How to Monetize Your Podcast
There are two main distinctions on how to monetize your podcast to make money today. When combined together, they produce a steady revenue stream that can help you earn an income in podcasting.
The strategies that are currently the most popular fall into the direct monetization category are increased. Direct podcast monetization is when the show is directly about the product. Moreover, you can get profit from creating original content, repurposing it, and granting exclusive access to paying members.
On the other side is indirect podcast monetization. This is when you use your podcast as a tool to sell other things that are in demand. Similarly, your podcast becomes the vehicle to promote products and create demand among your listeners regarding the product.
Ask for donations
The simplest way to monetize a podcast is to ask people for money at the initial stage. Plenty of fans are happy to throw a few dollars to their favorite podcasters to ensure they continue to get great content. When people ask us how to monetize a podcast, this is always the first solution we recommend because it’s easy to set up and promote the product more easily.
You can add a PayPal button or open a Stripe account and add a donation form to your site. Or, set up a GoFundMe campaign for a simple collection page. However, to avoid feeling slimy about this kind of self-promotion, keep your calls-to-action authentic. Are you asking for donations so you can spend more time creating new episodes? Tell your audience that. If people understand where the money is going, they’ll be more apt to donate.
Create paid membership tiers
The latest trend in podcasting is creating paid membership tiers. Listeners can pay to access exclusive content, private Facebook groups, or podcast swag. The best way to get this started is to create a Patreon account. It’s well-respected and simple to use. However, you can use their default settings or create your system of levels and rewards for donors.
Sell Sponsorships or ads
Sponsorship is the most common way to monetize a podcast. Aside from accepting donations, it’s also the easiest because you don’t have to create or sell anything. You just have to set up a deal with a sponsor. You’ve probably heard podcasters start their show or break in with something like “This episode is brought to you by some company. If you’re looking for an idea” You get the idea and it should be specific. That’s a sponsorship.
Sponsorships pay more depending on how many people listen to your show. As the number of people who listen increases, so will your revenue. But that also means this is a tough way to make money if you don’t have many listeners.
You can charge for “pre-roll” and “mid-roll” mentions. Mid-row (pay more). You can promote the sponsor at both points if you’re comfortable.
Join an advertising network
Advertising networks mainly like AdvertiseCast, Midroll, Podcorn, and PodGrid act as middlemen between hosts and sponsors. When you apply to each platform, they will take a cut from the ad placements included in your show so be sure to read the fine print. Typically, the revenue share follows a CPM model where you are paid for every 1,000 impressions served to the ad unit.
Sell premium episodes
If you know that your audience likes to listen to your podcast, there’s a good chance some of them will pay for premium versions of your content. Moreover, you also have to create special recordings that are only available for purchase.
You might sell:
- Q&As with special guests
- Early access to episodes that will be free one day
- Ad-free episodes
- Live-streamed episodes
