If you’ve started a podcast, you may be wondering how you can start making money for your podcasting efforts.
With all the planning, recording, and editing involved, content creation is a lot of work. That’s why many content creators seek to transition their hobby into a revenue stream. For creators, monetization is the best way to get paid for all their efforts.
If you’re newer to the scene, you may be wondering how to make money from podcast monetization. It’s simple, and there are several ways to do it. This post will cover our top 7 ways you can start generating revenue from your podcast.
When should I consider monetization?
This is a common question we receive from new podcasters. While some people may think otherwise, it’s never too early to start thinking about podcast monetization.
Start thinking about your show as a potential revenue stream from the get-go. Even if you’re only on the third episode and trying to lift your podcast off the ground, considering monetization early gives you a great goal to work towards.
It can help you focus on creating quality content and give you a reason not to cut corners on your editing process, equipment etc.
How to make money from podcast monetization: Our top 7 ways
Below we’ve listed our top 7 ways to monetize your podcast and generate revenue. Even if you’re still building your listener base, consider the following and see which method could work for your audience.
If you want to monetize your podcast get a sponsorship deal with a business. This is one of the top ways to make money through podcasting. In this case, a company, preferably one within your niche, pays you to advertise its product or service to your audience.
Payment is based on an agreed rate and will depend on the type of ad and the specific slot. Here’s a quick rundown of how ad payment methods work.
Methods of payment
- CPM (Cost Per Mille). This is common for larger podcasts. Sponsors will pay a rate for every 1000 downloads or listens for each podcast episode.
- Value-based. Here the sponsor will pay a set amount for a specific slot or a number of slots. This is popular amongst smaller podcasts.
Types of ads
- Host Read. The host is responsible for reading the ad. Oftentimes the host will add their personal experience with the product.
- Prerecorded. Like a radio ad, the sponsor gives you a prerecorded advertisement to play during the specific ad slot.
Sponsorships allow you to make money and expand your listener base amongst the company’s clients as well. To attain a sponsorship, you either pitch directly to companies, they pitch to you, or you are connected through a podcasting network.
Finding sponsors can be challenging for smaller shows without a podcasting network. However, if you have a loyal following and fit their niche, some brands may take a chance on an independent show and sign a contract.
2. Join a podcasting network
To connect with sponsors quickly and easily, use a podcasting network. Platforms like Podbean Ads Marketplace bypass the pitching process, allowing sponsors and podcasters to connect on a single platform.
A potential drawback is that not all networks give you a say on which ads they run on your show. However, with Podbean Ads Marketplace, you have control.
Sponsors can reach out to you, and the system will match you automatically, or you can choose which sponsors you want to work with. This way, you maintain your desired brand image.
3. Audience donations and support
Don’t negate the classic donation! Many new podcasters wondering how to make money from podcasts often forget about donations.
Giving listeners an opportunity to support your efforts is a powerful way to grow your podcast and get your audience involved. People are more generous than you think, and if they like your content, they will likely support you to keep it going.
You can provide options for people to give regularly or make one-time donations. Also, live-streamed episodes are great ways to thank donors as they contribute in real-time.
4. Paid or premium content
Provide paid VIP content for listeners to purchase. This can include additional videos, access to private or behind-the-scenes footage or even unreleased content. Paid content simply requires listeners to pay a one-time amount or a subscription fee to access VIP content.
The exclusivity encourages listeners to sign up. However, if you opt for this, make sure to still give the necessary attention to your unpaid content and audience.
5. Repurpose content on another platform
Want to know how to make money from podcast monetization? Repurpose your podcast content on another monetization platform. Maximize your earnings by using as many revenue streams as you can. Youtube, for example, is well known for its monetization features and allows many podcasters to also post video episodes.
Post your video or audio-only podcasts to another monetization platform so you can make money on multiple platforms at once.
6. Sell additional products and merch
Do you have a fun catchphrase or a fun logo? Put it on a shirt and sell it! Shirts, sweaters and even mugs can boost your income and increase brand awareness.
Be prolific – try selling additional products or services. Books, courses, and live events are great ways to give your audience helpful content beyond the podcast itself. Some people may hear about your book or popular course first and start listening to your podcast as a result.
This said, don’t just make up a course or a book because it seems like an income stream. Make sure it’s something your listeners will want.
For example, if you’re a digital marketing expert, a course with tips and strategies could be of value. On the contrary, if you run a Christian podcast about reading the Bible, a book or a study guide might be a better fit as supplementary material.
7. Multiple monetization streams
Podcast monetization has no one size fits all strategy, and there’s no rule that says you can’t do a combination of more than one!
Trying to learn how to make money with a podcast like a pro? Here’s a hint: most podcasters combine two or more monetization streams. Merch may not resonate with your audience as much as a book or a course does.
Listen to your niche and your audience. They’ll tell you which revenue streams will work the best. Be open to trying something new and expanding your content strategy beyond podcasting.
If you’re looking for the right network, the Podbean platform allows you to harness more than one revenue stream so you can earn the most out of your podcast. With Ads Marketplace, premium podcast monetization, the patron feature and more, Podbean is committed to helping you and your podcast succeed.
Monetize your podcast with Podbean.
If you want to know how to earn money with your podcast, we’re here to help.
Podbean is a powerful tool with multiple income stream opportunities, all from a single platform. Our Ads Marketplace connects you directly with sponsors, so you can skip a few steps in the traditional process and start earning.
Simplify your podcasting journey and see why thousands of podcasters trust Podbean to help transform their hobby or side project into an income stream. Sign up to start monetizing today.