There’s no better time to make money from your podcast, The podcasting audience has increased exponentially over the years. Studies by Edison Research reveal that the weekly amount of American podcast listeners increased by 175% in the last five years. In 2020, an estimated number of 100 million listeners tuned in to podcasting channels every month, that number grew to 144 million in 2022 which is equivalent to 41% of the American population.

Therefore, podcasting is a lucrative platform for business owners who seek to promote their products/services, practitioners desiring to assert their positions as astute professionals in a given field, and hobbyists looking to monetize a podcasting passion. 

In this article we’ll give you 11 ways you can make money podcasting so that you get your piece of the cake out of this emerging industry, let’s get right into it:

Note: If you want help with launching or producing your podcast all you need to do is to click here to get a free 30min strategy call with me.

 

Why would you want to monetize your podcast:

As it regards monetizing your podcast, you need to ask yourself why you are podcasting, and what are the ways you can use to do so, some of the questions you might need to answer are:

Is this podcast a lead generation or marketing tool for your main business?

Do you want to grow your network and therefore your net worth?

Or maybe you want to build an audience with your podcast and accordingly build a business around it?

Either one or the other, Once you have the answers to these questions you get clearer on your goal and in return choose a strategy that fulfills the outcome you want to get.

 

The different ways to make money podcasting:

 

1.  Advertising:

Podcasts advertising is fast gaining ground and is projected to increase in the coming years. Statista.com says that advertisers are estimated to spend over 1.33 billion US dollars on podcast advertising in 2021.

76 million people listen to podcasts in the US and advertisers have seen this as a gold mine, they are not about to let an opportunity this big go to waste, as listeners actually listen to ads especially when presented by the host, and this gives more connection to the brand.

There are two strategies for podcast advertisement:

–          Cost Per Mile Advertisement

CPM is a unit of measurement in podcast monetization, for every mile to be reached there must be 1000 listens.  On average a 30-second ad CPM is $18 while a 60-second ad CPM is $25. With 1-5 ad breaks per episode, you can make between $50-$125 per episode depending on your listening base.

–          Sponsorships

Any podcaster no matter the number of listeners or downloads can make money for your podcast through sponsorship. Sponsorship in podcasting is different from Cost Per Mile ads. Podcast sponsors are not looking at your downloads per episode but are looking at the long-term benefit to their company. It means they are paying you for your relationship with your listeners, however few or more.

To get podcast sponsorship you need to:

–          Know your audience as this is the basis for the sponsorship.

What are your listeners interested in? What do they like? What stage of life are they in? will the sponsor’s product or service be the best fit for them? This is very important before going for that deal.

–          Research the product or service.

This is very important. As you don’t want to break the trust of your audience by recommending a terrible product or service to them, so research, dig deep, and do more research. If you don’t like what you find, it is okay to turn the sponsorship down.

–          Pitch your podcast

Now, sell the value of your podcast. It is good to have faith in your work, but be sure you can deliver if given the chance. Be prepared to run episodes for a trial period too, and you are one step closer to securing the bag.

There are a few host platforms that support beginner podcasters by directing advertisers to their podcasts at an agency rate between 10-30%, Anchor and Buzzsprout for example.

 

Products and services:

 

2.  Affiliate Marketing

This allows you to market products you like and probably use to your listeners. Then you put out links in your show notes for your audience to buy and when they do, you get a percentage per buy. Can be as little as some cents, or as more as thousands of dollars, you never can tell.

You can start with the Amazon associates affiliate program as it is one of the easiest and most used when it comes to products, when you get a feel of how you can improve you can start improving and searching for better ones.

Make sure you always follow the rules of the affiliate program, because if you don’t you risk losing everything on the way. 

Bonus tip: always use simple links, the shorter and less complicated, the better.

 

3.  Digital products

Digital products, such as e-books, courses, and webinars, can provide solutions to the problems and challenges faced by your listeners. By promoting these products on your podcast, you can help your audience find the solutions they are looking for, while also monetizing your content.

To make the most out of the combination of podcasting and digital products, it is important to create a seamless and integrated experience for your audience. Make sure that your digital products align with the content and themes of your podcast, and promote them in a way that feels natural and relevant to your listeners. Additionally, be sure to offer high-quality digital products that deliver real value to your audience, and provide excellent customer support to build trust and satisfaction.

