There are many claims that podcasters can make a sustainable living while growing their listener base. But is this true? You can see the rise in net worth and popularity among successful podcasters (Joe Rogan anyone?) The answer is yes. Podcasting holds great potential to make a lot of money.
Podcasters use different monetization methods in order to make money. While podcast sponsorships are one option, chances of finding a high-paying sponsor for a new podcast are slim if you aren’t already a well-recognized host. There are many other ways to make money from podcasting, and they don’t require that you reach the dizzying heights Joe Rogan’s popularity.
So how do you make money podcasting? Let’s look at six ways to monetize new podcasters.
1. Affiliate Program
Affiliate marketing refers to when a business promotes its product or services through your podcast. Your role is to connect your listeners with the business, and the business will pay you for the traffic. Your podcast is responsible for each sale.
This type of marketing works well for both podcasters and businesses. It relies on conversions to make money. It is a great choice because the partnership will be more profitable for both parties.
What is the best way to market your podcast?
You will be given an unique URL or code (an affiliate link) once you have become a business affiliate. This link can then be shared with your audience. This link will be heard in audio format so make sure it is easy to remember. A good approach is to have the URL simply be your affiliate partner’s website, plus your podcast name (e.g., affiliate.com/yourpodcastname).
Your listeners will receive your link once they have completed the purchase. Your partner will pay you a certain amount for each customer you bring in when they subscribe or buy the product.
How can I find an affiliate program to support my podcast?
Only the right podcasts, companies and people can make affiliate marketing work. Choose the affiliate programs that best suit your audience when searching for affiliate programs for your podcast. Your podcast will be focused on books and your audience won’t be interested in companies that sell kitchenware. Companies such as Audible, which often partner with podcasters to market, will appeal to them more.
There are many resources that can help podcasters and businesses connect. You can promote a company’s product/service through your podcast by signing up for one of these affiliate programs.
- Shopify Affiliate Program
- Amazon Associates
- Skillshare affiliate program
- Rakuten Advertising
- CJ Affiliate
Each program comes with its own set of benefits and limitations. Diversifying and using different affiliates is the best way to go.
2. Patreon offers tiered subscriptions
Patreon, a membership platform that supports creators through regular monthly payments, allows fans (called “patrons”) the opportunity to support them. Patreon allows you to organize podcast subscriptions into “tiers,” each with different benefits. To make a monthly subscription worth your time, you will need to produce enough unique content.
These are some more tips to help you attract and encourage listeners to support your Patreon.
You can set a low price for your entry. Subscriptions should be charged at a low price and you should focus on improving your content. It is easier to get 10 listeners to sign up for $5 per month than it is to get one person to subscribe for $50.
Higher tiers are worth the investment. You should offer additional benefits for your fans to convince them that higher tiers are worth it. These benefits can include early access to new content or discounts on branded merchandise.
A consistent schedule is important. You should have a consistent schedule, no matter if you want to release an episode every other day, weekly, or monthly. Podcast listeners demand a consistent stream of content so make sure to publish podcasts on the right time.
Keep your audience informed. Let your fans know what you do and keep them informed about new episodes. If they feel a closer, more personal connection to the host, they are more likely continue to pay monthly.
A crowdfunding website is another way to raise funds from your fans. Crowdfunding sites can be used to fund one-time projects, but they are not easy to integrate with podcasts. Patreon makes it easy to create subscription-based payments that will generate recurring revenue for your podcast.
3. Fans can buy custom merchandise
We all had posters and t-shirts that featured our favorite films, bands, or sports teams growing up. Print on demand allows you to create and sell the exact same products to your podcast listeners.
You can create custom products for your customers if you’re a creative person or have a friend who is. Print-on-demand is easy to use. All you have to do to create an account with a print provider, upload images and logos and then choose the products that you wish to sell.
Print-on-demand is a popular service that includes:
Each service can link to your website or other marketplace platforms and offers a range of products. Although they will need some initial setup and time, the on-demand nature this production method allows you to spend less on stock. They only make what you order so there is no risk of running out. This setup is ideal for podcasters as it allows them to run a 24-hour merch shop while they focus on their podcast.
4. Self-publish and write a book to appeal to your audience
Your fans will enjoy hearing your opinions and thoughts on various subjects. You can’t imagine why they wouldn’t tune in to your podcasts. You can assume your fans would also be open to receiving more content in other formats. Self-publishing a book is possible.
Self-publishing a book is a great way for you to add content and make money. Many podcasters have turned their ideas into books that they can sell to their listeners at a set price.
Deborah Frances-White, comedian, wrote The Guilty Feminist, which was a spin-off from her panel podcast. Another notable example is Joseph Fink’s rewriting of the Alice Isn’t Dead podcast and Serial’s Adnan’s story by Rabia Chaudry.
You can make a book from your podcast. This will help you increase your audience and your income.
Widen your fanbase. Your podcast may be the first to link to your book. However, not all your listeners will find it. They’re more likely to find the source if they like the book. This will increase your fan base.
Your subject authority will increase. No matter the topic of your podcast, having a companion book will increase your authority and add weight to your content.
Increase sales of your merch. Your brand may be more loved by podcast and book listeners, which could lead to increased sales of other merch such as bags, posters and t-shirts.
5. Podcast live and get tips
Podcasters may not reach the level of fame that is required to get a gig at live venues. This does not mean that you cannot host live shows and make money from them.
Twitch and YouTube allow you to create live broadcasts that are accessible by everyone around the globe with an internet connection. These sites are great alternatives for live venues because the initial costs are minimal and you can record your podcasts in the same location.
You can record your podcast live using services like Venmo, Cash App or Ko-fi. This allows viewers to give you tips. Create an account and make sure the link is visible on screen, in the stream’s description or chat log. These are one-time, instant payments that can be made at any point during your performance.
These tipping services don’t have to be connected to your livestreams. To make it easy for your podcast listeners to tip, add a tip to their web pages, show notes or social media pages.
6. Join a podcast advertising network
This method of monetization has one downside. You won’t have the ability to keep your podcast content ad-free. Instead, you will need an ad. You can include these podcast ads as post-roll ads if you want them to be as subtle as possible. They will play at the end your podcast.
Podcast advertising networks are designed to connect podcasts and brands with a common audience. These networks can be great for monetizing your streams, but they usually require podcasters have a certain amount of regular listeners in order to join (usually 1,000).
The downside of joining a network means that your podcast will have to feature ads for products and services. Although you have the option to choose when they play, your podcast will be required to include them. After joining an advertising network, your podcast will no longer be ad-free. These podcast ads can be disguised as post-roll ads that play at the end or in between podcasts.
Here are some popular choices if you’re interested in joining a podcast advertising platform:
- SXM Media
It is important to test and measure the success of your campaigns when you partner up with a brand via a podcast advertising network. This will ensure that the partnership is in the best interests of both.
Turn your audio content into cash
These are six ways you can make a steady income podcasting.
The most successful podcasts use multiple monetization methods in order to generate steady cash flow, while focusing their attention on growing their listenership.
These strategies use automation to generate passive income and are ideal for podcasters who wish to spend a lot of time building and growing their podcast.