Podcasting is one of the lucrative sources of income in the world right now. However, setting up a podcast is not enough. You have to generate the general public’s interest and convince them to download your podcast. Once you reach a certain level of downloads and subscribers, your podcast will be monetized. Learn more about how podcast advertising and monetization can work for you and showcase your brand at https://libsyn.com/monetization/. Following are a couple of ways you can profit from your podcast.
1. Sponsorship Deals
According to some estimates, when you reach 1000 downloads, your podcast becomes eligible for sponsorship deals. The income also depends on the number of listeners and subscribers. The standard rate for a 30-second pre-rolled ad is $18. If you do the math, a single podcast with 100,000 listeners can earn up to $1800. However, consistency and quality content is crucial to increasing your subscribers and getting a sponsor.
Donations are a great way to earn from your podcast. Usually, new podcasters will ask for donations and tips to keep them going. This method doesn’t require a specific number of listeners; instead asks for your subscriber’s loyalty. You can set up a page at crowdfunding websites like Patreon and ask for donations there. If you have loyal listeners, you can ask them to donate to your Patreon account. You can fund a new project or improve the quality of your podcast with donations. However, you need to build a listener base willing to donate; otherwise, this method will not be profitable.
Due to its popularity, the eCommerce sector is looking intently at podcasts. Many small businesses have built a customer base using podcasts. This is one of the easiest ways to market your product to the masses. You can talk in detail about your product which a traditional advertisement cannot do. Besides building a brand identity, you can also affiliate your product with other big brands to generate new leads.
4. Building Relations
Podcasting is more than just talking; it helps build profitable relationships in the long run. Besides interviewing and talking to recognized guests, it helps grow your network. If you are an entrepreneur, marketing expert, or coach, this network building is highly profitable for you. It allows you to grow your business and develop relations that help promote the brand.
5. Live Events
Although most podcasts are pre-recorded, some are live. This is where a podcast can be profitable. If your podcast gets enough recognition, you might be sponsored to host live events as well. These can be anything from a convention to meeting up with fellow podcasters. You earn from such live events and build relations that help you in the field.
6. Streaming Services
If you host a podcast through streaming services, the chance is you will be monetized after a particular time. Staying loyal to a hosting service will benefit your podcast and help build an identity for it.
Podcasting might be easy but earning from it demands consistency and hard work. However, the ways mentioned above are proven to make your podcasts profitable.