This is my guide for how to make money from a podcast… In this post I am going to talk about the different ways to make money from a podcast, I have either successfully used these or seen some excellent people use these methods. Some of which have been done brilliantly well.
But first, the truth…
Recently I got all “ranty” on social media about “monetization” of your podcast. I didn’t think it was a word in the English Dictionary… turns out I was wrong there, but it is a yukky word! ?
Creatives often see words like this as YUK and it puts them off making money from their creations, or sets them with the wrong mindset. ?
Podcasts are no different and I can get even more ranty about the misleading information given on making money from your podcast. I here a lot of:
1.) “Buy a microphone, make a podcast, get a sponsor, make millions!!” (Normally accompanied by an Instagram picture of their “new rolex” bought only from “podcast money”)
2.) “You need 10,000 listeners per episode to get a sponsor!”
Both of these are WRONG!!
Podcasting is not a quick win, whether you are looking to get more listeners, more followers, or make money… It all takes time and consistency.
You may make millions, but it’s not an overnight success and the answer to how to make money from a podcast is NOT only sponsorship.
The second WRONG: You DO NOT need 10,000 listeners per episode to make money from a podcast!
This is a number thrown around by ad-agencies like MidRoll or ad-insertion platform A-Cast… and it isn’t a number to even be considered when you are asking how to make money from a podcast.
You can get a sponsor for a podcast with 10 listens! If those listeners are highly engaged and relevant to a product niche, then they are likely to buy and have a lot more value than 1000 listeners who aren’t relevant to your topic / niche.
So here it is, my list of how to make money from a podcast, taken from people doing it very well:
1.) Sponsorship – Like I said you don’t need 10,000 listeners per episode. Value your brand, value your audience (however big they are) and put a price tag you would be willing to add sponsorship for.
Our top recommendation for getting sponsors is to build an additional web page for your site. Have clips, numbers, stats and testimonials that show why sponsoring your podcast is awesome.
Then make a list of 10 businesses that would fit your show, that would see real value in reaching your audience. Contact them, going down the list, sending them to the site with all the stats.
My old company had a sponsor on a show that has only 200-300 listens per episode. The listeners are highly engaged and so the price reflects the brand association.
2.) Affiliates – An affiliate is where you sell someone else’s products with a link that gives you a cut of the sale… Another great way to make money from a podcast.
These can be a nice source of income for products relevant to your brand…. BUT I cannot advise this strongly enough: Make sure the product is awesome, and you actually recommend it!
You don’t want to end up sounding like the podcast version of one of those websites where you can’t find the content through the weird unrelated banner ads or worse still multiple pop-ups!
3.) Donations – We all make our podcasts for free, we put our blood sweat and tears into them and people get to listen for free! Doesn’t seem fair when you put it that way does it?!…
Donations through a system like Patreon is often described as a “non-yukky way” to ask for something back.
There are actually nice people in the world, and they will send you a little donation now and then because they enjoy your podcast. ?
4.) Sell something – Here is where podcasts really convert. You may have a writing service, a coaching class, a piece of software, a membership site… Whatever it is, the podcast builds trust with a listener base and is the perfect way to naturally offer that product.
Again, make sure it is relevant to your show’s topic but selling your book, your web design plugin, your one-to-one coaching etc is the number one way to make money from your podcast. ?
5.) Premium Content – This can be set up as donations or as a membership site. However selling additional content to your podcast can be a great way to make money from a podcast.
Personally I don’t like the idea of telling half a story in a podcast, and someone has to donate to hear the other half… But I have seen it done.
Maybe however you offer an amazing free podcast with great interviews, but then there is a premium podcast feed that has all the “rituals and routines” of your guests. Or they get video content sent to them with a certain level of Patreon donations… All good ways of generating extra revenue.
6.) Merchandise – If you have a loyal fan base that love your show… Merch is a great way to go! AND it is a double win!
You sell a product generating some income, and they walk around as an advert for your show in a branded t-shirt or with a logo’d baseball cap.
That’s a win win on how to make money from a podcast AND an extra bit of podcast marketing!
In summary, when thinking about how to make money from a podcast…
Please don’t get bogged down with the total number of listeners on your show, and think that just because you don’t have 10,000+ listeners you can’t get some of that well earned money back from your podcast.
You can, I promise! ?
I hoped this has helped to clear up how to make money from your podcast, if you want to discuss any of the points raised or need help getting started with those please do get in touch, or comment below the blog post!
If you are thinking of starting a podcast, are currently building, or wanting to grow a podcast… I would love you to check out my FREE three part webinar on podcasting. Grab your free space now: https://podtips.pro/free-webinar