When you launch a podcast, monetizing it might not be the first thing on your mind. But unless you want to continue spending a ton of time, money, and effort without any measurable return, it might be time to start strategizing.

We’ll break down how to make money from a podcast, giving you five practical ideas to start monetizing yours as soon as possible.

How Do Podcasters Make Money?

Generally, there are two basic ways that podcasts make money:

1. Direct monetization: Selling the actual podcast content (for example, providing exclusive content to paying subscribers)
2. Indirect monetization: Using the podcast as a tool to sell other things, including products and services from various brands/businesses

 

For the most part, successful podcasters will implement a balance of strategies from both categories above. That way, they can generate a steady stream of revenue.

How to Monetize a Podcast

There are many different ways to monetize a podcast, and you’ll have to consider your needs and goals to determine the best fit. Here are a few of the most popular monetization strategies to consider:

Set up paid membership options.

Paid membership services, such as the subscription-based content provided by podcasters on the Patreon platform, have become a go-to monetization strategy. By setting up paid membership tiers, you can offer existing listeners a way to access exclusive content or privileges in exchange for a monthly fee.

For example, paying members might have benefits such as:
Additional podcast episodes not available elsewhere
Private Facebook groups
Podcast merchandise

Deciding what to offer members will depend on your audience. Often, listeners are more willing to contribute financially when they can look forward to receiving a physical product or exclusive content in return – which is why this is such a widely-used strategy.

Sell ads or sponsorships.

Sponsorships are another common podcast monetization strategy. In return for an advertisement on your podcast, sponsors will pay a fee. These ads can come in the form of content created and provided by the brand itself or even as a few sentences you read off at the beginning of an episode.

The amount of money you can make for a podcast sponsorship varies, based on a few factors like:
How many listeners you have
When the brand is mentioned (at the beginning of the show vs. the middle)

Join an advertising network for podcasts.

Some advertising networks act as the middlemen between podcasters and sponsors, connecting you with brands that suit your audience. Every platform operates slightly differently, but they usually take a cut from the money generated from ad placements on your show.

Again, your profits will depend primarily on your reach. The more listeners you have, the higher your earning potential.

Read the fine print on any advertising network agreement to know what you’re signing up for.

Sell podcast merchandise.

Loyal listeners often enjoy purchasing merchandise that celebrates their love for a podcast, whether it’s coffee mugs, sweatshirts, keychains, stickers, or other products. It’s a fun way to make money and connect with your listeners at the same time – plus, your merchandise serves as a form of advertising, too!

Consider creating merchandise featuring your podcast’s name, a catchphrase, or even a favorite inside joke.

Use affiliate marketing.

Affiliate marketing involves selling certain products/services via a special link, earning a small commission for each purchase made. Your listeners can click on a link to access and buy a specific product (for example, a book you recently recommended), and you will then get a commission.

Amazon is one of the most-used platforms for affiliate marketing, and signing up is easy.

Get a Media Education and Make Podcasting Your Full-Time Career

Anybody can start a podcast, but when it comes to building an audience and earning income, it’s an entirely different story. Whether you want to be a podcast host or work behind the scenes, you’ll need the right skills and experience to break into the industry – and that’s where specialized media education comes into play.

The Beonair Network of Media Schools, with campuses located in Miami, Chicago, Colorado, and Ohio, offers a wide variety of media training and education programs to choose from. Our Digital Media Production program provides a comprehensive perspective on the world of media, helping students develop essential skills through hands-on learning experiences.

From chart-topping podcaster to podcast studio management, many careers can grow from education in digital media. Learn more about how to become a podcaster when you contact our team today!

 

Image Credit: Alex from the Rock on Shutterstock

Image Credit: David MG on Shutterstock