 

4.  Physical Products & Services 

You can simply put your podcast logo on any merchandise of your choosing. T-shirts, baseball hats, mugs, notepads are good examples. Infuse creativity into it and make it different.

Print on an inside joke, an opening line for your show, or a riddle, something you are sure your audience will find interesting and is sure to attract new members to your community.

If you are a writer, then write books, be an I.T or a music consultant whatever your niche is.

 

5.  Guest Product and Services

Podcasting is commonly known for interviews. and almost all the successful interviewees have products and services they want to get out there, and podcasting is a great way to build small niches of people that somehow have the same beliefs, so if you can.

 

Speaking and other sources of income:

 

6.  Paid subscription and memberships 

Paid subscriptions and memberships can be a way for podcasters to monetize their content and provide added value to their listeners especially since apple podcasts (the OG app) introduced the paid memberships.

Here are some ways paid subscriptions and memberships can work for podcasting, and tips for making the best out of them:

1. Premium content: Podcasters can offer exclusive premium content to their paid subscribers. This can include access to additional episodes, early access to new content, bonus content, or behind-the-scenes access. This can be a way for podcasters to provide additional value to their most dedicated listeners and monetize their content.
2. Live shows and events: Some podcasters offer live shows and events as part of their paid subscriptions. These events can be a great way for subscribers to engage with the hosts and other members of the community, and provide a unique and interactive experience.
3. Access to exclusive resources: Podcasters can also offer access to exclusive resources, such as templates, checklists, or online courses, as part of their paid memberships. This can be a way to provide additional value to subscribers and help them build skills related to the podcast topic.
4. Community engagement: Paid memberships can also provide opportunities for community engagement, such as online forums, private Facebook groups, or exclusive Q&A sessions with the hosts. This can help create a sense of community and foster deeper connections between listeners and the hosts.
5. Ad-free listening: Paid subscriptions can also offer ad-free listening, which can be appealing to listeners who are tired of hearing commercials on their favorite podcasts.

 

To make the best out of paid subscriptions and memberships, it is important to clearly communicate the value and benefits to your listeners. Be sure to highlight what sets your premium content apart from your regular content, and how it can help listeners achieve specific goals. You should also be transparent about pricing and offer a clear refund policy to build trust with your listeners. It’s also important to engage with your subscribers and members and respond to their feedback, to ensure that they feel valued and appreciated.

By offering high-quality, exclusive content and opportunities for community engagement, paid subscriptions and memberships can be a way for podcasters to monetize their content, build deeper relationships with their listeners, and grow their audience.

 

7.  Getting new business from networking

Networking can play a crucial role in helping you get more opportunities relating to podcasting. Here are a few ways networking can help:

1. Building relationships: Networking can help you build relationships with other podcasters, industry professionals, and potential guests. These relationships can lead to opportunities for collaborations, cross-promotion, and guest appearances on other podcasts and the returns are limitless.
2. Finding sponsors: Networking with potential sponsors and advertisers can help you find new sponsors for your podcast and secure advertising deals. Attending industry events and conferences can be a great way to connect with potential sponsors and build relationships with them.
3. Gaining exposure: Networking with other podcasters and industry professionals can help you gain exposure for your podcast. They may be able to help you get featured on other podcasts or websites, which can help you reach a new audience and grow your following.
4. Staying informed: Networking with others in the industry can also help you stay informed about the latest trends and developments in the podcasting world. You can learn from the experiences and successes of others, and stay up-to-date on the latest technology and techniques.
5. Finding collaborators: Networking can also help you find potential collaborators for your podcast, such as co-hosts, guest hosts, or guests for your show. Collaborating with others can help you create new and exciting content for your audience, and bring fresh perspectives and insights to your show.

Overall, networking can be an important tool for building relationships, gaining exposure, and finding new opportunities in the podcasting industry. By actively engaging with others in the industry and building a strong network, you can increase your chances of success and grow your podcast.

