Podcasting has been a lucrative medium for a while now, but it has never been this easy to podcast for an additional source of revenue.
It’s no secret that not every podcaster is doing it from a place of passion. For some, it could be a creative outlet, for others a way to promote either a business or personal brand, and yet for others the main source of income/ additional stream of revenue. Every podcast that generates +/- 1000 downloads could be eligible for sponsorship (it could be argued that this number could be higher.) The folks over at Edison Research have estimated that around 67 million Americans listen to podcasts monthly. This leaves room for plenty of growth in listenership for your show, potentially resulting in additional revenue for yourself.
There are a few different ways that have been proven effective for creating an income from podcasting.
1. Sponsorship:
Most sponsors will offer sponsorships based on audience size and will sell ads on a CPM (cost per thousand) basis. According to AdvertiseCast, the industry average for a thirty second pre-roll ad CPM is $18. At this rate, a podcast that garners 100,000 listeners will make $1800 off of the one ad. Run two of these and you’re looking at $3600.
2. Donations:
Crowdfunding platforms like Patreon and Thunda Fund have made it incredibly convenient to raise money and even give listeners a way to offer cold hard cash in the form of donations. This method is less-so dependent on audience size, and more dependent on listener ‘loyalty’. This method puts all the power in the hands of the listener and can be a risk, but can also offer a very high reward.
3. Freemium:
If you feel that giving your listeners a taste will result in them paying for the ‘whole meal’, the freemium model is for you! This will require some sort of subscription that offers premium content to paid subscribers only.
4. Sell product:
If you’ve been successful in building up a brand, or have an already established brand, why not sell a product to your listeners? If your brand is based on a service, like fitness tutorials, for example, offer fitness packages or consultations for a fee. Many podcasters who have an established brand have no problem selling merch to listeners who are loyal to the show.
5. Affiliate marketing:
Many podcasts will mention a product or service on their show that is relevant to the discussion of the episode. A mutually beneficial relationship can very easily be established that offers exposure for a product/ service in exchange for payment.
6. Live events:
Perhaps the rarer of the methods, a live event can be a great way to not only bring people together and build relationships but also create income from ticket sales, merchandise, sponsorships, etc. Due to its online nature, the podcast community is forever itching to gather and network. A live event such as a podcasters convention is a perfect way to do this and can offer podcasters the ultimate reward of engaging in the greater podcasting community.
You can see that there are plenty of ways to generate revenue from your podcast. It might take some time and will definitely require lots of hard work and determination, but will be very worth it in the end. The podcasting trend shows no signs of slowing down, making the prospect of starting or growing a podcast very exciting!
