to your podcast, but they don’t necessarily have to be. As an affiliate marketer, you’ll earn commissions based on sales generated through your website.
You can find affiliate programs by visiting sites like Commission Junction, LinkShare, and ShareASale.
Once you sign up for these programs, you can place links in your podcast episodes and/or on your blog. When potential customers click on those links and purchase something, you earn a commission.
Advertise Sponsorships
If you’re looking to make extra cash without investing too much time, consider sponsoring a podcast.
Many companies offer sponsorship packages that include everything from product reviews to interviews.
Sponsorship deals typically pay per impression or per download. However, there are times when sponsorships involve a flat fee instead of a cost-per-action model.
Charge For Premium Content
If you create valuable content that helps your audience learn new skills or master certain subjects, you might decide to charge for access to that content.
This could take the form of a membership site where people subscribe to get exclusive content, or a paid course where people pay to learn specific skills.
Some podcasters also choose to charge for access to special content.
For example, you might create a series of videos only available to paid subscribers. Other podcasters offer exclusive interviews or live webinars.
Create Products And Services
Another option is to turn your podcast into a business. If you know anything about running a business, then this shouldn’t come as a surprise.
But if you’re not sure where to begin, we’ve got a few ideas to get you started.
Advertisements
Advertising is another great option for making money from a podcast. Many podcasters choose to place advertisements in between segments, which helps cover production costs.
However, there are also opportunities to advertise during episodes themselves, such as banner ads.
Final Thoughts
Making money from a podcast could be a great way to boost your income and share your skills, all while building your brand name and reputation – why not create your own podcast today and get started?
