Nowadays, instead of watching the news and Youtube videos, people are more interested to watch podcast. It has the ability to relate complex arguments into digestible bits of information, but also because it can transform those arguments into relatable stories. Content creators can also simply cut and make multiple videos short(60-second videos) and monetize even more of their previous content. Which means more income for creators.
But how much exactly?
In this article, we will be looking at how much a podcast channel can make online.
Things you need to Know
Podcasting is a popular medium for sharing ideas, opinions, and stories. You can build a successful podcast talking about something you love. You can do it alone, bring on a cohost or interview a variety of people. With the growing number of listeners, you can monetize your podcast and make a decent income from it.
Niche Down!
The first step in deciding to start a podcast is to determine your niche. The possibilities are endless and it comes down to finding something that you are truly passionate about. It needs to be something that you not only enjoy talking about but that you could talk about for hours on end. The idea is to build your podcast and grow it for long-term success, so you don’t want to get started with something that you will quickly become bored with.
Type of approach
Once you determine your niche, the next step is to determine the format of your podcast. There are many formats to choose from and, again, make sure you chose a format that you will like to do in the long term. While you can change the format, if you wait, it may cost you some listeners who enjoy the previous format. You will be consistent to build your loyal following.
The most popular formats of podcasts are:
- Solo podcast – This is the most straightforward podcast to start because it is just you and the microphone. You don’t need a cohost or guests, just yourself and the gift of gab.
- Conversational podcast —This type of format involves hosts having conversations on a variety of topics. It basically feels like a conversation between friends.
- Interview podcast- In this podcast format, the host (or hosts) interview guests. This is one of the most common formats.
- Educational podcast- With this format, the host picks a niche for the podcast and essentially teaches on the topic.
- Non-fiction stories or news- With this type of podcast, you are sharing real information in a story or news format.
- Fiction podcast- With a fiction podcast you are sharing your fiction writing. The entire podcast can be a never-ending story. A podcast that does this perfectly is ‘Welcome to Night Vale’
Now that you know what you are going to talk about, where will you record it and get it out to potential listeners? There are a variety of websites and apps that allow beginners to build good podcasts with ease. There’s no need to buy fancy equipment, you can get started with only your cell and an app. Once your podcast starts making money, you can reinvest and upgrade your equipment.
Which Platform to Start?
Some popular sites to get started easily, include:
Well, if you already have a large following. Youtube is the best way to get your content out to the most amount of viewers.
How much you potentially can make
Once you have built your podcast and started to grow your following, it’s time to start thinking about ways to make money from it. According to Geektime, “Typically, a podcaster with around 10,000 downloads per episode can expect to earn somewhere between $500 to $900. Very successful podcasts can earn much more, reaching up to $30 million in annual income.”
Ways to Monetize
There are many ways to monetize your podcast, the most popular being:
Sponsorship and Advertising
One of the most common ways to make money from your podcast is by securing sponsorships and selling advertising space. Sponsorships are when a brand pays you to mention its products or services on your show. You can offer different levels of sponsorship, from pre-roll and post-roll ads to full episodes dedicated to a sponsor.
To secure sponsorships, you need to have a large and engaged audience. The more listeners you have, the more attractive you’ll be to potential sponsors. You can reach out to brands directly or use a podcast network that specializes in matching advertisers with podcasts.
Affiliate Marketing
Affiliate marketing is another way to make money with your podcast. This involves promoting products and services and earning a commission on sales made through your unique affiliate link. For example, if you’re discussing a book that you love on your show, you can include a link in the show notes to the book on Amazon, and if a listener clicks on that link and buys the book, you earn a commission.
Premium Content and Memberships
Another way to monetize your podcast is by offering premium content or memberships. You can create exclusive episodes, bonus content, or early access to new episodes for paying members. This is a great way to monetize a loyal and engaged audience.
Merchandising
You can also make money by selling merchandise related to your podcast, such as t-shirts, mugs, or tote bags. This is a great way to reach a wider audience and promote your brand.
Crowdfunding
Crowdfunding is another way to monetize your podcast. You can use platforms like Patreon or Kickstarter to raise funds from your listeners. You can offer rewards to your supporters, such as exclusive content, early access to episodes, or a personalized thank you.
Consulting and Coaching
If your podcast covers a topic you’re an expert in, you can offer to consult or coaching services. This is a great way to monetize your expertise and help others achieve their goals.
Events
You can also monetize by organizing events, such as live shows, meet-and-greets, or workshops. This is a great way to connect with your audience and earn money through ticket sales.
YouTube
Another creative way to monetize your podcast is to record it on a dedicated YouTube channel. Some podcasters have found success recording their podcast in front of the camera and uploading it to show behind the scenes. You can make money once you are qualified for the YouTube Partner program. Some podcasters have decided to just upload the audio to YouTube, but this really does not work well because the site is meant to be visual. It is not appealing to stare at a single picture while the podcast plays.
Summary
There are many ways to monetize a podcast, and the best approach depends on your audience, the content of your show, and your goals. From sponsorships and advertising to premium content and events, there are many options to choose from. Whatever approach you take, be sure to focus on building a strong and engaged audience, and deliver high-quality content that your listeners will love. With hard work and determination, you can turn your podcast into a profitable business. If you are interested in other ways to make money online, be sure to click on the link.
