How can you make money podcasting or even turn it into a lucrative career? This article lists some of the most popular ways podcasters profit from their content. If you’re a beginner, you’ll probably want to start with one strategy and work up to doing a couple of them interchangeably. Don’t worry, it will get easier—. Just ask today’s most successful podcasters!
Podcasting is a great way to voice your thoughts and opinions and reach listeners worldwide. You just have to get yourself a good podcasting microphone like the Rode Signature Series NT1 Cardioid Condenser Studio Microphone. Of course, you’ll want some monitoring headphones like the Audio-Technica ATH-M50x Professional Monitor Headphones. You’ll also need user-friendly recording and editing software to polish your podcast audio. Simple as that, you’re ready to start a podcast! With more than 546.7 million listeners in 2024 and an estimated 651.7 million listeners by 2027, according to Backlinko, things look pretty solid for podcasters.
But of course, with such great technology at your fingertips and the promise of a vast audience, everyone can (and does) start a podcast. In 2024, Spotify alone registered more than 6 million podcasts. Now more than ever, producing quality content that is catchy and engaging should be your number one priority. Having a large and loyal audience is critical to making money in podcasting. However, you must prepare the grounds and find a marketing strategy that matches your content and audience.
Read on to find out how to make money with podcasts.
Promoting Your Business
Suppose you are among the many podcasters who already had a business before starting the podcast. In that case, you can use this new channel to promote your products or services. Create content that makes your business relevant to your audience, and use your show to increase your earnings. For example, Dan Harris uses his podcast, Ten Percent Happier, to promote his wellness and meditation retreats.
Another way is to offer exclusive discounts or prices to your audience. Don’t be afraid to offer your product or service; the podcasting medium can help you gain your listeners’ trust.
You can also promote your services by expressing your professional opinions on certain topics related to your skills. For example, if you work in the digital marketing field, it would be a good idea to do informational episodes that allow you to subtly show off your marketing knowledge and expertise. This can make it easier for you to attract clients.
Make Money Podcasting by Selling Merchandise
Once your podcast becomes popular, you can create your own merchandise (many influencers sell “merch” to supplement their income). These can include shirts, hoodies, baseball caps, mugs, and other items relevant to your podcast topic.
Ensure your podcast’s logo is an artwork or graphic design that can easily be printed on different surfaces, such as ceramic, fabric, and metal. Hire a professional artist or a branding company to design the logo. It has to be recognizable, appealing, and a conversation starter. The Three Questions with Andy Richter is one example of a podcast with merchandise.
Advertising and Sponsorships
Perhaps the most popular way to make money in the podcast industry (and any other industry where you create content for an audience) is to look for sponsorships and advertisers. Reach out to companies and ask them if they would like to sponsor you. Keep in mind that audiences are easily put off by insincerity, so try to make it a point to work with brands that you actually believe in.
Just like in business, cultivating relationships within the podcasting community (and outside of it) can be integral to your success. After all, many deals with entrepreneurs, sponsors, authors, and coaches are closed through networking and connecting with other people in the industry. Meeting people will allow you to meet potential sponsors, as well as possible interviewees or collaborators.
Aside from allowing you to uncover various monetary opportunities, building your network can also help you grow your audience through guest spots and collaborations with other podcasters.
Many popular podcasts like Entrepreneur on Fire make thousands of dollars every month through sponsorships with the CPM (cost per impression) program. According to Influencer Marketing Hub, you can earn an average of $18 for a 30-second ad per 1,000 listeners or $25 for a 60-second ad per 1,000 listeners. Mid-roll ads are paid better, meaning that rolling an ad at the beginning or end of your show will bring you less money. However, mid-roll ads are more distractive and even annoying for the listeners.
Of course, the prices depend not only on how long the ad is, the number of downloads, and even where the ad is placed in your show but also on the agreed rate with your sponsor.
Podcast Advertising Networks can Help you Make Money Podcasting
If you don’t want to look for advertisers yourself, there are podcast ad networks and agencies that can help you with that. Each has its rules and requirements, but you’ll usually need a monthly listener average of at least 5-10K to be able to work with them. However, there are so many podcast advertising agencies these days that you can most definitely find one to work with. Consider Podcorn, Listen Network, AdvertiseCast, Quill, PodcastOne, True Native Media, AudioGo, and Megaphone.
Affiliate Marketing
Another very popular strategy for making money online is affiliate marketing. Also referred to as performance marketing, this is where podcasters get commissions whenever they successfully refer their audience to companies. With every purchase, you get to earn some money. You can ensure greater effectiveness by promoting products and services that your audience will be interested in and that you actually use and enjoy.
Podcasters typically create their own “ad spot” or naturally mention a product or service in the middle of their show. Sites like Amazon also have affiliate programs, but there are many others. You can even join networks like ShareASale to find and join specific programs that you like. You can also use online services that will allow you to create short and memorable affiliate links that your audiences will remember so they can be redirected to your tracking link easily.
