So you’ve put in the work to create a podcast for your business or personal brand. Now you might be wondering how you can get something in return for all of your efforts.
Making a successful podcast requires a well-thought out strategy and understanding of your audience to deliver something they want to listen to and watch. Making it profitable, however, requires some further actions.
Read below to discover 10 ways you can make money with your podcast in 2023.
Read below to discover 10 ways you can make money with your podcast in 2023.
Make Money With Advertisements and Sponsorships During the Show
With a large audience or a niche listenership, securing sponsorship or advertising shouldn’t be difficult.
Sponsorships and Ad placements are essentially “air time” that you sell to run either before your show (pre-roll), during your show (mid-roll) or after (post-roll). Mid-roll advertising is the most desirable ad placement, and thus the most expensive, since listeners are less likely to skip it. Due to the fact that most listeners will stop at some point or skip the next episode, post-roll is also the least effective placement, and therefore the cheapest.
Podcast ads typically fall into two categories:
If you want to land sponsorships, the size of your audience depends on the brands you’d like to work with (and the amount you want to charge them). Before you approach brands looking for sponsorship, you should aim for at least 5,000 downloads per episode.
Podcast ads typically fall into two categories:
- Live Reads As the host, you share and discuss the product or service. You may find that this option is less disruptive to your episode’s flow.
- Pre-recorded Ads A pre-recorded advertisement is provided by the brand or company that buys the ad slot. All you need to do is include the recording in the agreed number of episodes.
Subscriptions and exclusive content
Directly asking your audience to subscribe to a paid membership is another way to make money. You’ll need to find an appealing reward system for your donors, whether it’s exclusive episodes or free merchandise, to make this approach work
Offer paid membership tiers
Creating paid membership tiers for your podcast is a surefire way to make money if you have a captive audience. It’s a great way to monetize, since your listeners feel they’re getting exclusive access to special content, so it’s mutually beneficial.
A membership scheme is also a good way to preserve your independence from brands while making money from your podcast.
You could also offer your paying members an ad-free option if you already have a lucrative ad deal in place.
Ask for donations
To support your podcast, you can ask your audience for donations. Patreon has become a popular donation site among content creators for its ease of use and credibility among subscribers. This method can work well for non-profits and charitiy organizations when you have a solid audience base.
Syndicate your show to YouTube
Making money from podcasting is easy with the YouTube Partner Program. To join the program, you must meet certain eligibility requirements as well as have a minimum number of subscribers and viewers. A podcast published on YouTube can reach a wider audience, including people who may not be interested in conventional listening platforms.
You can make money from podcasting through YouTube the following ways:
You can make money from podcasting through YouTube the following ways:
- Advertising Revenue Any ads displayed alongside, overlayed, or played before or during your content will earn you a portion of the revenue.
- Channel Membership In the same way you create membership tiers for your podcast, subscribers can pay a monthly fee for extra perks and exclusive content.
- Sell your merch Through your YouTube channel, you can sell your branded merchandise, giving you an additional income source.
- YouTube Premium Revenue You’ll receive a portion of your subscribers’ subscription fees when they watch your content on YouTube Premium.
Sell merchandise
Branded merchandise is always a hit. You can create everything from t-shirts to coffee mugs if you have a recognizable logo or podcast artwork. The best thing about branded podcast merchandise is that it doubles as a marketing tool. The sale of the physical product is an additional revenue stream, and it’s an extremely effective way to market your podcast for free! Whenever a listener wears their branded t-shirt, they are passively promoting your podcast.
Events and conferences
Connect with your audience, monetize your podcast, and bring your community together with events and conferences.
As you can imagine, this is a more ambitious and large-scale method of monetizing your podcast. This is most suitable for established businesses with the ability to organize large events.
Ready to monetize your podcasting efforts? Our experts can help you strategize and implement a customized podcast profit plan!
Book a Free Consultation Call today to learn more!
