You’ve built a podcast with regular listeners, and now you’re wondering whether you can monetize it. The answer is yes! No matter what your audience size is, it’s possible to make money from podcasts.
In this article, we’ll cover 10 ways to monetize your podcast in 2023.
This involves offering brands or businesses ad space during your show. Most creators think they need a large audience to be able to do sponsorships, but this couldn’t be further from the truth! At Passionfroot, we managed to get a sponsor for our podcast before it had even launched. The secret is to find companies that have the same audience as you. Set up your Passionfroot page to include your demographics and send it over to brands to show them why you’d be the perfect match. You can either have set rates or negotiate with brands. How much you charge depends on many factors, such as niche, listener statistics, and ad placement (e.g. is it pre-roll or mid-roll), but generally, sponsorships make up the biggest revenue stream for podcasters.
Similar to sponsorships, affiliate marketing involves promoting products or services in your podcast episodes. However, instead of receiving an agreed-upon fee from the brand, you'll earn a percentage of the sale price for each product or service purchased through your unique affiliate link. This is a great option if you want to offer your listeners a specific product or service that aligns with your show's niche.
Membership or subscription models
Another way to monetize your podcast is through a membership or subscription model. This involves offering exclusive content or additional perks for a recurring fee or subscription payment. Examples of exclusive content may include bonus episodes, early access to new content, a community group, or live Q&A sessions. You can offer different tiers for different packages, e.g., $2 a month may offer community access, while $5 a month offers community access and live streams. Memberships and subscription models are a great way for listeners to support you and your podcast, but to be successful, it's important to have an engaged audience willing to pay for the additional benefits. Joe Casabona recommends having at least 100 engaged listeners for memberships to work.
Many podcasters have successfully monetized their shows by creating and selling their own products. This could include physical products like books or merchandise related to your show, or digital products like courses or e-books that offer value to your audience. This revenue stream can work really well if you have a clear understanding of your audience's needs and interests.
Courses or coaching programs
Coaching or consulting services are another popular way that educational creators monetize their content. This could include one-on-one coaching sessions, group coaching programs, or online courses that offer value and expertise to your audience. Your podcast should be an opportunity for you to showcase your expertise (even if you have guests on it) so that you can drive sales with a call to action on the show.
When most people think of podcasts, they think of audio, but don’t miss out on potential revenue by neglecting video! By simply recording your podcast sessions on video, you can upload your episodes to YouTube and earn money directly for your content with YouTube Adsense. To be accepted into the YouTube Partner Program, you’ll need to reach 1000 subscribers and 4000 public watch hours.
Hosting live events or meetups can be a great way to monetize your podcast and connect with your audience. This may include hosting live recordings of your episodes, panel discussions, or workshops related to your show's topic. Steven Bartlett brought his podcast to the stage with The Diary of a CEO live tour across the UK which sold out of tickets.
Donations or crowdfunding
Finally, many podcasters choose to monetize their shows through donations or crowdfunding campaigns. This involves asking your listeners to contribute to the production costs of your show in exchange for additional benefits or rewards. To be successful with this strategy, it's important to have a loyal and engaged audience that is willing to support your show financially.
There are many different ways to monetize your podcast, ranging from sponsorships and affiliate marketing to membership models, products, and paid communities. The key to success is understanding your audience and their needs, as well as being consistent and authentic in your content production and promotion. With the right strategy and approach, you can turn your podcast into a profitable and sustainable business.