How to Make Money on a Podcast?
Over three out of four Americans listen to podcasts. That's roughly 249,302,738-plus pairs of ears. That's a lot of Internet listeners and viewers--now how can you convert that to make money on your podcasts?
The going rate for a 60-second podcast ad is $25 per 100,000 listeners. That means if you have 500,000 people tuning in every weekend to your podcast, you can charge advertisers $125 for that 60-second ad. So if 500,000 people are downloading one of your podcasts, you'll make $12,500 for that one episode. Enticing, right? Not bad for a side hustle that doesn't include buying fractions of your favorite stocks.
Are you going to be one of those top podcasters making $12,500 an episode? Probably not. But you can creatively monetize your podcast and bring in some nice pocket change along the way. You can even make money podcasting from the comfort of your own cell phone.
Do People Make Money on Podcasts? Yes! You Can Be One of Them!
Unless your podcast is corporately sponsored and your name is on the tips of everyone's lips, chances are you're going to have to get really creative about marketing your podcast from your home computer. Defining your audience will help you design and maximize your podcast monetization strategy. So get your thinking cap on, here are some tips that will excite your money-making senses:
- Making Money with Affiliate Marketing
- Earn Money from Sponsorships
- Gain Cash through Advertising
Now the Creative Stuff
- Brand yourself through merchandising
- Write a book
- Teach a class based on your podcast
- Repurposing previous podcasts
|Tip 1: Making Money with Affiliate Marketing||Is affiliate marketing passive income? Not really. You have to mention your partner's product or service during your podcast. Does it take much effort? No, but it could bring up to a 30 percent commission to you if your affiliate makes a sale directly from your podcast.|
|Tip 2: Earn Money With Sponsorships||Your podcast is probably not drawing in a million organic (new) viewers, so big-name sponsors may not be knocking at your door to sell their products. But you can earn money by going local. Oftentimes, the easiest money is right at your back door. For instance, if your podcast revolves around DIY projects, ask around your locale for sponsors. Mom and pop shops and small-to-medium, non-chain businesses are always itching to get their products known.|
|Tip 3: Make Money Through Advertising||How to make money on a podcast? Target your audience and expand that audience and you'll get noticed by advertisers who will gladly pay you to get their product or service out to the masses. Advertisers love cross-marketing. Engage your audience, give them the best user experience you can, and invite other podcasters to your platform and get yourself on their podcasts.|
|Tip 4: Gain Cash by Branding Yourself||What's your brand? What is it about your podcast that makes you memorable in the eyes and ears of your viewers? Brand yourself by offering unique information, unique collaborations, unique products. Consistency is the key to branding your podcasts. Your viewers need to know what they can expect when they give you an hour of their time. Make it worth it to them and they'll keep coming back.|
|Tip 5: Earn Money by Writing a Book||Self-publish a book based on your podcast as a companion guide. Keep the profits.|
|Tip 6: Earn Money by Teaching a Class||Are you a master gardener or a master gamer? If your podcast showcases your expertise, expand on that and teach online, at your local senior center, or as an adjunct professor at your local college. Heck, go the extra mile, and teach your class on your own app!|
|Tip 7: Make Money by Repurposing Previous Podcasts||Did you try podcasting years ago only to have it fizzle out? Take those podcasts and make them new again by creating transcripts of them, creating infographics based on them, or writing blog posts updating them and taking them to social media. Repurposing is a bit like recycling. Take the old podcasts and create something new and useful.|
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