Did you know you can make money from your podcast?
Yes, you read that correctly.
Your podcast is no longer just a hobby or a side project. It’s also a source of extra income.
For most of you, it will be music to your ears. But monetizing a podcast doesn’t happen overnight – most of the time anyway. It usually takes some time and effort.
To help you get started, we’ve gathered together the top tips for making money from podcasting.
Here’s a little disclaimer, though. Some of the methods are best suited for podcasts with big audiences, while others work well for people starting.
The key is to look at where you are right now and decide what will work for you.
You never know, all that podcasting might become a money-making activity after all.
Table of Contents
Sponsorship and advertising
We’re going to start with sponsorship and advertising because it’s just so obvious.
If you’re thinking about how to make money or get more customers from a podcast, then others are wondering it too. Why? Because a podcast audience is a community of potential consumers.
One downside to this is that you usually need a large audience to attract advertising. On the flip side, there are companies out there that can find a good match for you, like Midroll.
Alternatively, you can contact companies in your niche to ask them for sponsorship or advertising. But remember, you need to sell it as a benefit for them – not you.
Affiliate marketing is a popular choice for monetizing content, whether it’s a blog, a YouTube channel, or a podcast.
For those not familiar with the process, affiliate marketing involves promoting products and services on your channels – in this case, a podcast. You then get a commission, usually when people make a purchase.
Think about it, you’re already making the podcast, so the content and resources are there. Why not make a passive income from it at the same time?
Products and services
As a podcaster, you’re already seen as an authority by your audience, which means the listeners trust you.
Being an authority creates an opportunity to promote your products and service, but only if they are relevant to your niche.
For example, a personal trainer could offer an exclusive rate for a training session. Or a business coach could give a discount code to buy their new book.
As long as the promotion makes sense to the audience, and it doesn’t overshadow the content, then it’s a benefit to them and you.
If you’ve been podcasting for a while, then you will have an archive of content available.
A smart way to make money from it is to repurpose it. You can do that by turning interviews and lessons learned into an eBook, an audiobook, or even a real-life book.
Another tip is to turn podcast episodes into blog posts. This is especially useful if you already have a website. You can then introduce affiliate marketing into the posts.
You’ve already put in the hard work by creating the content in the first place. All it takes is some creativity to make it go that little bit further.
Some podcasters ask for monetary donations or contributions.
It’s an open way to make money from a podcast because you’re directly asking for funds. But be careful not to appear desperate or capitalizing on people’s goodwill.
A useful approach can be to ask for financial support towards the cost of making the podcast. That way, you’re inviting the audience to be a part of the process by donating, and not asking for money to fund a lifestyle.
You can also use a platform like Patreon to accept donations or set up monthly memberships.
Premium content is a great way to offer extra value to your audience – at a price.
You can offer a subscription service with exclusive interviews, or an ad-free option (like Spotify).
As long as people get something worthwhile and relevant for their money, then there are many ways to introduce premium content.
Online courses are booming right now and are quickly becoming the holy grail of passive income.
Creating an online course is not free, though. It takes time and effort. But as long as it’s relevant to your niche and podcast, it can become another way to make money.
Let’s look at the business coach example again. A relevant online course could be a step-by-step guide to starting a business. This is then promoted on the podcast.
Again, it’s all about using your position as an authority in a topic or niche, then using the podcast as a platform for promotion.
When can I start making money podcasting?
There isn’t a set rule on when you can start making money from a podcast.
An excellent place to start is to look at the size of your audience and who they are. That will help you decide which money-making approach will work best for you.
It’s also worth mentioning that while some people make a decent income from their podcast, it probably didn’t happen overnight.
Instead, continue to focus on the quality of the content while introducing some of the methods above. That way, you keep your reputation as an authority in your niche. And you make money at the same time.