How To Make Money Podcasting | A Simple Guide For Beginners
Within the last couple of years, more and more people are listening to podcasts on a daily basis. Because of this trend, companies are using the opportunity to pay for advertising that will put their products or services out there for listeners. Listed below are some stats that reflect the upward trajectory advertising is on within the podcasting industry:
Global ad spend rose 72% from 2020 to 2021 to 1.448 billion. The IAB predicts that it will continue to grow and reach 4.3 billion in 2024.
Podcast ads are the most recalled type of ad - with 86% of respondents saying they remember seeing or hearing an ad. Social media and websites are at 80% and 79%, respectively.
Podcast listeners scored high in terms of engagement as well as responsiveness with 56% of listeners saying they would recommend a product or service to others.
In a recent study only 12% said that they always skip ads. 33% said they “never or rarely” skips ads and 38% said “only sometimes.” 64% said they welcome and appreciate advertising on podcasts and are grateful to the brands that support the podcasts.
As you can see, the opportunity for podcast advertising continues to grow year after year. Podcasts have become a new medium for companies to share what they have to offer to audiences. Throughout this post, you’ll learn how to capitalize on podcast advertising, along with other methods that can help you monetize your podcast.
What are some of the ways I can make money podcasting?
As you’ve already read, advertising is one of the ways that you can make money through podcasting. Companies are now including podcasts in their marketing budgets. The types of podcast ads include audio ads, hosts reads, endorsements, custom segments, branded series, and sponsorships.
The only downfall to monetizing via advertising is that some most advertisers require at least 10,000 listeners per episode to spend their money on advertising. Here is a list of companies that provide monetization opportunities earlier:
Acast - 50,000 listens/month
Advertisecast - 200 listens/episode
Redcircle - 500 listens/week
Gumball - 10,000 listens/month
This might be a roadblock for many people who are just starting out with their show, but luckily it isn’t the only way to make money through podcasting.
Funneling people into your business is another way for podcasts to make money. Companies buying ad space is a one-time payment, but if you’re constantly bringing back listeners to an existing business, that listener can potentially buy from you multiple times. This is an effective method to monetize at an early stage and to position your show for profit until you can reach that respectable level of 10,000 listeners per epodes for companies to purchase time for ads.
What can I sell people through my podcast?
Check out some of the products and services you can offer to your listeners:
Paid membership community - This is one of the easiest things you can sell. People are always looking for a place to be surrounded by like-minded people. Platforms such as Mighty Networks and Patreon allow podcast hosts to create pages and communities that will offer exclusive content for listeners who are willing to pay for such access.
Ebooks - Taking some of your highly-rated episodes and transcribing them into an Ebook is a great product you can deliver to your audience. You can add more value to your content with this format as listeners can gain access to a different, possibly more unique perspective to your show. Tools like Canva can help you design the ebook how you want it before you make it available for purchase.
Online course - If your podcast focuses on helping people learn to solve specific problems, then turning your podcast into an e-learning course can be helpful for both parties. This is where podcast analytics come in handy as they can inform you on what your listeners care about the most. An online course can serve as an extra tool to help your listeners with whatever they’re trying to learn from the content. These courses could offer minute steps and details that might be easier and clearer for a listener to comprehend.
Sell an event - Taking a devoted audience and offering them more content through an in-person experience is a great way to capitalize on your audience. You can do this through a live recording or a curated experience. Being on the road and getting the chance to see your fans react in the moment is not only a great way to make money but also an effective way to build relationships and enhance your brand. An event like this is also a great opportunity to push other products for retail while also engaging with your fanbase by delivering a unique live experience.
These are some of the things that you can sell to the listeners who keep on coming back. It’s an effective way to make money while also building a strong relationship with the audience. The more content you offer them, the more they’ll want to keep checking out what you have to deliver through the show. This will allow you to create multiple revenue streams and make money with a satisfied fanbase you can rely on.
If you need help getting positioned to pursue podcast advertising or want to learn how to funnel listeners into your podcast, visit us at anchoredmedia.com.
*Trends and statistics originally featured in Ad Results Media
More About Anchored Media
At Anchored Media, we develop, produce and market high-quality revenue-generating podcasts that make a real difference in people’s lives and help brands connect to a broader audience — all from the ground up.
We teach podcasters how to find their voices and refine their messages.
We help them discover the value of their unique perspectives and guide them as they design signature styles that attract loyal followers and boost profits.
We give brands the tools they need to position their podcasts for exponential growth and long-term success.