Did you know that approximately 104 million people in America listen to podcasts? With over a third of the U.S. population tuning in, it's no wonder that marketers are starting to see the value in this audio-based content platform. A recent Hubspot report shows that 82% of marketers are willing to commit a larger share of their budget to podcasts and other audio content.
As more businesses embrace podcasts, you have the perfect opportunity to make a killing by monetizing your podcast. Whether you have an established show or are just getting started, the opportunities to monetize are nearly endless. This article covers the nine best ways to make money from your podcast and boost ROI.
In sponsorship deals, businesses pay you to mention their products or services on your show. You can score deals with companies relevant to your podcast's topic or niche. For example, if you have a podcast about gardening, you could land a sponsorship deal with a local nursery.
How much you earn from the sponsorship deal will depend on your show's listenership or your terms. However, the average cost ranges between $10 and $50 and can increase if your show has a higher listenership.
An alternative to finding sponsorship deals is sponsoring another show. In this case, you will promote another podcast instead of a business or brand. This can be a great way to get your name out there and attract new listeners.
You can ask the podcast you are promoting to submit a pre-recorded ad, or you can do it yourself. The key is ensuring that the podcast you are promoting is relevant to your audience. For example, if you have a podcast about wine, you could promote a cooking podcast that features recipes that pair well with different wines.
You can start selling merchandise to your fans if you've already built up a solid listenership. The strategy allows you to monetize your podcast while giving your listeners a way to show their support for your show.
You can sell several different types of merchandise, including t-shirts, mugs, and stickers. Such merchandise will allow your followers to connect more with your show while generating extra income for you.
In affiliate marketing, you promote products or services on your show and earn a commission when someone buys the product through your link.
For example, if you have a podcast about fitness, you could promote a workout app and earn a commission for every person who signs up for the app through your link. This is an effective strategy for monetizing your podcast if you are already talking about products or services on your show.
If you have a popular podcast, you can make money by hosting live recording events. These events will allow you to connect with your listeners and give them a behind-the-scenes look at how your podcast is made.
You can make money by charging for tickets to the event. You can also make more revenue by including ads and sponsorships when uploading your episodes for your regular listeners. You can also use the event to sell merchandise or promote your affiliate products.
This monetization strategy will be more effective if you already have a solid listenership. You can create premium content only available to people who pay for it.
This premium content can be in the form of an exclusive podcast or bonus episodes that are not available to the general public. You can also include extra features such as transcripts, live Q&As, or e-books. The premium content can also be early access to new episodes, exclusive interviews, or ad-free versions of your show.
This strategy is valuable if you’re just getting started in podcasting and already offering high-quality content. If your audience likes your content, they will be more willing to donate to your show. They want to continue hearing from you, and a donation is a great way to show their support.
You can set up a donation button on your website or through platforms such as Patreon, GoFundMe, Stripe, and PayPal. It would be helpful if you were open about why you need the donations and how they will be used.
A podcast advertising network is a third-party platform that connects podcast hosts and sponsors. The network will work with you to identify which sponsors would be a good fit for your show. Examples include AdvertiseCast, Midroll, PodGrid, and Podcorn.
Podcast advertising networks are will suit you if you don't have the time or resources to find sponsors on your own. However, it is essential to note that most networks will take a cut of your earnings.
If you have expertise in a specific area, you can create a course and sell access to it. This monetization strategy will work best if you already have an engaged audience.
You can promote your course on your podcast episodes and direct people to your website or online store to purchase it. You can also offer exclusive discounts or bonuses for people who buy the course through your podcast.
Make sure your course is high quality and offers value to your audience. You don't want to disappoint your listeners by selling them a course that is not worth the money. Also, be sure to promote your course in a way that doesn't come across as too salesy.
Start Monetizing Your Podcast With Volley
The best thing about Volley is that it gives you a unique opportunity to record asynchronous interviews with your podcast guests. This means you can connect with your guests without coordinating schedules. This video messaging app will allow you to communicate face-to-face without any lag time, making the recording process smoother and more efficient.
You can also use Volley to connect with your fans through face-to-face conversations. This will help you build a more personal relationship with your listeners and make them feel like they are part of your show.
Plus, Volley provides you with an automatic transcription of your recordings, so you can focus on promoting your show and monetizing your podcast instead of worrying about the editing process. If you're ready to start monetizing your podcast, download Volley today.
Mitchell Dong is a Hawai’i-grown marketer and educator who has spent his career telling brand stories and creating educational content for a range of organizations. He is the head of community at Volley, where he spends his days educating, supporting, and illuminating Volley users.