How to start a podcast and get paid - it's easier than you think! Starting and monetizing a podcast is 100% achievable. Yes, I am talking to you.
The formula is simple:
Start a podcast with a strong niche.
Then, build on it every week and show up for your listeners consistently.
Next, promote it authentically to your audience. And last but not least, choose the path(s) of monetization that feels right to you.
The first step is starting a podcast. I've got a free guide to get you started here.
The second step is to get paid.
So, what are some ways to make money from your podcast?
1. Advertisements and Sponsors
Many brands have recently become aware of the potency of podcast ads. Podcast advertising saw a 72% growth in revenue from 2020.
This growth was twice as fast as the total internet advertising market in 2021. Plus, more than half of podcast listeners have purchased a product or service from a podcast!
These insights tell you that brands are ready to invest ad spending in your podcast. Why? It's because they know they can sell their products or service through your podcast.
The standard CPM (cost-per-mile) rate for podcasts is $25 (USD) for a 60-second ad for every 1,000 listeners. Of course, this dollar amount can increase if you get thousands of listeners every episode.
But wait! You don't need to wait until you have 1,000+ listeners to start getting paid now.
Since you chose a podcast niche, potential brands know that your audience is exceptional. For example, let's say your podcast is about Vinyasa Yoga in Los Angeles.
Every vinyasa yoga studio in Los Angeles will want to advertise on your podcast. Why? Because their target market is at your fingertips. They view your listeners as their sweet spot.
For podcasts getting less than 1,000 downloads per episode, you'll go after brands for value-based sponsorships. This type of sponsorship means you can tack on more value ($$$) to their ad buy because your listeners are a concentrated group of potential customers.
You do have to do some legwork, but it can be worth the time investment.
2. Affiliate Marketing
Another great advertising model is affiliate marketing. Essentially, you get paid a preset amount every time a listener uses your unique code or link.
There are so many brands that already provide affiliate opportunities through their website. Read the fine print to understand what you will get in return.
Some brands offer a cash compensation, while others offer credit or even products. You can get a leg up using a podcast host such as Buzzsprout, which has a "marketplace" of affiliate opportunities. You can pick and choose which brands fit your podcast niche and sign up from there.
Insider tip: Always make sure you share with your podcast listeners you're including an affiliate link. It's good practice to ensure you're showing up with authenticity - and meeting consumer laws.
3. Crowdfunding
You're putting in hard work every week to produce your podcast.
So why not ask your listeners to show their support?
You'd be surprised at how valuable your listeners will find your content. Offer them an opportunity to show their love via a crowdfunding website like IndieGoGo.
Be sure to share your crowdfunding goals on your social channels and your podcast. Formulate the story of where you come from, how your podcast came to be, your purpose, and how you hope to help something for the better. This will help encourage people to get behind you!
4. Premium Content
You could also start offering premium content on a platform like Patreon. Your premium content could be your episodes but without any advertising.
Similar to a Netflix Premium membership, your listeners get to listen to your episode without any interruptions.
Or you could structure your premium content as additional information they can't get from your free podcast version. For example, you could offer "extended" interview episodes with an interview-style podcast.
5. EBook
An Ebook is a fantastic way to turn your knowledge into a great book. The best part is you will have already done the work through the words you share on your podcast.
Your podcast listeners will find massive value in purchasing your Ebook. Many people are naturally visual learners, so having the words written down is beneficial. Plus, your listeners love your content already, which means your Ebook is more for them to love!
When you start your podcast, know that getting paid will come soon!
Of course, it may not happen overnight (although I hope it will happen for you!), but with consistency and passion, you'll get there before you know it.
Starting and monetizing a podcast is achievable and simpler than you think. From advertisements and sponsors to affiliate marketing, crowdfunding, and premium content, there are numerous ways to generate income from your podcast. Sign up for our 'Monetize Your Podcast' webinar to learn these strategies and start your profitable podcasting journey today!
Happy podcasting.
