Are you good at podcasting? Great! Remember the famous saying: “If you do something for good, never do it for free.” It refers to podcasting too. If you are genuinely interested in the topic of your podcasting topic and you enjoy the entire process, why not also earn money from it?
The truth is that many podcasters would love to turn their passion into a business, but they simply do not know how to do so. Today it is easy to start your podcast with the help of a podcast creation service. You could also use an AI-powered platform for your audio recording and editing, so you would not have to deal with much technical stuff.
However, not all podcasters learn how to earn a living with their hobby.
That’s why in this blog post, we have collected all the tips and tricks that will help you to monetize your podcast and earn money from it. So let’s jump right into the core of it:
How to make money with a Podcast?
You can earn money from your podcast either with direct monetization or an indirect one. Here’s a quick definition for each.
Direct monetization: This model is when the product you’re selling is the podcast itself. This is when you create an insightful podcast and ask your listeners to pay for it if they want to get more of it.
Indirect monetization: With this model, you are using your podcast to sell a different product to your listeners. Let’s say you are doing a podcast about skincare routines. With indirect monetization, you would sell a face cleansing liquid or a similar beauty product.
Most podcasting is done by combining these two models together. However, in this article, we will focus only on direct monetization. We’ve covered the two main strategies of direct monetization:
2 Fundamental Direct Monetization Strategies
Ask your listeners to donate.
This is one of the simplest ways you can make money from your podcasts: ask for it! If you have a large community around your podcast which is genuinely interested in your podcast, they would love to give you a tip for it. That’s why it is always a good idea to connect your credit card to your website and remind your listeners to leave a donation.
Another way of looking at it would be to have your GoFundMe campaign and ask both your listeners and investors to support your podcast. Most of the podcasters would skip this step as they would think they would feel too slimy.
To avoid it, try to make it clear why you are asking for donations. Tell them that you will spend that money to provide them more episodes, or get better equipment, and so on. But to get your messaging across, make sure you also promote your podcast to gain as many listeners as possible!
Create premium episodes
Another way to directly monetize your podcast is to create premium episodes that listeners can access only after purchasing. Make sure your premium episodes are providing some juicy insights into the topic.
You could also create a free episode and make it end on the most intriguing part. The rest 10-15 minutes would be your premium episode. Make sure you cut your free episode on a cliffhanger, so your listeners would strive to pay for the extra 15 minutes!
With these two direct monetization modules, you can turn your podcasting into a business and make a living by doing the job you love!