 

8.  Live events and Public speaking

10.  Bonus: Publishing on Youtube 

The good thing about youtube is its algorithm, and the more you make your content interesting, people will take time to listen to it, then what happens is that youtube will recommend it to thousands if not millions of people.

a quick tip for youtube, don’t just put it like it is, try to find a single idea from your whole interview, where you or your guest talked about it for a short but concise period of time, and make it the center of the video, this way you can title it around this topic, it will be searchable and people won’t get confused from listening to the whole conversation.

 

How much money can you make podcasting? (realistically)

Now that you know the ways to make money podcasting, let’s get a clear estimate on how much you can make from a podcast, to make the math easier, let’s just say you succeeded in getting 10,000 downloads a month:

Advertizing: like we said it’s from 15-50$ a spot, let’s say you get 25$ from 2spots and the agency takes 30% you get 300$ every month

Affiliate marketing: depending on your niche it can be either a service or a product, but generally speaking, the commission will be between 10% to 20% for products and more for services, let’s say this service or product will cost 30$ with a 1% clicks to see the product or service thats 100 people that will see the product of those, let say 10% of them buy, so it’s 15%x30x10 you’ll get 225$

Your own products and services: this is where you get the most amount of benefit, knowing how much you gain from a lead you can calculate exactly how much you can gain from your podcast let’s say a lead for your business is worth 100$ with 10 leads every month which is 0.1% of your audience you get 1000$ a month with production costs and delivery let’s say you’re left with 40% so 400$

Your guests’ products and services: let’s say it’s similar to your offerings and you get a 20% commission from the sale but not all guests have products or are willing to offer commission, this is at least another 50$ in your pocket

Networking: it’s hard to calculate the revenue from networking as it is mostly opening new opportunities and giving you more value in the market so let’s keep that aside, even tho it can be the most profitable strategy to do.

Speaking in events and tours: depending on your level of expertise and popularity people are ready to pay huge amounts of money for an inspiring talk and also you get the opportunity to promote for your products and services but let’s say you get no sales from a speaking event
for the talk alone, a Newbie speaker might earn $500–$2,500 for a talk, established speakers with some popularity might earn from 5,000$ to 10,000$, let’s say you are a newbie and you ask for 1,000$ for a talk once every two months so 500$ a month.

Youtube monetization: youtube start slow but grow exponentially, and the platform on its own can generate thousands of dollars each month for you but let’s say you’re just posting some content and aren’t focussing on growing the platform, you can get 5$ on average for 1000 views, let’s say with all the videos you do 10,000 views a month, this is at least 50$ each month

Total : With many sources that can’t be measured, on average a podcast host can make up to 1,525$ each month and there is no limits on how much you can scale and get.

 

Top earning podcasters

Here are a few of the top earners in the podcasting industry and what they have done right:

1. Joe Rogan: Joe Rogan’s podcast is one of the most popular and highly-regarded in the industry. He has built a large and dedicated following by delivering thought-provoking content, interviewing high-profile guests, and maintaining an authentic and relatable tone.
2. Dave Ramsey: Dave Ramsey has built a successful podcast by delivering financial advice and resources to his listeners. He has a clear and concise message, which has resonated with his audience and helped him to build a strong brand and following.
3. The TED Radio Hour: The TED Radio Hour leverages the popularity and reputation of the TED Talks brand, delivering thought-provoking content and inspiring ideas to its listeners. The show’s diverse range of topics, engaging presentation style, and high-quality production values have helped to make it one of the most successful podcasts in the industry.
4. How I Built This: How I Built This is a podcast that explores the stories behind successful businesses and entrepreneurs. The show provides valuable insights and lessons for its listeners, while also delivering engaging and inspiring content. Its focus on real-life success stories and its focus on practical advice and inspiration have helped to make it one of the top podcasts in the industry.
5. The Bill Simmons Podcast: Bill Simmons is a well-known sports commentator and personality, and his podcast has built a large following by delivering entertaining and insightful sports commentary and analysis. He has leveraged his knowledge and expertise in the industry, and his strong connections within the sports world to build a successful podcast.

These top earners in the podcasting industry have all done things right by delivering high-quality, engaging, and relevant content to their audiences, building a strong brand, and consistently delivering value to their listeners. By following these examples, other podcasters can increase their chances of success in the industry.

Now that you see the many possibilities to make a living podcasting, it is better you get to work. Do not limit yourself to just one way, keep exploring. Have it coming from many sources and that’s how you achieve financial freedom.