How To Make Money With A Podcast – If you have a podcast, there are several options to turn your hobby into a business and your business into a full-time job. The trick is to figure out how to monetize a podcast in a way that makes sense for your business.
So if you’ve ever wondered how to make money from a podcast (and how much money is possible), read on.
How To Make Money With A Podcast
As fun as podcasting is, it still takes time. So it’s natural to wonder when exactly all this work will start to pay off. And if you’re as curious as we are, you’d probably like to take a behind-the-scenes look at some podcasters’ finances.
Make Money With Podcasts In 2022
Luckily for us, the WNYC Studio Werk It podcast polled over 600 podcasters about how much they earn. The median hourly earnings were $30 to $44 an hour, which works out to $55,000 to $80,000 a year.
However, we still wanted to see how these numbers compare to the real world, so we reached out to a few podcasters:
Each of these podcasters monetize their audience differently, and each has valuable lessons to share. Here are a few factors that affect how much your podcast earns:
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The Writer’s Co-op is a great example of how writers can build a successful business without charging a fortune. Here is what Wudang Yang shared:
Writer’s Co-op is a membership program and people pay between $3 and $50 a month. For $3 per month, you get access to event and resource discount codes we’ve created for individual episodes. For $9 a month, you get access to that plus a Slack group. And $50 a month is group coaching, essentially a mastermind group. – Wudang Yang, co-host of the writers’ cooperative
The community and podcast for writers generated a combined net income of $30,000 in its second year of existence — 75% of that proceeds went toward creating the next season and paying for the people who make the podcast possible, such as editors and guests.
The goals you choose for your podcast will differ depending on which route you take. If you want to use a large audience for profitable sponsorship, you need to focus on growth. On the other hand, content creators who want to use their podcasts to sell products or subscriptions need to increase audience matching and engagement.
The Business Of Podcasting: Learning How To Make Money · The Teachercast Educational Network
So is one route better than the other? Nope! It’s a matter of personal preference and what your audience is like. You also don’t have to choose one or the other – multiple scalable income streams open the doors to more earnings and influence.
In general, the larger your podcast audience, the more money you can earn. The more listeners, the more people are selling your course, subscriptions, and products. Podcast audience size also affects how much you earn from advertisers – sponsored pricing uses a CPM rate, which stands for “cost per thousand” (a thousand means a thousand). As your audience grows, so does the CPM you can charge.
For example, Pat Flynn of Smart Passive Income has made over a quarter of a million dollars from ads on his podcast. But it also has a huge audience. Pat noted that his CPM ranged from $18 to $30. A podcast with 3,000 downloads will cost between $54 and $90 per episode at that price.
However, as Jenny Gritters points out, you need to reach a certain upload threshold in order to start partnering with the most profitable sponsors. She shares:
Ways To Make Money From Your Podcast
Generally, to get sponsored by a bigger brand, you need to get 10,000 downloads per episode. We’re not into it, but we actually have a very, very engaged smaller audience. — Jenny Gritters, co-host of Writer’s Co-op
The sheer size of your audience isn’t everything. Engagement also matters – if your audience is enthusiastic, you can start making money with fewer followers. It all depends on how you decide to make a profit.
Your topic and the role it plays in the lives of your listeners can affect your bottom line. Typically, a niche or genre is more profitable when people are willing to spend more money to solve problems.
Average podcast revenue varies by genre, with business topics having the highest hourly rate. Image via WNYC Studios.
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A survey by WNYC Studios found that average hourly rates ranged up to $20 an hour between niches. While business podcasts earn an average of $45-$49 an hour, music podcasts were the least profitable, with an average hourly pay of $25-29 an hour.
Pro Tip: Having a well-defined niche makes it much easier to build strong relationships with your audience. When we asked Rumley John what he would recommend for new podcasts, he said:
The temptation is to focus on trying to get as many listeners as possible to monetize your show. But the fastest route to monetization is building relationships with your guests. You will be surprised how many of you end up working together or how many of them end up recommending you to others. — Rumley John, host of Growth Marketing Today. 8 different ways to monetize a podcast.
If you know you want to make the jump to podcast revenue but don’t know how, look no further. We reached out to podcasters to find out how they use their podcasts in their business and found eight unique methods you can try.
How To Make Money With A Podcast
Asking for donations or setting crowdfunding goals is a great way to start getting money from a podcast with a small audience. There is little upfront work compared to creating a course or finding sponsors, and you can start by asking for small amounts.
And with the Tip Jar feature, you can receive tips or donations directly from your superfans. Create and customize your tip jar to match your brand just like other pre-tip products to help you and your work quickly and easily.
With Tip Jar, you also don’t have to worry about the 30-50% fees you lose on similar third party platforms. This means that the advice is directed specifically to you, the creator that your community really wants to support.
If you’ve been dreaming of building a product with consistent income, your podcast might be the perfect place to start. By creating exclusive content or by combining access to podcasts with other resources, you can turn your podcast into a community.
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Woodan and Jenny from The Writer’s Co-op podcast use multiple sources of income, but TWC is based on a membership program. With a subscription that starts at $3 per month, freelance writers can access other writers’ Slack community, discount codes for events and resources, and group workouts. In addition, Woodan and Jenny offer personalized coaching, resources, courses, and monthly events with special guests.
Getting Started: Users can set up a recurring subscription product that works seamlessly with their mailing lists and podcast landing pages.
No products? No problem. With affiliate marketing, you earn a commission for helping another company sell their product or service. So you can team up with a content creator to promote their course on your podcast in exchange for a discount on every sale. You can also promote the software you use to run your business.
Offers an affiliate program, and the Smart Passive Income podcast has raised hundreds of thousands of dollars by recommending it. To use your podcast for affiliate sales, consider mentioning the product in your episodes and including affiliate links in your show notes and emails. Or invite writers to your podcast and talk to them about their product.
Ways To Make Money From Podcasts
Pat Flynn has been using it for many years and recommends it to his audience. Image through smart passive income.
Where to start: Think about the products you use and love and see if they have an affiliate program. Also, reach out to content creators, authors, or companies in your niche. They may want to advertise their content on your podcast.
Sponsorship for podcasts is the same as advertising for TV shows. When you have a sponsor, you advertise before, during, or at the end of an episode. While you may need a large audience to earn more from sponsors, they can be a predictable source of podcast income.
Casey Carter and Naomi Raven are using sponsors for their The Glow Up podcast project. At the beginning of each episode, the co-hosts talk about the Soundcasting Network, a production and consulting company that works with podcasters.
Ways To Make Money Podcasting
Glow Up Podcast is partnering with a production company to create their own art and entrepreneurship podcast. Image from The Glow Up podcast.
Where to start: Start searching for suitable sponsors on industry websites and publications, or browse other podcasts in your niche.
If you already have an online course (or plan to create one soon), you can use your podcast as a marketing tool to grow your audience. While you can present your course in a podcast or show notes, you can do better by getting podcast listeners to your email list. In this way, you can build relationships over time and keep students informed about new courses and materials.
I have an introduction for every podcast
Ways Podcasts Make Money In 2022
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