With the latest technology making information economy increasingly crowded, Podcasting has turned out to be one of the most prominent ways to share information.
Sharing audio contents via a podcast certainly has some benefits over audio/video-only contents.
Obviously, people can’t watch videos while performing any important activity like working out or driving.
These are the times when people can easily access their preferred content via podcasts. Reasons such as this one has encouraged (and is still encouraging) individuals to make money with podcasting.
In this article, you’ll learn about some of the full-proof ways used by established podcasters for monetizing their content and make money with podcasting.
This ten-minute read will help you to start your journey as a podcaster confidently.
Also Check: 10 Profitable Hobbies That Make Money
What is Podcasting?
The word podcasting is “iPod” plus “broadcasting”. This is an advanced method of multimedia files (like music videos and audio programs) distribution on the web.
It uses either Atom syndication format or RSS feed for playback on personal computers and mobile devices.
In simple words, Podcast can be regarded as a content distribution method as well as the content itself.
A podcaster is a person who creates or hosts a podcast. Podcasters’ make money podcasting by allowing the individuals to access content via their websites. The files can be easily downloaded from the platform.
Ways to Make Money with Podcasting
- Reach to Reputed Companies for Sponsorships and Ad Networks
It is indeed one of the best options to make money with podcasting. Look for trustworthy advertisers and sponsorships.
Luckily, there are a number of ad networks that help aspiring podcasters to find reliable podcast advertisers. The downside – this option works only for the podcasters with an average of 5k monthly listeners.
Alternatively, you may contact some reputed companies for sponsorship.
There are higher chances that this option will work for you. But don’t forget that ultimately it’s all about pleasing your audiences and generating their interest in your content. So make sure to work with ‘real’ brands.
- Focus on Influencer Collaboration
Nothing can beat the advantages offered by meaningful relationships and partnerships build with the influencers. Business relationships will help you create a strong foothold in the podcasting industry.
Connect with other bloggers and podcasters in your niche. Use potential ways like a virtual summit to make connections with the major players rapidly.
It is important to provide valuable content to your audience in the process. Try to collaborate with the “A-listers” who can help you create informative and valuable content for your paid podcast subscribers.
Influencer Collaboration brings no benefits to the podcasters who fail to solve the pain points of their target group.
- Create Online Course Series
Podcasters intending to educate their audience about how to monetize podcast can create premium online courses that can potentially offer in-depth information about the related topics.
You may even create an exclusive podcast series relevant to this topic. You may pick any topic of your choice, given it should be potential enough to attract a large number of audience.
Next, the best option is to offer a complimentary online course to the listeners. It should include information about the course’s features and benefits so that your target audience can get an idea about the content’s quality.
Customize your product according to the specific needs of your audience.
- Boost your Audiobooks Sales
You may easily elevate the graph of your podcast earnings using this strategy. It is one of the best income-generating options for the podcasters who are professional authors as well.
Your podcast listeners could boost the sales of your audiobooks. Start by inviting expert reviewers to review your material.
Promote your audiobook on other podcasts through a paid collaboration or guest appearance. The good part is that even non-authors can easily create a book or an audiobook using their podcast content.
All your content will be available in text form. Audiobooks will help your audience to learn better about the content you create.
- Host Live Events
You will find that all the successful podcasters strive hard to cultivate business relationships through their podcasts. Put up a virtual summit or a digital conference using your influencer relationships or joint venture partnerships.
You may invite established experts, celebrities, and leaders to share their thoughts on a particular topic.
If possible collaborate with some well-known personalities for live events. This helps in gaining the great number of listeners for the podcast.
You may even include your paid virtual summit subscribers in your email subscribers list (for timely updates). It will increase your podcast earning by three folds.
- Get the Needed Support through Crowdfunding
Don’t hesitate to ask for help from your podcast listeners. If you have a good number of listeners then you must place your bet on this option.
Spread the word among your audiences and you’ll be surprised to find the number of individuals willing to help and support you.
Your listeners will be paying for podcasts in the form of donations. Podcasts with a large number of audiences (such as the ones related to entertainment) can reap huge benefits out of crowdfunding strategy.
- Offer Exclusive Discounts for Increased Sales
Enticing offers is a sure shot war to increase the sales of your products/services. You’ll need to leverage your content strategically.
An exclusive offer for your podcast listeners could increase your revenue earnings. It is also one of the powerful ways to reinforce the trust factor among your audiences.
Promote your exclusive offers or services and products smartly. Make sure your offer/product/services are relevant to the target audience. Exclusive discount offers can be used to convert prospects into potential customers.
Earning money from podcast advertising isn’t limited to selling ads. Even ‘teasing’ your audience with a 30-second show won’t do any wonders.
Keep in mind, your audience is smart enough to judge between crap content and valuable content. Work in the best benefit of your audience.
Sticking your focus on money-making isn’t a good idea. There are plenty of ways to increase your earnings.
Work smartly when it comes to generating revenue from podcasting. Your content should be unique, enjoyable and value-oriented.
Don’t use all the available options in a go. Start out with an easy one and then proceed with the others.