Podcast platforms do not directly pay creators like YouTube or TikTok. If you are looking to generate income from your podcast content, it’ll need to come from either your audience (direct monetization) or third-party companies who pay you to promote their brands. This article centres on how you can make money with a Podcast.
Let’s take a look at these monetization models in detail:
1.) Sponsorships
According to a report, 60% of podcast listeners searched for a product after hearing about it in a podcast. Many brands understand this scope of podcasts and partner with podcasts for sponsorship ads.
Typically, a sponsorship ad is added at the beginning of the show (“pre-roll” ad) or at the very end (“post-roll” ad).
You can do a paid partnership with a company and promote their product or service on one of your podcast episodes. Podcasters take 15-60 seconds out of their script to market the brand. It’s best to approach brands that are in the same niche as your podcast or are relevant to your audience, rather than going for a random sponsor.
Find podcast sponsors by joining a podcast network like Midroll or pitch directly to brands.
Recommended: Why you should start a Podcast in 2022
2.) Affiliate sponsorships
By being an affiliate, you earn a percentage of each sale made by one of your listeners as a result of your podcast. Usually, sponsors will give you a promo code or a special URL to track purchasers from your show.
The affiliate model is best for podcasts that have an engaged audience or one who will consider your purchasing advice.
3.) Memberships
You can directly monetize your podcast by asking your listeners to pay you. With a membership model, ask your audience for donations to keep the content coming, or to subscribe to get access to premium content.
Adding a Stripe donation form on your site or creating a paid membership tier using Patreon or Buy Me a Coffee are ways you can ask for donations.
Podcasts with a good base of listeners and significant engagement can also sell branded merchandise. The Brain Candy Podcast does an amazing job of offering cute stickers and other merch that their listeners love.
4.) Advertising networks
A podcast advertising network acts essentially as an agent for your podcast. Advertising networks have connections with brands and can help you land opportunities you may not have otherwise come across on your own. Some networks let you reach out to advertisers directly once you’ve joined, while other premium networks can pitch to advertisers on your behalf.
Some examples of podcast advertising networks include AdvertiseCast, PodcastOne and Megaphone. Keep in mind that you may need to fulfill certain requirements to join an advertising network, such as a minimum subscriber count.
Conclusion
There’s obviously a lot that goes into getting your podcast off the ground, but it can be fun and rewarding.
The success of your podcast will depend on your content and how you promote it. Make sure that social media is the cornerstone of your promotional strategy. Speaking of which, check out our best times to post on social media to ensure that your latest content gets the reach it deserves.
