How to Make Money With a Podcast: The Ultimate Guide
Ready to turn your passion project into a profitable venture? Got a podcast that’s worth its weight in gold? It’s time to monetize!
In this article, we will explore all the ways that you can make money with a podcast. From affiliate marketing to books, we’ll cover everything you need to know about monetizing your podcast so that you can get started on making money today.
So grab your headphones and get ready to learn how to make money with a podcast!
Can You Make Money Podcasting?
Podcasting is becoming increasingly popular, and it’s not just for fun anymore. But is it possible to make serious money from a podcast?
You may have heard how big names in the podcasting space make money from their podcast.
John Lee Dumas is a great example. John actually publishes a monthly income report, so you can see exactly how much revenue the podcast brings in.
However, even if you don’t have an audience of millions, you can have a revenue-generating podcast.
Take Hillary Hendershott, Founder of Hendershott Wealth Management LLC, where she provides financial advice for women and couples to help them discover their full wealth potential.
We helped Hillary launch Profit Boss® Radio, a podcast designed to help people become the authors of their own lives by taking control of their money—whether they are her clients or not. Through the podcast, Hillary filled her group coaching program. TWICE!
Check out this casestudy about Hillary’s podcast and monetization strategy.
What to Have in Place Before Trying to Make Money From a Podcast
Before you even think about trying to make money from your podcast, there are a few things you should have in place. First and foremost, you need great content. Without interesting and engaging topics to discuss, no one will listen to your podcast in the first place.
Additionally, having a solid brand identity is key to gaining and keeping an audience.
Take our client Michael Kitces of the Financial Advisor Success podcast. He knew his niche and the valuable content he wanted to create for other financial advisors out there. Years later, with the help of his now revenue-generating podcast, he has grown an enterprise.
You should also be familiar with the various monetization strategies available so that you can choose the best ones for your show.
Lastly, you should make sure that your podcast is well-produced – this will ensure that your show always sounds its best!
12 Ways Podcasts Can Make Money
Monetization offers numerous opportunities for generating revenue from your podcast.
It’s important to consider that various methods of generating income may be more feasible or efficient depending on the stage of growth and specific podcast audiences. It’s worth noting that what may work for a well-known and established podcast may not be as viable for one that is in its early stages, and that’s perfectly acceptable.
The following twelve monetization strategies are worth considering if you’re ready to monetize your show.
1. Affiliate Marketing
Affiliate marketing is a great way to monetize your podcast! As a podcaster, you can join an affiliate program and earn money by referring people to other companies. By promoting products or services that you use or are familiar with, you can authentically market them in your podcast content and get commissions when someone makes a purchase. Plus, there are affiliate programs for nearly every popular product or service out there.
You could also create your podcast ads to promote offers if you don’t have the audience size for traditional sponsorships.
This podcast monetization strategy is great for podcasters with a large audience.
2. Sponsors & Advertising
When it comes to making money with your podcast, sponsorships and advertising are two of the most popular monetization strategies.
Sponsorships involve finding companies or brands that are a good fit for your show’s content and audience and having them sponsor the podcast in exchange for exposure.
Advertising involves selling ad space within the podcast episodes where you can run ads from those same companies or brands, as well as other companies who may be interested in reaching your audience.
Our client Andrew Youderian of eCommerceFuel starts every episode with a list of sponsors for the show. He also promotes his own business and offers through an advertisement halfway through every episode.
Both strategies can be an effective way to make money with your podcast if you have a larger audience size or reach a specific niche with your podcast content. However, it requires time and effort to find sponsors and negotiate rates. If you go this route, digital marketing skills will also come in handy!
3. Courses
Creating an online course is one of the most profitable ways to make money with a podcast.
You don’t need any fancy equipment or expensive software either. All you need is your knowledge and expertise, as well as a platform to host your course such as Teachable, Thinkific, Kajabi, or Podia.
Once you have set up your course, you can then promote it on your podcast and other marketing channels. This can help bring in a stream of passive income that will continue to increase the more people sign up for your course.
It also helps build customer loyalty by providing exclusive content to those who purchase from you. Not only will this help monetize your podcast but it’s also a great way to provide value to your loyal audience and expand upon your podcast topic.
4. Services
If you have a service-based business, offering services related to the content of your podcast can be a great way to make money.
For example, if your podcast is about marketing, you could offer services such as Google AdWords or Facebook Ads management. By offering these services on your podcast, you will create an additional stream of income, while providing valuable advice and guidance to your listeners.
5. Coaching & Consulting
If you have particular expertise or knowledge in an area related to the content of your podcast, you can offer coaching or consulting services to your listeners.
