Whether your company has a phenomenal idea for a new podcast or your team has a knack for engaging audiences with dynamic content, a question you’ve likely asked yourself is, ‘How can I monetize a podcast?’ It’s only natural to want to know if the reward will be worth the investment. Especially since it takes considerable time and energy to grow a podcast listenership.
Statistics show that podcast listeners are among the fastest-growing media audience worldwide. So, with the right strategies, your podcast has the potential to become a lucrative source of income. If you’re ready to get on the podcast gravy train, here are 5 of the best ways to monetize a podcast, tips on how to make money from a podcast, and just how much money podcasts make.
How to monetize a podcast
You can monetize a podcast in 5 ways:
- Ask for donations
- Create paid membership tiers
- Sell sponsorships or ads
- Sell premium episodes
- Post your show on social media.
Let’s take a closer look at how to do it:
1. Monetize your podcast by asking for donations
Ever hear the expression, ‘Don’t ask, don’t get?’ Well, when it comes to donations, you literally won’t get a donation unless you ask for it. But the plus side is that plenty of fans will happily support their favorite podcasters financially to continue receiving great content. You can add a PayPal button, card options, or simply add a Donation form to your site. And with honest, authentic CTAs, you don’t have to feel uneasy about self-promotions. Are you asking for donations to help you create new episodes? Yes! So, tell your audience that’s what you need the donation for because if they can see how you use it, they’ll be more inclined to donate.
2. Create paid membership tiers
Patreon is one of the best ways to offer subscription podcast content. After Patreon users subscribe and pay a small monthly fee, they can access exclusive content. It’s a win-win because users feel good about supporting their favorite creators, and creators receive financial support to continue publishing content. And here’s a neat idea, why not make backlogged content for new audiences accessible for a fee? It’s like wanting to watch the latest season of The Mandalorian but having to pay to catch up on the old seasons. Create an enticing offer that listeners can’t resist.
3. Sell sponsorships or ads
Podcasters sometimes start shows with expressions like, “This episode is brought to you by the air freshener guy.” “If you’re looking for a great-smelling household fragrance, call the air…. you get the idea. That’s called sponsorship. And as the number of listeners increases, so will your revenue. Generally, podcast ads work in 3 ways. Pre-roll is brief ad spots at the show’s beginning; Mid-roll is longer, more in-depth ad spots during the episode; and Post-rolls, which are ad spots at the show’s end.
4. Sell premium episodes
Now, clearly, your audience likes to listen to your podcast. So, there’s a good chance they’ll willingly pay for premium content versions. Create unique recordings that are only available for purchase, like:
- Interviews with notable guests
- Early access episodes (maybe free for 24h)
- Ad-free episodes
- Live-streamed episodes
You can also use Memberful, a platform designed for folks who want to run a membership site, or Podbean, which hosts veteran podcasts with premium content.
5. Post your podcast episodes on social media
You can also wring out a little extra cash from pre-existing content by publishing these as videos on social media platforms. YouTube is an excellent place to start because video editing is a breeze. You just need a fantastic image to introduce the episode recording. However, the money you make on YouTube depends on video views, how long people watch it, and whether they skip or click on your ads. But, generally speaking, you can make between $0.50 and $2.00 per view with a YouTube podcast.
How do podcasts make money?
Podcasts make money through direct and indirect monetization strategies that bring in income. Direct monetization includes sponsorships, affiliate marketing, paid membership programs, and premium content creation. Indirect monetization involves selling physical products or online services, providing content upgrades, or getting paid to speak at events.
Podcast beginners can start with direct monetization to build a brand. Then branch out by experimenting with different types of monetization. This determines the best way to monetize a podcast’s future content based on listenership. Now, all you need are the best steps to make money from a podcast.
How to make money from a podcast
To monetize a podcast, you can:
- Sell your product/service. Do you believe that your product/service can help listeners? Then share that conviction with them. Solving listeners’ problems gives them another reason to turn to your podcast. You can also send out a survey to help you understand consumer concerns.
- Use recognized platforms like Spotify & Apple Podcasts to host your content. Spotify is now the largest podcast network and music streaming giant worldwide. And you can run paid subscriptions without signing with them. Apple Podcasts offers a paid subscription model where you pay an annual participation fee.
- Get a professional voice actor to bring the content together. Voice actors can capture the exact tone you want your podcast to convey. Whether that’s a teacher, coach, or motivational speaker. Imagine Seth MacFarlane as the voice of Stan Smith in American Dad. “We’re at terror alert orange! Good thing you’re listening to this week’s episode of …….”
How much money do podcasts make?
Podcasts make various amounts of money based on listenership size, niche, and episode downloads. An estimated 10,000 downloads an episode can earn you between $500 to $900, while a podcast host, on the other hand, can earn a yearly salary of $72 970 in the U.S. But recognized podcasters like Joe Rogan can make about $800 000 per episode.
Here are some ballpark figures from GoBankingRates:
- 1000 listens per episode earns $745 monthly.
- 5000 listens per episode earns $4,925 monthly.
- 10,000 listens per episode earns $13,450 monthly.
Final thoughts on how to monetize a podcast
And there you have it, folks – 5 practical strategies to monetize a podcast: ask for donations, create paid membership tiers, sell sponsorships or ads, sell premium episodes, and post your show on social media. So, now that you have oodles of fresh ideas on how podcasts make money be sure to use recognized platforms like Spotify & Apple Podcasts to host your content and get a professional voice actor to bring your unique content together.
So, on that note, we’d like to wish you well as you traverse the world of podcasting. And, whether you need a voice for intros and outros, or narration, the pro voice actors on Voice123 know just how to use their voices to bond your podcast brilliance together. Because at Voice123, every voice helps.
FAQs
You can monetize a podcast by asking for donations, forming paid membership tiers, selling sponsorships, ads or premium episodes and posting your show on social media.
You can earn between $500-$900 with 10,000 downloads per episode, but as a salaried podcast host, you can earn $72 970 annually in the U.S. Based on listens per episode, 1000 listens earns $745 monthly, 5000 listens earns $4,925 monthly, and 10,000 listens earns $13,450 monthly.
