Have you ever thought, how can something I listen to for free make money? Well, so have I. But there are actually some really successful podcasts out there that are also big money makers. In 2014, “This Week in Tech” earned $50,000 per episode!1 Let me introduce to you nine tried-and-true methods of monetizing a podcast:
1. Advertisement
An oldie, but goodie. There is a lot of debate about whether or not ads are the best choice for podcasters. On one hand, viewers can get annoyed with ads and on the other, they work. Luckily for you, there are easy ways to make ads work in your favor. The first, select advertisement that fits with the theme of your podcast. Viewers don’t like to feel like they’re getting tricked by advertisers, so pick a relevant product to feature. Second, don’t overload your podcast with ads – pick two ads maximum per episode. And third, don’t rely solely on ads to make your money. They’re great for starting out, but they’re not the only way to go. Mix and match with other means.
2. Sponsorship
A step up from ads is to work with a sponsor. The tricky part is choosing the right one for you. Don’t just settle for any sponsor that happens to knock on your door. This relationship is meant to be two ways and you don’t want to lose listeners because they don’t trust the reputation of your sponsor. If you’re worried about not getting sponsored because you don’t have billions of viewers (yet!), fret not. Today in digital marketing, it’s not just the size of one’s audience that matters, but about how many people are engaging with your product – in this case, your podcast. Sponsors are more willing to invest money into a product that leaves a larger impression or CPM.
3. Affiliate Codes
The biggest trend in digital marketing is affiliate codes. It’s the “I’ll scratch your back if you scratch mine” approach. The code encourages listeners to go purchase a product on a particular site at an exclusive discount (courtesy of you), and in turn, you make easy money that is tracked through how many people actually use your code. Much like the relationship you make with a sponsor, an affiliate code gives the company you’re joining with your stamp of approval, so be careful who you choose to join up with. If there’s a particular company that you know for certain your listeners would purchase from and they don’t offer an affiliate code, you can also reach out to that company and see if they would be willing to create a specific offer code just for you!
4. Donation
There’s no shame in asking for help every now and again, even popular podcasts like Serial asked for donations for their second season! The catch with relying on donations to monetize your podcast is that you need a strong fan-base in order to bring in significant money. So if you’re looking to launch your popular podcast to the next level, donation requests might be the solution for you!
5. Crowdsourcing
If you just read number four and felt your heart sink because you realized your brand-new podcast may not get donations, there is still hope for you! The solution is crowdsourcing. Major sites like Kickstarter, Crowdfunder, Indiegogo are designed to help new, great ideas get the funding they need to launch their business. Podcaster Roman Mars used Kickstarter to help produce his show “99% Invisible” and raised $170 thousand in 2012 and a year later over doubled that with $375 thousand.2
6. Partially Free Shows
If you’re looking to entice listeners into paying for a portion of your podcast, you can allow for an allotted amount of time to be free and if listeners wish to continue listening then they need to pay. The drawback is this method could turn away viewers who come to your podcast expecting it to be free, but could be good for a story-type podcast.
7. Paid Subscriptions
Similarly, paid subscriptions can work by providing exclusive content to paid subscriptions. The key is to create a subscription package that makes it worth the listener’s money to invest. It also helps if your podcast has a strong viewership to start with. You can offer exclusive episodes, special deals, access to archived episodes, or membership to an online community, among other incentives.
8. Apps
Complimentary apps can also lead your loyal fans to exclusive content. It works in a similar way that a paid subscription does, but focuses on the mobile platform. All you need is something worth paying money for. Podcaster Elsie Escobar created a complimentary iPhone app for her podcast “Elsie’s Yoga Class Live and Unplugged” for $3.99. The podcast is completely free, but the app allows listeners to download PDF versions of her yoga classes.3
9. Live Show
This is more of a late game strategy after building up a large audience. The concept is simple: generate enough interest in your audience to host a live version of your podcast and charge money to view. You can also charge a fee to listen to the taping of the live show (if it isn’t live normally) for those who may have been unable to attend the event.
And that’s it! Through mixing and matching these various methods, you’re ready to bring in the big bucks with your podcast!
You must be logged in to post a comment.