The podcast industry is booming right now. You see more and more people starting their own shows and making money podcasting.
Even though podcasts and other types of audio content have been around for a long time, the demand for this type of content is only increasing.
There are many reasons to explain that. The main one being convenience.
Let me explain.
If you want to learn about something or you just want to fill your spare time, listening to a podcast is quite often a lot more convenient than watching a video or reading.
You can do it while driving your car, in the subway, laying around in your bed, pretty much everywhere and in any situation.
Today is the best time to start your own podcast so you can share valuable information, build a community, build a personal brand and, of course, make money with it, which we will be focusing on in this article.
There are many ways to monetize your podcast and, in this article, we list them all.
However, not all podcasts can make money.
Just the ones that fill some crucial conditions are going to be able to generate income.
So, before we get into the podcast monetization strategies, let’s take a look at the different conditions your podcast needs to fill to actually make money.
Focus on quality content
Before thinking of monetizing your podcast, you should aim to deliver the best content possible.
It means making sure that you’re taking your time to produce high-quality content that actually delivers value to your audience. The more people enjoy your show, the more popular it will become.
Producing top-notch content will help you build a community, which we will discuss next.
Build a community
If you want to generate a good income from all the strategies we’re going to discuss in this article, one crucial thing is required: you NEED a decent audience that follows you and your content.
Let’s say you have an amazing product to promote but no one can see it.
You make zero money, right?
The same happens when you try to make money out of your podcast but you don’t even have a following.
Building a community represents the base for your podcast monetization strategies. It should be in the top of your priorities, especially if you’re just starting out.
Sheesh, enough talking about prerequisites.
Let’s get right into the juicy stuff: the actual monetizaton strategies used by the top podcasters in the industry to make serious money with their podcasts!
How to make money podcasting?
A podcast gives you a lot of opportunities to make money.
And, just like any other online business, it’s up to you to find the one that better suits your current situation.
I recommend you start with one monetization strategy instead of trying to do everything at once.
That way, you will see what works for you and capitalize on that.
The amount of money you can make with your podcast has no limits so take action today!
No time to read the entire article? Don’t worry, I got you covered. This image summarizes everything you need to know:
Now, if you want to learn about every strategy in more detail, read on.
With that said, let’s dive into the meat of this article.
Sponsorships and Ads
Sponsorship is the most popular way to make money with your podcast.
If you have a decent following then you can get in touch with different brands to promote their products or services to your audience.
You need to make sure that the brands you decide to work with resonate with your audience and your niche.
So, you should promote things that your audience will actually enjoy and use.
Big podcasts can make thousands of dollars from sponsors.
If you have a small audience, it could be harder to find brands to partner with.
For that reason, you should focus on getting more people to listen to your podcast before considering getting sponsored by a company.
Just like any other type of online advertising, the bigger your audience, the better results you can generate to the company you’re working with.
And this simple equation equals to more money for you!
Selling premium content is a simple way of making extra money from your content.
And, believe it or not, a lot of people are willing to pay for extra content, especially if they enjoy your show.
Premium content can consist of ad-free episodes, behind-the-scenes, the second part of an already free podcast episode, and so on.
Lots of shows utilize premium content to increase their monthly income because it’s easy to set up and a great way to reward their most loyal followers who don’t mind paying extra to hear more from you.
Premium content is not exclusive to podcasters. Other types of online content creators, such as Youtubers or Twitch streamers, also apply this same monetization model to make extra money.
For instance, it’s not uncommon to see Youtubers with a Patreon account where they publish extra content that’s not available on Youtube people pay to see that content.
Make money with Youtube
Speaking about Youtube, you can also exploit this social media platform by uploading your podcast there.
With more than one billion users, Youtube has a lot more monetary potential than a plain audio podcast.
So, again, if you manage to grow a solid following on your Youtube channel you can make serious money, much more than you would by just having an audio-version of your podcast.
If you want to learn how you can make money on Youtube, check out this article.
Besides making more money, uploading your podcast on Youtube also helps to spread the word about it and therefore increase its popularity. It’s a win-win situation.
Joe Rogan’s Experience Podcast is a great example of this.
Besides having his podcast, he also as a successful Youtube channel where he uploads his podcast episodes.
Now, this channel has more than 6 million subscribers and generates 5 figures per episode uploaded!
Sell your coaching services
Having a podcast is a great way to show your expertise and show that you know what you’re talking about.
So, people listening to you and following your advice are much more likely to buy your coaching services. They trust you and your advice.
