The number of podcasts out there has exploded in recent years. In 2020 there were 700,000 podcasts, but from June 2022 there will be 2.4 million podcasts with over 66 million episodes between them. The growth of podcasting will continue. According to DemandSage, there will be 424 million podcast listeners by the end of 2022 and the podcast industry is a $2 billion industry that will be worth $4 billion by 2024.
How to monetize your podcast: 6 proven methods
Despite the huge growth in shows and episodes, it’s still lonely at the top. Buzzsprout Reports that while the top 1% of podcasts get more than 3,994 downloads per episode within the first seven days, the bottom 50% don’t get more than 30. Whether it’s one of the largest or just getting started, monetizing a podcast takes strategy and intention.
If you’re a current or aspiring podcast host and wondering how to get more out of your audio creations, here are 6 ways to monetize your podcast.
1. Secure sponsorship
Offering slots for sponsorship is the first and most obvious way to monetize your podcast. Even if you have a small audience in a small niche, if it’s well defined and highly engaged, brands will be interested. Brands look for opportunities to be ultra-targeted and use micro-influencers as a way to connect with their target audience. You can feature products in your shows and add sponsorship messages to the intro, middle, or end. You can also include their links in your show notes.
To get this process started, you need to get an idea of the brands you might want to partner with. Think about products and services that are relevant to your podcast audience and start with the brands you and they already use. If you’re already getting questions, make some rules. Do you draw the line at gambling and alcohol and only work with brands that you have tried and tested yourself? Then compile a one-pager of your podcast stats. Downloads, countries, episodes, listeners. Then divide the listeners in terms of demographics. This information is vital to sponsors when they pay you for listings. Make it easy for potential sponsors to get in touch and decide from there.
2. Create a community
By now you are growing an audience of people who know, like and trust you. You probably develop super fans. Although they have a greater affinity for you as a host, they probably have a lot in common. If sponsoring isn’t your thing, you can create a community. That way, you’re using your network to help people find their next best friend, business partner, or tribe member. You facilitate relationships between your listeners.
This is possible through Discord, MightyNetworks or even a Facebook group. Charge a monthly entrance fee and then let members join and do their thing. You could facilitate events, live sessions and exclusive interviews. You can hire a community manager to make sure everything runs smoothly. Membership groups are a serious way to monetize a podcast that can bring in tens of thousands in monthly recurring revenue depending on your niche.
3. Upsell one-to-one access
Chances are you know your stuff. Whatever your podcast topic, you’ve done a tremendous amount of research, developed your knowledge, and interviewed or referred countless people in your field. Your listeners are looking for you to teach them; to gather all the knowledge there is and make sure what they hear is useful. They trust your opinion and want more. Many of your listeners would have wished they could ask you questions directly.
Maybe you are already a coach or mentor or maybe it’s brand new. Either way, using your podcast to sell one-on-one tutoring is a solid plan. You can limit the available spaces and communicate this in your outro. You can keep a waiting list going and pick cherries when you’re ready. You can provide asynchronous support, microcoaching or live coaching sessions with your clients. You choose your prices and deliver the goods.
How to monetize your podcast: 6 proven methods
4. Create and sell courses
Your listeners are used to hearing you in pre-recorded format, which means they will likely consider purchasing courses you create. Converting your methods into easy-to-follow and valuable courses can be the next step of monetizing podcasting. To start, think about the questions you are most often asked. Write them all down and see which ones are suitable for a course.
Once you have your course ideas in mind, think about where you want to put them. Using Udemy and Skillshare can work in two ways; you monetize your podcast audience and find new listeners for your show. Self-hosting or using Teachable means you are in full control and keep almost all revenues. Whatever your priority, the success of your courses is in the planning and production. Then announce them on your show and open the entry in short bursts.
5. Add your show to YouTube
Podcast ad networks are still in their infancy, but YouTube’s ad platform is fully developed. Have you considered adding your show to YouTube? It makes sense to reuse the same content on another platform, and you might find it even more popular there. You could cut the most stubborn segments and make YouTube shorts, record a few episodes while streaming live, or advertise and grow your YouTube listeners.
Only 17% of shows make companion videos and only 10% go live, but it can bring in a significant revenue stream. Place each song over a still image, or better yet, film your interviews, then tick to run ads on your channel and collect the profits. Get YouTube subscribers and let your podcast listeners know they can find you on YouTube too. Increase your chances of being found in more places and lead everyone in through the same path. This strategy can be one that you use alongside another monetization method.
6. Ask for donations
The last suggestion is to ask your audience for donations. While it’s not a regular and reliable source of income, you might think it can’t hurt. Until you have a final course or sponsorship offer, this will allow you to test the waters with your listeners’ tendency to part with their money. You’re just empowering those listeners who want and can support what you’re doing.
Add a donate button to your site and let your listeners choose what to give, then mention it in episodes. Remind listeners of the free value they receive and ask them to donate the price of a cup of coffee. This last method of monetizing your podcast isn’t for everyone, and you might not feel like a charity. However, if you can get over your pride, it can work for you. Many shows are monetized through donations only, and some use Patreon to collect monthly.
There are countless ways to follow your podcast with plenty of creative thinking, but here’s my top six. Get sponsorships, create a community, sell one-to-one access, create and sell courses, repurpose to YouTube, or solicit donations. Maybe you find one and stick to it, maybe you make a combination work. Perhaps you ask your listeners what they would most like to buy from you and use that to determine what you create. You’ve been adding value to your audience for a long time, so don’t feel uncomfortable being rewarded.
