When you set out to start your podcast you may (or may not) have thought about how to monetize your show. Whether this extra income is earmarked to earn money for you or to offset associated podcast fees, it’s savvy to explore adding a revenue stream to your podcasting efforts.
Not sure which associated fees I’m referring to which could be covered from monetizing the podcast? These include:
• Hosting fees
• Website and media host subscriptions
• Support from your podcast producer
• Support from your social media manager
• Support from your graphic designer
Wouldn't it be fantastic to know you have income coming in that can cover the operational expenses? Now, it’s worth saying “Starting a podcast isn’t a quick way to make money” but with some planning and strategy you can grow a steady income (over time), if you desire.
4 Ways to Monetize Your Podcasting
1. Sponsorships & Sponsor Ads
A sponsorship is typically an advertisement inserted into your podcast episode. You know the drill, it’s when you hear the host say, “This show is sponsored by [insert a business or individual’s name]” and they may give a small plug for this entity. Or you have probably listened to a sponsor ad highlighting a specific product. So, a question you may be thinking is, “Sure Darlene, I’ve heard both of these examples but how do I find sponsors?”
Great question! As your show grows in listenership oftentimes a sponsor will seek you out. If your show is emerging, it’s perfectly fine to approach sponsors to invite them to support your show.
A strategy for attracting sponsors is to think of your show’s niche and seek out sponsors which make a natural fit. For instance, if you’re creating a podcast related to dogs and their care or training, reaching out to dog-related products and services in your community (or online) makes sense.
Darlene’s Success Tip: Before inviting a sponsor, prepare a media kit. The purpose of the kit is to provide key pieces of information to help a sponsor determine if your show is the right fit for them to get in front of their target audience. As a guide, include this info in your media kit: listener demographics, your download numbers, your host bio, a description of your show, and your sponsor rate sheet. Don’t forget to customize your media kit to your branding and personality.
2. Affiliate Marketing
When you find yourself recommending various books or products, you may be interested in becoming an affiliate marketer using Amazon Associates. To learn more about becoming an Amazon affiliate, click here.
Or, if you have relationships with specific people in your industry, become an affiliate for their products and offerings. Quite a few online marketers offer affiliate links for their products, eBooks, courses, and online summits. If you find yourself suggesting a product and the creator doesn’t have an affiliate program, suggest to them starting an affiliate program might be worthwhile. It could be a win-win for you both.
3. Selling Your Own Products
Selling your own products, services, and eBooks on your own show shouldn’t be overlooked. These products can also be sponsors of your show. If you have an Etsy store, highlight your products. If you don’t have any of these things, consider adding swag (like t-shirts)with your podcast logo or slogan using a company such as Zazzle or other print-on-demand options.
4. Subscriptions- “Pay to Play”
Adding the subscription model to podcasting is a new way to elevate listeners’ experiences and introduce a trendy revenue stream that continues to grow in popularity. Several leaders in this subscription model are Patreon, Spotify, and Apple. How it works is subscribers pay a monthly renewing tiered fee to gain access to private premium content. Payment tiers increase with the extra things added to each level. A top-level tier could include: a video of the episode being recorded, pre-show conversations with the guest, behind-the-scenes snippets, products such as a t-shirt, the opportunity to co-host an episode, and it’s only limited by your imagination.
Recently, Apple rolled out their subscription platform. This is something you must opt-in to be a part of, including an annual fee, plus Apple keeps 30% of your earnings which is hefty. There are many pros and cons to their subscription model as well as Spotify's recently released model. You may decide the subscription model isn’t lucrative enough for the work involved to generate fresh content for your subscribers.
As I always say, “Do your due diligence in researching before making a decision.” Check out industry forums (there are many on Facebook), ask your peers how they are monetizing their shows or what they think about the various models I shared in this article.
At the end of the day, for any agreement you move into, ensure you retain the rights to your content and RSS feed and go with your gut.