It’s very important that, before selling anything, you actually give value.
It means that you should first educate your audience and give valuable information through your content.
After building a community that trusts you, you can start promoting your coaching services to personally help and guide people.
Check out this example of a fitness and bodybuilding podcast called “Revive Stronger”.
Steve Hall, the author, publishes very high-quality and interesting podcast episodes but also offers coaching services who those interested in building the body of their dreams.
If you follow this blog, you know how much I love affiliate marketing.
To me, it’s one of the better ways to make money online because it’s truly passive income.
If you’re unfamiliar with it, It consists of promoting other people’s products and getting a commission for it.
As a result, you don’t need to deal with customers, shipping, product stock or any other aspect of owning a business besides promoting the products.
If you have a podcast, you can make money with affiliate marketing by sharing products or services that you genuinely enjoy and recommend.
Of course, you first need to check that the products you love have an affiliate program to join (duh).
Amazon, for example, has an affiliate program that lets you promote any product from their website and get a commission of up to 10% per sale.
A big mistake I see people making with affiliate marketing is promoting things that they wouldn’t even touch. If you do so, you hurt your credibility and thus your income potential.
Affiliate marketing is a results-based business model so the bigger and more engaged your audience, the juicier your income.
If you don’t know where to find good affiliate offers, I highly recommend you to check this article.
Affiliate marketing is a very lucrative online business and an easy one to set up, especially for beginners.
Sell your products (Merch, ebooks)
Just like you would with your coaching services, you can also sell your own products, whether they are physical (merch) or digital (ebooks, online courses,…).
A lot of your listeners are willing to show you how much they enjoy and appreciate your show by buying stuff from you.
It can be t-shirts, mugs, hoodies, and so on.
The beauty of selling your own product is that people who buy them will feel identified and part of a team… your team.
And, in the case of digital products is even better because it’s all profit for you!
Think about it.
With digital products, you don’t have to pay for production, stocking, etc.
You just create your value-packed guide, ebook or online course and then promote it.
Your listeners get instant access to it.
Digital products are an amazing way to transfer your knowledge and educate your listeners which helps establish yourself as an expert.
What better way to show some love than donating some money?
If you produce good content, you will have people that are more than willing to support your podcast through donations.
That’s why you shouldn’t be afraid to ask your community for help so you can continue to produce the content they love.
A lot of podcasts rely on donations to keep their podcasts up and running.
There are many crowdfunding platforms that you can easily set up such as Patreon, Kickstarter or GoFundMe.
You just send your listeners to these platforms and you can even offer additional content or bonuses (See Sell Premium Content) based on the amount they donate.
Transition to public speaking
Let’s say you’ve been podcasting for some years.
You already built a community and you feel comfortable talking to a lot of people about a subject you master.
Well, if that’s the case, you can start doing conferences and events so you can share with your audience in person and build stronger connections with them (and, of course, make money by selling tickets which is a big plus)
If people love your content and have you as an expert in your field, they will love to see you live.
Public speakers can make tons of money, especially if they’re a well-known personality and expert in a certain field. You can charge thousands of dollars per ticket and a big part of that goes to your pockets.
Bonus: Grow your email list
If you want to maximize your revenue as a podcaster, you need to build an email list since day one, period.
I just can’t stress enough the power of email marketing.
Growing your email/subscribers list is something you always should strive for. That’s because email marketing is free and VERY effective.
It can dramatically boost your podcast business.
Not only you can use it to promote your products or services, but you can also utilize it to keep your audience informed when a podcast episode goes live.
Your email list is an asset, often overlooked by podcasters, that you definetly need to exploit.
If you want a solid email marketing software, I recommend Getresponse.
It’s a complete platform that let’s you build powerful email marketing campaigns as well as manage your email lists with ease. It’s perfect for beginners and advanced marketers.
Now that you know 8 different ways to make money podcasting, whether you treat your podcast as a side-hustle or a full-time business, it’s time to take action!
And remember, before thinking of monetizing your podcast, you should focus on building a community that follows your content and that trusts you.
After that, I want you to focus on mastering ONE monetization strategy instead of trying to do everything at once.
Once you’re generating a decent income from one strategy, you can start thinking about other ways to make extra money.
Granted, all of that is going to take work and sacrifice.
Building an online business takes a lot of dedication and podcasting is no different.
I’m not saying that to discourage you, though.
If it was easy everyone would do it.
So, please take your microphone and start putting out some good content!
If you know other interesting ways to monetize a podcast, please share them in the comments section below!