At some point in your podcasting journey, you’ll begin wondering whether you can monetize it. The answer is a resounding yes! But the question that follows is even more important. What strategies will work best in your podcast monetization?
There are various strategies for podcast monetization. To make it even better, these strategies can be combined to create multiple paths of monetization. The important factors to consider, though, are what techniques will work best for you. Podcast monetization is broken down into two classifications:
- Getting paid by sponsors.
- Getting paid mainly by your audience.
Getting paid by your audience includes monetization techniques like donations and merchandising. Such techniques place the responsibility on your audience to find your show. They also work well for podcasts with a strong audience engagement.
Getting paid by sponsors includes monetization techniques like advertisements and ad campaigns. This places the responsibility of paying you on another group that’s not your audience.
Best Monetization Strategies for Podcasters
Podcasting can be part of your existing marketing strategy for a different business. You can also choose to have it as a stand-alone business product.
Monetizing podcasting can take longer than expected. But the fact is that you stand a better chance of building a meaningful relationship with your audience compared to other platforms.
Additionally, direct and indirect strategies offer multiple income streams and increase the enthusiasm of listeners. But revenue models differ by business. As such, you must consider your strategy before committing to it. So, whether you’re a beginner in podcasting or not, the tips here will help you out.
- Public Speaking
This is a simple transition for many podcasters. If you can speak on your show, chances are that you’ll do well in front of a crowd. Standing in front of an audience may not be easy for some people. However, it’s not that much of a problem if you can craft a podcast script.
You can write the script by keeping it conversational and by using delivery notes. So, how can a podcaster get into public speaking?
- Look for local groups that meet up to discuss your niche. You can try Facebook groups or your local newspaper to source for organizers.
- Reach out to these groups and offer to present a topic. Note that you might have to open up to their ideas for topics.
- Once you reach an agreement, prepare a presentation with visuals and outline a script.
Be prepared to start small. Don’t expect to fill an auditorium just yet. There will be a small number of people in attendance, which is okay. Use that opportunity to hone your skills and build relationships.
- Podcast Subscriptions
Podcast subscriptions require a hefty investment of time. That’s especially if you create public and member-only content. Paid subscriptions deliver a reliable return. Podcasters with unique industry knowledge do well with paid subscriptions.
Premium podcast subscriptions refer to podcast content sold regularly. Fans subscribe to your service and receive special content only if they are paying subscribers. Supercast is one of the podcast subscription platforms for thousands of podcasters. They take care of delivering premium content to your audience whenever they need it.
Listeners love such subscription platforms due to their incredibly easy subscription process. They also help podcast creators in making money off premium subscriptions.
Asking for donations is one of the ways to make money in podcasting. It might surprise you to know how many people are willing to donate to support their favorite show. It’s also a great way to start earning immediately if you’re new in the business since it’s easy to promote.
There are many services that a podcaster can use to collect donations. Stripe, Paypal, and GoFundMe are some of the services you can sign up for. After creating an account, add the link to your description. Then ask your fans to chip in what they can.
If you’re not okay with asking for donations, keep your reasons authentic. Do you need to purchase podcasting tools? Or will the money help in creating more and better quality content? Be open about your reasons and more people will be willing to help since they know where the money is going.
- Join a Podcasting Advertising Network
These are third-party platforms that act as a middleman between a podcaster and sponsors. They identify shows with audiences that match an advertiser’s target market. Some of the podcast advertising networks are:
Every campaign they create is tailored to meet the specific goals of the advertiser. Afterward, they select shows depending on certain criteria. That includes:
- Topical matches
- Airing deadlines
- Budget restrictions
- Listener demographics
After selecting a show, they place the ads on it. They also cut from your earnings and ensure you read the platform’s fine print to see how much they take.
- The Sale of Merchandise
Is your audience very loyal to your show? If they are, then it’s time you began producing and selling products. This can be anything from hoodies, t-shirts, and key holders. Remember to brand your products with the podcast’s name, logo, or catchphrase.
The best way to sell the merchandise would be through your website. So, inform your listeners to place their orders. Alternatively, you can use a third-party platform to sell merchandise. Selling merchandise is a great way of connecting with your audience. It also helps to broaden your show’s reach.
- Syndicate Your Podcast Show to YouTube
An easy way to get money from your podcast is to publish it on YouTube as videos. All you need to do is enable monetization in your account settings. Then leave the rest to Google as it handles ads and the distribution of your money.
There’s no need in doing a lot of video editing. Simply add an image to the episode recording. You must also consider YouTube SEO’s best practices to ensure your videos rank the highest. After publishing and optimizing your videos, it’s up to you to make the most of it.
Be ready to:
- Be consistent with your posts.
- Respond to all the comments within 48 hours.
- Boost the video’s visibility by embedding it in blog posts.
- Promote the videos by sharing them on your social media pages.
So, how much would a podcaster make on YouTube? Generally, they would make between $0.50 and $2.00 per view. How much exactly depends on factors such as:
- Video views.
- Whether they choose to skip the ads.
- Whether they decide to click on your ads.
- Video length and how long viewers will watch.
The sky’s the limit when it comes to developing a plan to earn money from podcasting. Getting a quality podcast episode off the ground is not difficult. You only need a small investment upfront if you choose the right recording equipment and software.
Always think about future monetization opportunities in your podcasting journey. Focus on the features for monetization provided by podcast hosting companies. Combine direct and indirect monetization strategies. This will help you to find the best monetization strategy for your podcast.