How to Make Money From Your Podcast Listeners?

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Did you know that the word ‘podcast’ is coined from the word iPod and broadcast? Podcasts have been around since 2004 and they have only gotten better since. Believe it or not, President George W. Bush was the first to have his weekly address delivered as a podcast. Podcasting has grown since then and thankfully it became accessible to everyone. It was no longer reserved for journalists. Today, you can record a podcast on your phone and distribute it to your audience without much struggle. Furthermore, it has become a popular medium for sharing information, storytelling, and entertainment. Podcasts have even become a fitting substitute for radio broadcasts for some people. This is because podcasts allow listeners to connect with the podcasters. Apart from the entertainment part of podcasting, there is also the monetary side. Podcasting is now a business. If your content is good enough and if you have a huge number of following, you can earn a living from your podcast. Let’s take ‘The Joe Rogan Experience’ podcast as an example. Spotify paid Joe Rogan over $200 million to acquire the exclusive rights to host his podcast. This was a win-win for both parties since the podcast is quite popular. The Joe Rogan Experience has been the number 1 podcast for several years. Therefore, the move may prove beneficial to Spotify. I bet that has changed your mind if you had any doubts that podcasting can rake in the big bucks. If you want to make money out of your podcast, you need to approach the whole industry as a business. You need to research and get information about the available podcasts and identify your niche. Make sure it is something you are passionate about so that you connect with your listeners. First, you must establish a loyal and active audience before you can monetize your podcast. Once you have a large active audience, then it is time to cash in on your podcast. We cannot all be like Joe Rogan and sell our hosting rights, but there are other ways to make money from your podcast. In this article, we will go over each of these ways, so read on!

1. Premium Content

Get your listeners hooked on your podcast. One of the easiest ways to do this is to have interesting and engaging content. These can be hot controversial topics, the latest events, product reviews, or great stories. You can even bank on having the most interesting interviews. Another key component to getting your listeners hooked is being consistent. Your listeners need new episodes consistently on a regular schedule. This will help your listener incorporate your podcast into their routine and keep coming back for more. Once you have loyal listeners, you should create exclusive content for them. The content may be special interviews, extended episodes, ad-free content, and early access content. For this to work you will need a platform to manage your subscriptions. Head over to Patreon or a Patreon alternative to help you manage your premium content. These platforms enable you to control the sale and distribution of your content. The platforms also give the audience direct access to the creator and improve the relationship with your audience.

2. Sponsorship

Most podcasts make money through sponsorships. When you have active listening and good stats, you can get sponsors for your podcast. Sponsorships in podcasts typically involve the host of the podcast promoting a product or service during the show. The promotion can take the form of a verbal mention, endorsement, or a written advertisement read aloud by the host. Note that sponsorships are like ads. The sponsors get recognition at the beginning or the end of the podcast. In other instances, the mention happens in the middle of the episode. Sponsors may also provide the podcast with other forms of support, such as equipment or financial backing. Therefore, if your podcast meets the acceptable threshold of downloads or streams, you can begin negotiations with different sponsors.

3. Affiliate Marketing

You have probably heard of influencer marketing. You can use your podcast to influence listeners to buy products. As a podcaster, you can establish yourself as an authority in a field and you can easily sway your listeners towards a direction. Affiliate marketing is similar to sponsorship in that you work with brands or sponsors. The difference is when you get paid. Sponsors pay for the number of listeners, while in affiliate marketing you get a commission for sales. You will get a link to share with your listeners, and if they use your link to buy products, you will get a commission.

4. Events

Events are some of the easiest ways to make money. You can host a live event for your listeners and make money in ticket sales. The best part about this is that you do not have to host a physical event; virtual events are a thing now. Apart from money from ticket sales, in-person podcast events offer other benefits. Hosting events can grow your audience and help strengthen your community. Your audience also gets the opportunity to build their network.

5. Selling Branded Merchandise

Your podcast is your brand. When you feel that your brand is mature enough, you can start selling your branded merchandise. This may include mugs, t-shirts, hoodies, and bottles. You do not have to start a production line to make these products. Get in touch with a manufacturer and brand the items. Ensure you get good quality material; your fans deserve the best. If you are worried about sales, you can use websites like Teesprings to help you manage your orders.

6. Public Speaking

Your listeners can hire you for public speaking gigs. As a podcaster, you have to be bold and good at communicating. Some podcasters are also entertainers. Your audience may hire you to speak at their event based on your content.

Conclusion

Podcasts have become increasingly popular since their invention. Creating podcasts is easy today, so you can start recording yours if you find your niche. Also, note that you can earn from your podcast once you have a loyal fanbase. Selling merchandise, hosting events, affiliate marketing, and selling premium content are some of the best ways to make money from your podcast. Also, remember to be consistent so that your audience is active.