You must have heard podcasters make tons of money while maintaining a vast audience. But is there any truth to these claims?
According to Forbes, podcasts are one of the most acceptable ways to increase your net worth when a recession has taken over the world.
Can You Make Money Out of a Podcast?
Absolutely! Making money from a podcast is undoubtedly a way to earn direct and passive income. Here’s how:
As Passive Income Source
Say you’ve uploaded your podcasts on a YouTube channel, and your podcast subscription count grows. In this case, the platform will start paying you.
More subscribers mean more views, and this leads to monetary compensation. YouTube will pay you according to the number of views you have on each one of your videos.
As a Direct Income Source
Podcasting has severe monetary potential. Aside from passive income, you can earn direct income by making sponsorships for your channel. There are plenty of brands out there who collaborate with podcasters to grow their target market. These brands compensate the podcasters well in return.
You also get a share of the monetary gains from podcast subscriptions. The more subscribers you have on your podcast platform, the more direct income you get. Aside from their subscription plans, you can also sell podcast merchandise if you get famous.
So yes, podcasts have money-making potential. But what are some methods and tips you can use to monetize your podcast?
7 Paid Podcast Tips to Try in 2022
You should understand there are no hard and fast rules to make millions out of your podcast. It will take a lot of time and consistency to make that happen.
But, a few tips may help you expedite the journey.
Start Affiliate Marketing
Becoming an affiliate marketer is one of the fastest routes to ensuring your podcast is profitable. In affiliate marketing, you will be promoting products from a specific brand. In addition, you will have to persuade your audience why the product you’re recommending is worth their time and money.
This grows the brand's sales, compensating you in return. You can either sign a contract with the brand for a specific amount you will receive in the promotion. Another way is to sign up for the traditional method, i.e., earn a commission through each sale.
You will earn a 10-20% commission when someone purchases the product via your affiliate link. It’s a great way to grow and make money out of your channel.
Secure Advertising Deals
You shouldn't have trouble securing advertising deals if you have a large audience and a high number of views. Selling a sponsorship on your podcast essentially means you’re providing the brand with airtime at the start, middle, and end of your show.
The most desirable ad placement is usually in the middle of the show. It is implausible that listeners will skin your episode in the middle when they are completely engrossed in the content. It will earn you the money you deserve while your ad agency will be able to sell the services or products of their clients.
Offer Exclusive Tiered Subscriptions
If you have a few years of podcasting experience and think your audience is very loyal and engaged with your channel, then offer paid membership tiers. This is an independent way to earn from podcasts without relying on brands for money.
Offering tiered memberships to your audience will require you to create dedicated and exclusive content for them. But only those who buy your podcast subscriptions can access this content.
Another option you can avail of is offering your audience an ad-free experience. For this purpose, you have to sign a lucrative deal with an ad agency. If not, then go ahead and provide tiered subscriptions.
Join an Advertising Network
Those who have trouble finding the right advertising deals for their podcasts should consider joining podcast advertising networks. Various advertising agencies will be happy to help connect you with the right clients. Become part of their network and see how it pays off.
Repurpose Your Content to Make Sales
Once you have taken your time to record your podcast, you can use Rev to transcribe it. Unfortunately, many people don’t transcribe their podcasts because it is time-consuming, and they don’t know what to do with them after.
Once you have transcribed your podcast using any transcribing service, you can then turn your transcription into an article and sell it to a publication. Many publications out there might be willing to purchase your content if it is relevant to their niche.
Finding such a publication may take some time, but it is worth trying.
Post Your Paid Podcast on YouTube
We mentioned earlier that posting your podcast on YouTube can help you earn passive income, which is very accurate. In addition, many podcasters are repurposing their content and posting videos on YouTube for a wider audience reach.
Your content needs to be aesthetically pleasing and should look professional in production. You will also have to make initial investments like creating a set, finding high-quality gadgets for production, and ensuring the video is edited professionally.
In short, you will have to put in the extra effort. However, this extra effort will pay well in the long run. You will be able to grab your audience's attention in a much more comprehensive way. Your listeners will also look forward to seeing you on screen, and you can make more money in return.
Make Public Appearances
Once you have a full grip on your subject matter and your popularity has grown, you can make public appearances. Today, many podcasters charge for public speaking when they are invited as guest speakers at seminars, webinars, and PR events.
It all depends on how much grasp you have over your niche and how you can brand yourself.
So, these are some of our suggestions to monetize your podcast. As we mentioned earlier, making money from your podcast is a time-consuming process. You shouldn’t expect it to give you a return right after you have launched your channel.
Be consistent and have a complete grasp on your niche. Keep your listeners engaged, and surely you will grow.