Ways to Maximize Your Revenues From a Podcast
Podcasts are easy to get in to. If you have a good microphone, you are ready to go. Many platforms allow you to edit and upload your podcasts free of cost. Most of the creators generate podcasts as a hobby or a side hustle. But podcasts can also be utilized to generate a stream of income. Several techniques can be implemented to generate revenue from podcasts. Most of these include advertising campaigns. However, there is no reason to worry as these require little knowledge of marketing. This article discusses some of the most effective ways to maximize your revenues from a podcast.
Why Monetize Podcast
More than 90 million listeners tune in to podcasts every month. The recent hike in the number of listeners tuning into podcasts proves why this is the right time to use podcasts to monetize podcasts. A projected revenue increase of a whopping 110% is approximated in the podcast market in 2020. This massive increase was stimulated by Spotify’s acquisition of Gimlet and Anchor, two podcast creation platforms.
Methods for Generating Revenues with a Podcast
Branding Your Podcast
Treating your podcast like a brand is a crucial step in maximizing revenue from a podcast. Branding your podcast can dramatically increase engagement rates with your audience. Podcasters are also recommended to create their own websites. Websites can give you more control over the content. Creators can easily archive their podcasts on their web sites, share links, and also share other forms of media such as video and images. Use advertising campaigns over popular social platforms such as Instagram and Twitter to promote your podcast. If you are starting off with your podcasts, it is also recommended to collaborate with micro-influencers over social networking platforms to promote your podcasts. Establishing your podcast as a brand or a part of an existing brand can make it easier for you to find advertisers and thus maximize revenue generation from your podcasts.
Membership, Subscriptions and Donations
Patreon is a platform commonly used by podcasters to set up a business that is membership-based. This platform allows the creator to construct different membership tiers for subscribers. Patreon also enables the creator to invite listeners to become regular donors to support and encourage your podcast.
Sponsorship and Advertisement Opportunities
Offering sponsorship and advertising opportunities can be very effective in maximizing your revenues from a podcast. You can also incorporate advertising into the website of your podcast and earn some extra revenue. Many podcasters often choose to do a brief ad in the intro of the podcast. These ads are inserted in exchange for a fee that is previously decided. Another possibility is to dynamically insert several advertisements throughout your podcasts. In a typical podcast episode, there are three primary spots where sponsorship promotions are inserted.
- Pre-roll: Pre-roll is the spot located right at the beginning of a podcast. The podcaster starts off the show by saying this show was sponsored by – the name of the company.
- Mid-roll: Sponsorship promotions are inserted during breaks and transitions within a podcast.
- Post-roll: As the name suggests, it appears towards the end of the podcast episode.
