Making money as a podcaster can be difficult, but it is not impossible and the more popular you become the easier it will be to monetise a podcast.
In this blog post, we will discuss some of the best monetisation strategies to make money as a podcaster. We will also provide examples of how other podcasters have successfully monetised their shows.
Finally, we will include statistics from the United Kingdom that show the increasing popularity of podcasting and how much revenue it generates for businesses.
By the end of 2022 in the UK, it's predicted that podcast marketing will have generated over £100 million in ad revenue alone. Showing that there are opportunities for podcasters to make money through advertising on their show.
What is your main goal from your podcast?
Is it to promote a business or product? Is it just for personal enjoyment and expression? Or do you want to make money podcasting? If your goal is to promote a business, you should consider having sponsors for your show or mentioning products during podcast episodes.
If your goal is just personal enjoyment, consider offering exclusive content and premium membership to listeners for a fee or setting up a Patreon account where fans can donate to your show.
Another way to make money from podcasting is through affiliate marketing. Affiliation involves promoting products or services on your podcast and receiving a commission for any sales made through your unique link.
Before You Monetise Your Podcast
Before you start monetising your podcast, it is important to have a solid listener base and a consistent release schedule. Brands are more likely to sponsor podcasts with a dedicated and engaged audience.
It is also important to note that some listeners may not be receptive to advertisements on your show. Be transparent about sponsored content and make sure that it aligns with the overall message and values of your podcast.
When should I start thinking about Monetising?
There is no set time to start thinking about monetising your podcast. It ultimately depends on your goals and the growth of your audience. However, it may be wise to wait until you have established yourself as an authoritative voice and reliable source within your niche audience. When you build up a loyal listener base you can start seeking sponsorships or other forms of monetisation.
Overall, the most important aspect of monetising your podcast is to provide value to your audience, whether that be through entertaining content or valuable products and services.
How to Monetise a Podcast – Your Options
There are many different monetisation methods for a podcast, from sponsorships and advertising to affiliate marketing and premium content. It is important to find an approach that aligns with your goals but will also provide value to your listeners.
There are ways to have your own podcast ad-free while bringing in revenue. As you grow your audience, consider experimenting with different methods of monetisation to find what works best for you and your show.
What is Affiliate marketing in podcasts?
Affiliate marketing involves promoting products or services on your podcast and receiving a commission for any sales made through your unique affiliate link. Affiliate marketing can be a great way to monetise your show, recommending products that align with the message and values of your podcast.
Just make sure to disclose any affiliate relationships to your listeners.
By placing a jingle underneath your ad link, your listeners will instantly recognise that they are listening to an ad. Listeners are more responsive to ads spoken by the host over a generic ad given by the company you're advertising for.
Being an established podcast host with high-quality content will help ensure your audience doesn't get put off by small podcast ads mid-show.
Adding your links to show notes is also a must if you want to maximise the potential of your affiliation deal. After all, you want it to be easy for your audience to find the code or link you're sharing.
Offer tiered subscriptions through Patreon or other closed communities.
A monthly subscription service, like Patreon, is another popular way to earn money for podcast hosts. You can have free content available and also offer early access or exclusive content for paying subscribers. Platforms like Patreon or Kofi will allow listeners to support your podcast with a recurring payment. Subscription services give the ability to include tiered packages that offer access to exclusive content, 1-on-1 messaging, an online course, webinars and more.
How to get your podcast sponsored?
Once you have found brands you align with, the simplest way is to reach out. With a dedicated and engaging audience, regular show uploads and brand alignment you have ticked the main boxes. Work on a pitch email and send it to brands you would like to work with. Keep it short and professional, you just want to get a conversation started.
Join a podcast advertising network.
Podcast advertising networks can connect you with potential sponsors, making the process of monetising your podcast easier. However, it is important to thoroughly research and vet any advertising network before joining to ensure that they align with your values and the message of your podcast.
Additionally, be sure to negotiate and clearly communicate any rules or boundaries for sponsored content on your show. Note: advertising networks and agencies tend to take a percentage of revenue.
Write and self-publish a book for your audience.
Writing and self-publishing a book related to the topic of your podcast can be another way to monetise your show. This can also serve as a valuable resource for your audience and provide additional value to them. No matter what your podcast covers, publishing a book will increase your credibility and can be used to promote itself.
Sell custom merchandise to fans.
Selling merchandise related to your show, such as t-shirts or mugs that feature your logo, can be another great way to monetise and engage with your podcast audience. Also, help spread awareness about your podcast and increase your podcast listeners. Consider offering special deals or discounts for loyal subscribers and fans.
Offer consulting or coaching services related to your podcast’s subject matter.
If you have expertise in a specific topic, offering consulting services or coaching relating to that topic can be a great way to monetise and provide value to your audience.
This can also help establish credibility and thought leadership in your niche.
Podcasts make more money when they have multiple revenue streams.
The most successful podcasts have more than one stream of income. It can provide stability and sustainability for your podcast.
Consider diversifying your income through a combination of the above suggestions, and always continue to think of new and creative ways to monetise your show.
How much money can you make from podcast monetising in the UK?
According to a survey by Midroll, the average UK podcaster earns £12,000 annually from their show. However, it should be noted that this figure varies greatly depending on the niche, size of the audience, and monetisation strategies used.
The estimated amount of money per 1000 downloads is £18-£25 for smaller podcasts, and £45-£60 for larger shows.
Ultimately, the amount of money a podcaster can make in the UK will depend on their individual efforts and strategies.
3 Examples of successful podcasters
One successful example of a podcast that has successfully monetised through sponsorships is The Goal Digger Podcast, hosted by Jenna Kutcher. Through her strategic partnerships with brands, she has become able to grow her income to six figures annually.
Spotify paid Joe Rogan $50 million for his exclusive podcast, the Joe Rogan Experience.
This example showcases the potential earnings that can come from landing a big partnership or sponsorship deal, but it is important to note that this level of success and income is not common for most podcasters. Focus on building your audience and creating valuable content before seeking out partnerships or sponsors
In 2021, British entrepreneur Steven Bartlett revealed how he makes $1.2m a year from his popular podcast Diary of a CEO. He does this through a combination of sponsorships, affiliate marketing, and online courses.
Remember, monetising your podcast takes time and effort, but there are many opportunities for income if you are willing to put the work in.
Overall, there are many different monetisation options available for your podcast. Experimenting with different podcast monetisation strategies and finding what works best for you and your show can help generate income and provide value to your audience.
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