The podcast has come a long way in the last few years and podcasting is growing very fast. Many people are joining to monetize their knowledge and passion so that they can make money with a podcast in the future.
What is Podcast?
Many people do not understand the meaning of podcasts in the first instance who have not listened to them before. Its name does not immediately tell how does it work.
The word podcast has been derived from two words iPod and Broadcast. The Guardian journalist Ben Hammersley first coined the word Podcast. However, a lot of people were using Apple iPod to listen to podcasts during this time.
Meaning of podcast
A podcast is recorded digital audio which is created on any topic as episodes and uploaded to streaming applications in a way to share information, knowledge, and ideas.
Different ways to listen to a Podcast
A podcast is essentially like a talk show however you can tune in the best way to listen to a podcast.
- Through Laptop or Desktop
You can listen to podcasts using a laptop or desktop. Open a Google browser and search for podcasts in the search bar.
Definitely, you need a media player in the system hoping you have already installed it.
- On iPad or iPhone
If you are using Apple iPhone or iPad then first search the Apple podcast app on the device. It comes inbuilt in the iPhone and iPad.
Once you find the podcast in the search result then you can click the button to listen to episodes.
- Android Phone
You can search podcasts in the Google play store and listen by clicking on the play button.
How to make money from a Podcast
There are different ways how you can make money from podcasts. Most successful podcasters use different strategies for monetization.
It is always better to keep revenue sources diversified. Below are different ways how podcasts make money.
1. Advertisement
Advertisements are very effective to generate income from podcasts. Although it takes time to build an audience so that it can draw the attention of advertisers.
Generally, ads are sold by CPM or cost per mille. It means the cost the advertiser pays per 1000 impressions, views, or downloads.
With the CPM model, your show gets on an average
- $18 per 1000 downloads per 30second CPM
- $25 per 1000downloads per 60 second CPM
Advertisement sales are usually done directly between brand and podcast or through an agency broker.
2. Create courses
If you like to tell about subject fundamentals then this is how you can earn money with a podcast. You can break things into different bundles and provide them in the form of a course.
This could be in the form of audio, video, or a written content moreover a wide range of platforms is available to help you.
Such courses have high value and finally create very good income so how do people make money with podcasts.
Another part must also be kept in mind that it can consume much time and you have to update regularly.
3. Affiliate Marketing
Affiliate marketing could be a source of income to make money with podcasts if your show is a little bit technical and often features you mentioning resources.
This is a very common stream how do you make money from podcasts. It also depends on a product category to how many podcast listeners want to make money from affiliate marketing.
The host can mention products in his show and share links with listeners to get discounts.
In this way, podcasts receive a percentage of every sale generated through shared links.
4. Sale products and Services
If you are running other businesses then you can sell products or services. Important thing is to check products or services are relevant for the audience to tune in for the program regularly.
If it is relevant then strategically you can think to increase sales of products and it is not bad money with a podcast.
You can offer exclusive discounts for your audience to increase sales. You must realize listening tool is a powerful way to build authority and create a trust factor.
Again you are helping your audience in some way so do not hesitate to promote products and services. You can use marketing tools that convert listeners to subscribers and prospects in paying customers to make money with podcasts.
5. Books and E-books
The book sale is another way to make money with podcasts. As a podcaster, you are spending hours creating high-value content and providing free.
You can repurpose content to make money. For example, you can write some parts of the interview in book form and combine them to create new content.
Many podcasters give away some free books to listeners for bonding relations and create value. Similarly, you can increase your loyal following.
Your podcast listeners are useful to boost initial book sales and to get reviews about the book. Most of the podcast listeners are active on social media.
They do share new learning on social media. So your listeners can help you in increasing awareness about upcoming books.
Every podcaster can’t be a writer but every podcaster is a talker. If you do not want to write then you can record an audiobook. You already have the equipment along with you and the audiobook industry is growing very fast.
6. Premium Contents
If you have a good personality and great content then a lot of people will happily throw hundreds of dollars to support you to keep producing episodes.
You can offer ad-free content to your listeners, premium content, downloadable resources, live chat, access to the newsletter, access to episodes, bonus episode,s or host Q& A.
Again you can offer consulting package once a month or offer physical products. Through all these different ways you can engage listeners to make money with podcasts.
You can also get feedback from listeners. Using such methods you can convert podcasts really in a live event company.
