Podcasting is Cool and Lucrative Too. Learn How You Can Make Money Podcasting
Podcasting combines blogging with digital audio technology. The medium, therefore, allows you the freedom of blogging as you broadcast audio or video files. You could choose topics ranging from music to sports to philosophy or politics. So, depending on your interest, you could instantly become a talk show host, radio disc jockey, or a recording artist.
If you have the talent and passion for podcasting, here we offer you seven cool tips on how you can monetize this popular channel and be hugely popular too!
There are various methods available by which you can make money through podcasting. Your income will, of course, depend on the topics you choose and how interesting you can make your content. You can choose the methods that best appeal to you as per your experience, audience profile, and your chosen subjects. You can also choose to work on multiple methods to enhance your income through podcasting.
If you have a popular podcast which is visited by 5-10 thousand listeners per month you can earn money through advertising. There are certain podcast ad networks that can find advertisers for you. You can also reach out to companies in your niche area on your own and offer them attractive advertising proposals.
Depending on the rates agreed with your sponsor you can earn money on the number of times the ad is downloaded, where the ad is placed – in the pre-roll slot / mid-roll slot, and the duration of the ad. Depending on how popular your blog is and the paying capacity of your sponsor you can earn about $18 for an ad that runs for 15 secs and is downloaded 1,000 times per episode in the pre-roll slot. The rate could go up to $25 per 1,000 downloads when the ad runs for 60 seconds in the mid-roll slot!
You can also directly ask for donations from your audience. In case, you are running a podcast series on your website you can easily place a donation button. This could be linked to any of your chosen payment providers.
Although you cannot expect a substantial money through crowdfunding you can expect some income through it. This is appreciated by the audience as it is seen as less intrusive than advertising.
- Affiliate Marketing
This is another great and popular strategy adopted to make money podcasting. When you join an affiliate program you need to embed a special link on your website or on the podcast hosting platform description. You will earn money by generating traffic for the product you are marketing. Your commissions get enhanced every time your audience click on the sponsor’s link and actually make a purchase.
In affiliate marketing, podcasters can create their own “ad spot” or even naturally discuss a product/service during the show. To make the most out of affiliate marketing you need to choose products/services that are aligned to the topic of your podcast and is therefore of interest for your audience. Amazon also runs an affiliate program. Likewise, there are also certain online services that you can make use of to run an effective affiliate marketing program.
- Offer Online Courses
If you are running a podcast on an educational topic you can also create paid online courses to make money podcasting. For instance, you can create a podcast on social media marketing strategies and also offer online courses on the subject that may interest your audience.
- Offer Coaching and Consultation
If you are a subject matter expert, you can use your podcast to offer guidance to your audience in your area of expertise and charge a fee for the same. If your podcasts are genuine and interesting, your audience will trust you and be ready to pay for the coaching and consulting you offer them.
- Premium Content
If you have a loyal fan base you can even consider charging a fee for your premium content. For instance, if you have a special report or a very interesting interview to share which would be of interest and value for your audience you can charge for such premium content.
You can suggest your audience to buy a monthly or annual subscription of your podcast so that they can get such exciting content on a regular basis. If your listeners find your content worth paying for you can easily make good money every month.
- Host Events
An interesting way to cash-in your popularity and also be of value to your audience is to host events through your podcast. Making use of your network you can host an online digital conference on subjects that matter to your audience. If you can have on-board some celebrities, experts or thought leaders for the conference you can expect your listeners to grow in number. You can request your listeners to subscribe for the summit. Podcasters are able to make handsome money by hosting such virtual summits.
Knowing the techniques of making money by podcasting is important but this is not the end of it. The key thing is your dedication and your commitment to offer high-quality content to your audience and build a good rapport with them.
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