Online Courses to Make Money Podcasting
Podcasters who do educational topics can create paid online courses that offer more in-depth information than what they discuss in their podcasts. For example, you could create a podcast series wherein you talk about the different types of photography niches. Additionally, you could offer access to an online course that your listeners can choose to purchase should they want to learn more about a specific genre. You can use your podcast to talk more about your course and explain what your listeners can learn and achieve by the end of it.
You can also have the same listeners subscribe to your email list so you can update them about future courses.
Coaching and Consulting
Coaching and consulting don’t involve you doing the work for others. Instead, you offer expert knowledge in order to guide your listeners in a particular field or topic. And as we already know, expert advice rarely comes free.
You can offer purely coaching or you can include free (or discounted) consultations for your listeners as part of your business plan. It can be for business, diet, wellness, or even podcasting—anything you’re particularly knowledgeable, skilled, or successful in. Use your podcast as an alternative medium instead of focusing on your social media market.
For example, psychotherapist and New York Times bestselling author Esther Perel is also a podcaster. She offers online courses for people who can’t afford or attend standard relationship therapy and clinical training for psychotherapists. The podcast is her alternative medium of choice to showcase her expertise, coach people into better relationships, and reach a larger audience.
Books, Audiobooks, and e-Books
This strategy may not be for everybody, but it can be a great income-generating option for those who are already authors. Take the opportunity to use your podcast audience to boost your book sales and invite reviewers to pick up your material. You can even be a guest on other podcasts to promote your book. Esther Perel is a good example here, too. But so are Oprah Winfrey, Eckhart Tolle, Mel Robbins, John Green, Elizabeth Gilbert, David Naimon, and many more.
Now, if you’re not an author, who says you can’t create an audiobook or an e-book out of your quality podcast content? Feel free to create a whole new product out of your show (or shows) as a way for others to catch up on and learn from the highlights of your content. You can use your audio editing software or transcription software to transform your podcast themes into book material. Find a publisher to support you or become a self-published author using digital tools, such as Apple Books, Google Books, Amazon Kindle Direct Publishing, Lulu, and others.
YouTube Partner Program
YouTube Partner Program is a way of monetizing your YouTube channel. But who says you can’t transform a podcast into a YouTube show? You already have the means for recording and editing audio footage. All you need is a camera and a video editing program. It’s up to you if you share on YouTube recordings of live podcasts, behind-the-scenes footage, trailers and intros of your future podcasts, samples of old episodes, or anything else concerning your show.
Mel Robbins is a good example in this sense. Her YouTube channel shows video recordings of her podcasts, episode intros, and live-streaming coaching, as well as moments of her life that inspire a particular theme or topic.
Become a Public Speaker to Make Money Podcasting
Another way to make money from your podcast is to use the experience you’ve accumulated as a podcaster to boost a career in public speaking. Podcasters are often invited to give interviews on radio or other podcasts, attend workshops and conferences, speak at corporate events, and participate in training. Most of these activities are paid.
For example, Elizabeth Gilbert is an author. But, she created a podcast based on one of her books to help artists overcome their fears and publish their works. As a result of the podcast, she is now a public speaker with events booked worldwide.
Hosting Live Online Events
Now, add cultivating relationships through (and for) your podcast to being a public speaker, and the next idea to make money podcasting reveals itself. You can make use of those relationships and put together an online digital conference or virtual summit where you can have experts, thought leaders, and even celebrities speak about a particular topic.
By collaborating with other famous personalities this way, you can tap into their market and gain even more listeners. In turn, your combined anticipating listeners can pay to subscribe to the virtual summit and be part of your growing email list.
Crowdfunding and Donations are Great to Make Money Podcasting
Don’t be afraid to ask for support from your audience. Suppose you’ve gained many listeners and interacted with your audiences quite a few times. In that case, you can bet that many of them would be willing to give you donations to support you and your podcast. Crowdfunding is a very fitting strategy for entertainment-focused podcasts and others that are relatable to a broader audience.
You can have people make pledges through Patreon, whose subscription content service helps make it easier to offer additional content depending on the amount of money a listener (or member) pays to support you. If you happen to be supporting a charity, your podcast can also be a good medium for seeking donations.
Other platforms for donations are Venmo, Buy Me a Coffee, and GoFundMe. You can also use a PayPal link.
Premium Content and Memberships
You can also offer premium content that you know your audience will want to listen to. Typical examples of premium content are extended or special interviews, behind-the-scenes moments, ad-free series, early-bird access to your shows, older episodes, and other unique and valuable content that can rake in a few dollars each month.
You’ll find that some podcasters also offer live and video versions of their audio podcasts and other bonuses when a listener purchases an annual subscription. It can be anything you like, as long as it excites your listeners and you make it worth what they pay for.
The Daily podcast by The New York Times is subscription-based. Past episodes are available only to subscribers.
Concluding words
We hope we have given you a few ideas for some of the top monetization options that are available to you as a podcast host. Feel free to dabble and see what works best for you and your show. If you think we missed any other monetization methods, please feel free to share them with us at 42west@adorama.com!