7. Coaching and consulting
If your audience knows you well then you can start coaching and earn money with a podcast. Hardcore podcast fans want more personal touch and they usually become ready to pay for subscriptions.
If you are in consulting business then a podcast can be a very good means to promote services. More and more people will sign up free, later they can contact you for one-to-one coaching.
8. Virtual Summits
It can be a slow process of creating a fan base for podcasts in the beginning.
A virtual summit is a collection of webinar interviews of leaders of specific industries. This can last for many days or a series of events. You can sell an access pass to industry leaders and create an email list.
The virtual summit can benefit podcasters in many ways. For example, increasing the email list, revenue generation, authority building, and creating a network with industry leaders.
9. Live event hosting
Organizing a live event and bringing your listeners to one place is something like developing a community. It is really amazing for both of you to experience how people react to your show.
This is a high-end mastermind strategy. But you should have a loyal audience to organize such types of events.
Organizing a live event is a little bit costly and time taking. If you have organized virtual summits earlier then you get many skills that are going to help you in organizing the live event.
Live events take fantasy to a new level and provide additional value to your audience.
10. Create Membership Website
You can launch a premium membership website. Through this, you can involve members more deeply. Again you can charge reasonable fees like between $ 4 to $8 monthly.
You can also offer exclusive benefits to members. For example, online video library, every week one or two new tutorials and the facility to download tutorials.
Related: How to get paid to read books
How to Start a Podcast
According to Edison’s research study, about 90 million people listen to podcasts every month and growing rapidly so it is right to start a podcast.
You require some basic things to start a podcast
- A microphone with a pop filter.
- Desktop or laptop.
- Audio editing software like oceanaudio
- A noise-free space to record podcasts.
Once you are starting a podcast then you can easily bootstrap with a smartphone and headset. As mentioned earlier you require audio editing software also.
A lot of videos are available on YouTube so you can take help while starting a podcast.
Apart from other things you have to find out why you are starting a podcast? what you are going to offer? Can you really make money podcasting? Where to choose a podcast monetization platform? What you are going to share with the audience and what you are going to talk about.
So below are steps to follow before starting a podcast.
- Choose a niche topic
- Give the podcast a name
- Decide podcast length
- Create podcast theme and brand
- Set a calendar for podcast publishing.
If you create great content regularly with searchable keywords, you will be popular and appear in Google search results.
How much money do podcasts make
How much money can podcasters make? This is the general question most podcasters ask before taking a plunge into podcasting.
They want to know in fact about reward against investment of time, money and energy. Exactly people want to know how much an average podcaster makes?
You can’t earn money from podcasting till people choose you to listen. Listeners take time to decide whether you are providing valuable content. You can search how does Joe Rogan make money off his podcast million dollars every month.
If you want to start earning in a week then it is not going to happen. If you create great content regularly and publish it, you will earn from every episode.
It also depends upon how much effort you are going to put behind for developing loyal listeners. It can be a few hundred dollars to full-time income. There are so many people who are working only a few hours a day on podcasts and living a comfortable life.
Here is an example of few highest-earning podcasts
1. Joe Rogan earns approximately $600000 every month.
2. Chapo Trap House generates an income of about $150000 in a month.
3. Pat Flynn has passive income from two podcasts his most popular podcast does not sell advertisements but he is earning approximately $10000 from affiliate marketing.
In this perspective, if you think how many downloads does a podcast need to make money?. then 10000 downloads can generate $500 to $900 per episode from affiliate marketing only.
How do Podcasters make money on Spotify
You can list your podcast on big platforms like Spotify and make money with podcasts. Another benefit is your show become accessible to a large number of peoples.
Below are some basics to submit your podcast on Spotify so that you know how to monetize podcasts on Spotify. However, check the website for detailed information.
If your hosting platform is one of the aggregator partners of Spotify then it will provide instructions on how to submit your podcast on Spotify.
On other hand, you can do it manually by signing up with Spotify for podcasters.
Even if your host automatically distributes your show on Spotify still you need to sign up to Spotify for podcasters.
It takes you to the dashboard so that you can analyze stats and information. Once you submit a podcast in Spotify then it takes few hours to appear in-app.
Next step: Your plan how do you make money from Podcast
By applying above mentioned ways you can make money from home doing podcasting.
You got basic ideas about how to start a podcast and make money. Next, you can create a large audience with great content and generate very good revenue.
Once you establish yourself then you can earn from a podcast website through ads and you can set yourself as a brand by reaching out to a large audience.
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