No matter what brought you to podcasting, a question always arises: “Is there a way to make money with podcasting?” The answer to that is always a resounding yes, but that then leads to the next question of, “How?” Take a look at four of the most effective ways to monetize a podcast. With these tips, you’ll be able to find the right monetization method(s) for your podcast.
Here are some options on how to monetize your podcast:
- The Patron Program
- LiveStream With Podbean Live
- Create Paid Premium Podcast Content
1. The Patron Program
Patron programs have become a viable stream of income for content creators. One of many examples is Now Playing – The Movie Review Podcast, who earn over $11,000/month using Podbean’s patron program (click here to check out their Podbean patron program). By offering pledge tiers from $1/mo. to $750/mo., Now Playing’s fans are able to show their support at a pledge level that’s comfortable for them. Another example, according to an article on CREATORHYPE, is political comedy podcast Chapo Trap House. One of the highest-earning podcasts using a patron program, they earn around $95,000 a month. So there’s something to be said about patron-based programs.
Podbean’s patron program is built into your user dashboard and made specifically for your podcast episodes. You can set donor tiers for your patrons to pledge monthly, with specific gifts for each tier. Give your donors exclusive sneak-previews of new episodes, hand-written postcards and letters, podcast swag like stickers and pins, the ability to vote to decide your next podcast topic – the list is as endless as your time and imagination.
Customize it even further by creating goal-based donation tiers. Need $150 to invest in a sound mixer or update your equipment? Set the total as the goal. Your donors help you achieve your goal by investing in your podcast. This also helps them know what their financial support is going towards and to feel a part of the process.
2. Livestream with Podbean Live
What’s the first thing you think when you hear the word livestream? Some might think of Twitch, the popular platform for gamers. Some might think Picarto, the platform for artists to stream their creative process. With Podbean Live, now it’s the podcaster’s turn.
Podbean Live is a new way to share your content with your followers. Host a streaming live podcast audio show and your followers can listen, interact with you in the live chat, or even call in to your livestream. Podbean Live has room for up to four co-hosts or interviewees, so all your friends (or all the cool people you want to talk to) can pop in and speak with you. Podbean Live also allows you to earn money through Live Show admissions, as well as by receiving virtual gifts from your listeners.
When a listener joins the stream, they can donate to you using Podbean’s gifting system called Golden Beans. The podcast host can cash out points earned from the virtual gifts for real-world currency. Not only does it give your listeners a way to support you, but it adds a level of fun and interaction to the live stream and a new way to monetize.
The other thing we love the most? Podbean Live is open to every podcaster for free. No matter your hosting platform, you can use Podbean Live to host a livestream and earn money.
3. Create Paid Premium Podcast Content
Say you’ve got extra audio that you worked really hard on – a podcast episode that dives deeper and is longer than usual, an unedited podcast script PDF, or some special educational or valuable content for listeners.
This is where the premium content feature comes into play. This lets you give listeners content at set prices for single episodes or for a series of bonus content during a period of time like a month or a year. On your quest for how to monetize a podcast, use this option as a way to provide special content like lessons, a bonus series, exclusive interviews and more. Utilize the exclusivity to keep your podcast gated, yet accessible.
Price customization is under your complete control. There are no upfront fees or costs to participate. Podbean only takes a small percentage (Podbean handles all the technical, billing and customer support needs for a simple 15% share of revenue earned), ensuring that your podcast receives the maximum profit from your premium content purchases.
If you remember the last big article we wrote on podcast advertising, you know how much it’s booming. After Mack Weldon doubled their sales with a host-read ad on Comedy Bang Bang, businesses quickly became aware of the power of podcast advertising. Today’s podcast advertising landscape is getting more sophisticated with the use of matching services and dynamic ad insertion. In fact, according to an article on The Verge, dynamically inserted ads now account for 48.8 percent of podcast ads business. Marsha Silver’s Digital Music News article on podcast advertising even goes as far as to say “In total, the audio ad marketplace in the United States is valued in excess of $16 billion, and podcast advertising represents only 3% of this. By 2022, this share will more than double to 8.2%, according to the projection.”
New tools are making podcast advertising more accessible for all podcasters. For example, Podbean’s Ads Marketplace helps podcasts of all sizes connect with advertisers. The PodAds ad management and dynamic insertion platform gives podcasters tools to more efficiently manage their ads and increase revenue.
Statistics have shown that podcast listeners are less likely to skip ads and are highly likely to take action on ads they hear on a podcast. This makes podcast ads an extremely powerful tool for sponsors. It’s an ever-growing method to monetize your podcast.
Utilizing the patron program, premium content, Podbean Live, and advertising will allow you to create an engaging experience for your listeners while creating multiple streams of income from your podcast. As you cultivate your relationship with your fans, you can give them various ways to invest in your growth. Most of all, the tools available let you customize what fits best for you and your audience…and help you continue creating. And isn’t that what podcasting is all about?