3 Ways to Monetize Your Podcast

Podcasts have been growing in popularity for several years now. They are the perfect companion on our (former) long commutes and give us an opportunity to learn more about our interests or fields while on the go. Like any other type of content creation, it never hurts to figure out ways to capitalize on an opportunity to grow revenue.

Here are three ways that you can start monetizing your podcast: 

Affiliate Marketing, Sponsors and Advertising

It’s becoming more and more normal for podcasts to use advertisements and sponsors. But where do you get them if you’re just starting out? With the influx of podcasts, there are now businesses, such as Midroll, Authentic and Buzzsprout, that host and provide advertisers for podcasts. 

Sponsorships can also be found through the help of other business platforms. Typically, they have a deeper tie with the podcast versus advertisements. An entire episode can be sponsored by another business. Just be sure to pick your associate brands wisely to maintain authenticity.

Affiliate marketing has gotten exponentially more popular over the years. In comparison to advertisements and sponsorships, affiliate links are provided with the advertisement, with a percentage going back to you. This is convenient for listeners who are either interested in shopping for your affiliate, such as Amazon, anyway.

Membership and Donations

You can find a lot of content creators on Patreon, where your subscribers can directly sign up for membership tiers, including monthly donations ranging from $1 to $500 a month. Oftentimes, brands like the Try Guys will list out the benefits for their subscribers. 

These benefits can range from early access, exclusive content, behind the scenes footage, discounts for merchandise, and more.

For those who can’t afford to pay for membership on the regular, asking for a one time donation to help support your podcast either at the beginning or end of a podcast gives listeners an opportunity to support on their own terms.

Personal Investment

Before you go on to selling merchandise, charging for online events and charging guests, make sure that you are putting as much investment in your podcast as possible to grow a genuine listener base. 

Is your podcast on a major listening platform, such as Apple Podcasts, Google Play Music, or Spotify? The bigger the range and the more accessible your podcast is to listen on increases your chances of more people listening to it.

Does your podcast have its own social media presence, separate from your business? Social media can be a platform for setting reminders for new episodes and events. Soundbites and promotional videos allow potential listeners to connect with you before committing to listening.

Do you use email marketing to promote your podcast? Newsletters allow you to send out reminders about the latest episodes. This is also an opportunity to promote your podcast and business, not to mention providing extra information about your guest. 

Do you film your podcast and post it on YouTube? You can appeal to those who like to visually consume podcasts while earning extra from the advertisements from Youtube too.