This will help create an additional stream of income while providing valuable advice and guidance to your audience.
Our client Elisia Keown of The Executive Coaching Podcast is a great example of this. She started with a coaching business and is using her podcast to spread the word about her work. Every week she shares valuable insights into what it takes to be a great leader, and in doing so, she is showcasing the help she can give you if you choose to sign up for her coaching.
It’s important to make sure that you are comfortable and confident about the services that you are offering, as the trust and credibility of your podcast depend on it. With the right knowledge and experience, coaching and consulting can be a great way for podcasters to increase their podcast revenue.
6. Crowdfunding & Donations
Crowdfunding and donations can be a great way to make money with your podcast. This is especially true if your podcast has a passionate audience that loves to support you.
There are several platforms available for podcast crowdfunding, such as Patreon and Buy Me A Coffee, that allows people to financially support your show. You can also set up donation buttons on your website or even accept donations directly through PayPal.
By offering exclusive content or rewards in exchange for donations, you can create an incentive for listeners to donate and support you more frequently.
With the right approach to crowdfunding, you can generate a steady stream of income from donations and become much more successful with your podcasting endeavors.
7. Premium Content
Premium content is an excellent way to make money with your podcast. It can help you generate additional revenue, as well as create a loyal fan base that will keep coming back for more.
Premium content can be anything from additional interviews, behind-the-scenes footage, ad-free RSS feeds, early access to episodes, and more. You can also include Q&A sessions with the hosts or live episode recordings.
By providing unique and interesting additional content, you will be able to attract more listeners, build a larger community of devoted followers, and draw in even more revenue streams. With the right approach to premium content, you can take your podcasting career to new heights!
8. Events
Events are an awesome way to make money with your podcast and bring together your best fans.
You can host events either in person (if possible!) or virtually, like Zoom meetups.
Events are a great way to generate additional revenue for your podcast, as well as create a loyal fan base that will keep coming back for more exclusive content and experiences.
9. Merchandise
Physical products can be a great way to monetize your podcast. You can create t-shirts, mugs and other swag with your podcast logo or with quotes from popular episodes. You can then promote these items through various channels like social media, email lists, or even on the show itself.
This is a great way to give back to your loyal listeners and make some extra money in the process!
When creating physical products for sale, it’s important to make sure you have enough orders before going ahead with production. Sites like Teespring are a great option as they will only print shirts once you reach a certain number of sales.
If done correctly, physical products can be an amazing revenue stream for any successful podcast! This is another strategy that works best for podcasters with a large audience.
10. Books
You don’t need to be an experienced author to leverage this monetization strategy. Instead, you can leverage your audience and expertise to create a book and promote it to your listeners.
For example, if you’re running a popular podcast about health and wellness, you could write a book that expands on the topics discussed in your episodes.
Our client Brad Gotto from the Every Day is Saturday podcast used this method when he created his book Spending Money and Having Fun.
Alternatively, you could offer exclusive content for those who purchase your book. This encourages more people to buy it as they get access to content not available anywhere else.
11. Public Speaking
Public speaking is a great way to monetize your podcast while increasing your authority.
As a podcast host, you can leverage your listeners and expertise to speak at live events or conferences. Speaking fees can range from just free hotel & attendance to 6 figures or more. It’s also a great way to reach new potential listeners as well as get exposed to a new audience that might not have heard of your show before.
You don’t need to be an experienced public speaker either – just practice speaking in front of friends or family, record your voice, and work on improving it over time. If you put the effort in, success will come!
12. Combine Methods
Combining different methods of monetizing your podcast is a great way to ensure steady income and growth.
Think about the type of content you want to offer and how you can use different methods to make money with it.
For example, you could use affiliate links in your episodes or offer exclusive bonus content for sponsors. You could also create merchandise related to your podcast or host events where attendees pay an entrance fee.
By combining different monetization methods, you’ll be able to maximize your potential income and reach more people at the same time!
How to Choose a Method of Podcast Monetization
Choosing the right monetization strategy for your podcast can seem daunting, but it doesn’t have to be!
Your podcast listeners will ultimately decide which monetization method makes the most sense for your podcast. Your podcast content, target audience, and monetization method all need to be aligned to successfully make money podcasting.
Could you use some help in deciding which strategy is best for you? Get clarity on your target audience and podcast content? Or do you need to tackle your podcast production process first? Check our podcast partner service to see how we can support you in monetizing your podcast.
Final note: no matter which method of monetization you choose, remember that consistency is key! Put together a plan and stick to it so you can start earning an income through podcasting.