As you spend time creating a new Podcast show from scratch you might be wondering how you will earn money podcasting over the long term.
There are some ways to monetize a podcast and put money in your pocket rather easily.
Ways Podcasts Make Money
Firstly, there are two ways podcasts make money and when put together, they produce a steady revenue to help you earn an income podcasting.
One is via direct podcast monetization which is when the show becomes what you are selling. You can profit from creating original content, repurposing it, and offering access to paying members.
Then there is indirect podcast monetization which is using the podcast as a tool to sell other things. Essentially your podcast becomes the way to promote products and create demand among your listeners.
Finding a balance between the two ways is key to make money podcasting.
Here are some direct podcast monetization strategies to explore; opt for those that fit best for your podcast show.
One of the easiest ways to monetize a podcast is to ask others for money. Some listeners and fans are fine with giving dollars to their favorite podcasters in hopes they continue to get the content they want to hear.
To avoid too much self-promotion, keep calls-to-action under the radar. For example, are you requesting donations so you can spend more time creating a future podcast? Inform the audience of this.
If listeners know where the money is going, they will donate more confidently.
Devise Paid Membership Levels
One new trend in podcasting is to create paid membership levels. Listeners can pay to access exclusive content, private Facebook groups, or podcast gifts.
Start this strategy by creating a Patreon account. It is respected and easy to use and you may use its default settings or create your own levels and rewards for potential donors.
Sell Sponsorships or Ads
Sponsorship is one of the most widely used ways to monetize a podcast. Other than accepting donations it is simply because you do not have to create or sell anything. Just set up a deal and connection with a sponsor.
Most likely you have heard your favorite podcasters start a show or break in with: “This episode is brought to you by [a company, orgnaization]. If you’re looking for a …” These are examples of sponsorship.
Sponsorships pay more depending on the number of listeners to your podcast. As the number of people who listen goes up, so will your revenue
Be Part of an Advertising Network
When you apply to each platform, each will take a portion from the ad placements included in your podcast, so read the fine print before opting for this.
Usually, the revenue share follows a CPM model where you are paid for every 1,000 impressions served to the ad unit.
Depending on your reach, it is important to estimate what you might earn from an advertising network. AdvertiseCast has a pricing calculator that estimates the total cost of ad units on your podcast. Just remember, you will only take home 70% of the total.
Offer Premium Episodes
Because you have a good idea of what your listeners like there is the possibility some will pay for premium versions of your content. Create special recordings only available for purchase.
You might sell these:
An easy way to create premium content is to record it while you record your free items. For example, when you invite a guest on your show record a 30-minute discussion, then an additional 10 minutes to sell as a bonus. Make sure the extra 10 minutes include something important people will want to purchase. Make sure your free offerings have value. You do not want your listeners to think you are hiding the good items in the paid content or they will not be interested.
Offer Repurposed Content
A good way to create sellable content is to repurpose things you’ve already created. This cut time off what you would spend making something similar.
Take a handful of your better podcast episodes that relate to similar topics. Transcribe them or use Castos automatic transcription services from your dashboard. Then edit the transcriptions, add more value and resources where you can, and package them into a book.
If this strategy to monetize a podcast interests listeners invest in a professional design from a service. Then you can put it in a format for Amazon as selling books on Amazon can be more effective versus offering them through your website. Then, market your new book on your podcast.
Put Your Show on YouTube
Another way to get cash from what you have already created is to publish your podcasts to YouTube as videos.
This is fast; just enable monetization in your account settings and Google will take care of the ads and distributing the money.
Enabling Monetization within YouTube.
Doing a lot of video editing sin;t necessary with this option, add a single image to your episode recording. Also, think about YouTube SEO best practices to bring attention to your videos in more search results.
How much can you earn on YouTube? It depends on several things such as video views, how long people watch, if they skip the ads and if they click on ads. Some say you can make between $0.50 and $2.00 per view.
With these tips and strategies, you will be making money via your podcast show faster than you might have thought.