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How Much Money Can You Make Podcasting?

How Much Money Can You Make Podcasting? Dylan Schmidt

 

It's one of the most common questions I get asked: "How much money can you make podcasting?"

The answer, unfortunately, is not as simple as a straight dollar amount.

It depends on a number of factors, including things like your audience size, the number of episodes you release, and whether or not you sell advertising or sponsorships.

In this article, I want to dive deeper into podcast monetization and provide some direction on how much money you may be able to make with a podcast.

Because how cool would it be to make money talking about something you love?

Before we dive in, I want to give a disclaimer that there is no guarantee you will make any money podcasting. This article is meant to be educational and provide some insight into the potential of podcast monetization.

Podcasting is a fast growing industry, with revenue forecasted to grow at a rate of 23% per year for the next five years.

There are several different ways that you can make money podcasting, including through:

  • Advertising or sponsorships
  • Selling products or services related to your podcast topic
  • Affiliate marketing
  • Donations from listeners

Let's dive in!

Advertising or sponsorships

Advertising or sponsorships are one of the most common ways to make money podcasting. If you're able to build a large enough audience, you can attract advertisers or sponsors who are willing to pay you in exchange for promoting their products on your show.

The amount of money you can make from advertising or sponsorships will depend on a number of factors, including your listener count and demographics, the length of your episodes, and the type of sponsorship you're able to secure.

How Many Listeners Do You Need To Make Money on a Podcast?

Keep in mind that if you want to sell advertising on your podcast, most companies will require that your show has at least 5,000 listeners per episode. This ensures that their investment will reach a large enough audience to be worth their while.

The amount of money you can make from advertising or sponsorships will depend on a number of factors, including your listener count and demographics, the length of your episodes, and the type of sponsorship you're able to secure.

For example, if you were able to secure a sponsorship or two for your podcast, and each one paid $50 per episode, this could potentially add an additional $100 to $200 per month in income.

This amount is typically surprising to most people who are just starting out, because we often hear about how certain podcasters like Joe Rogan or Alexandra Cooper make millions.

Similar to musicians, though, most performers make much less than the big names that you see in the limelight.

Selling Products or Services Related to Your Podcast Topic

Another way that you can make money with a podcast is by selling products or services related to your podcast topic. For example, if your show is focused on healthy cooking, you could create an online course teaching your listeners how to cook healthy meals.

Or, if you have a business coaching podcast, you could sell books or other resources that would help your listeners grow their businesses.

The key here is to create products or services that your audience is actually interested in and willing to pay for. If you're able to do this, it can become a great source of additional income.

This is one of our favorite ways to monetize a podcast because creating digital products is a great way to scale your income.

For example, your podcast might only get 30 listeners per episode, but if your audience is highly engaged, you will be much more likely to sell products or services to them.

Affiliate Marketing for Podcasters

Another way to make money with a podcast is through affiliate marketing. Affiliate marketing is essentially just a form of revenue sharing, where you promote a product or service on your show and earn a commission from each sale you generate.

Some popular affiliate programs include Amazon Associates, Clickbank, Avangate, CJ Affiliate by Conversant, ShareASale, and many others.

If you're interested in affiliate marketing, we recommend starting with Amazon Associates first.

The Amazon Associates program has one of the lowest barriers to entry, as you can join for free and start earning money right away by promoting products on your show that your listeners are actually interested in.

When it comes to affiliate marketing, many podcasters are afraid of selling something that doesn't align with their podcast topic.

The truth, though, is that as long as you're providing your listeners with value through the rest of your content, they will be much more likely to trust your recommendation and even purchase a product or service that aligns with their interests.

How this works best, is when you recommend products that you already use, love and share with people. This way, you're not just promoting something for the sake of making a quick buck - you're actually providing your audience with a valuable resource that you know they'll enjoy.

Typically, podcasters will get asked many questions around their topic, and your audience will not only appreciate your recommendations, but they'll also be more likely to purchase the product or service if they know it comes from a trusted source.

Donations From Podcast Listeners

Lastly, some podcasters also accept donations from their listeners. This can be done through platforms like Patreon or PayPal, and many podcasters will offer exclusive content or other rewards to their supporters.

If you're interested in this option, we recommend setting up a page on your website where people can learn more about your show and donate if they find it valuable.

The first step is to figure out what your goals are with your podcast and how you can monetize it.

From there, you can choose the strategy that best aligns with those goals and start building solid relationships with listeners who will support you along the way.

Once you have a solid game plan in place and have committed to providing value every single episode, you'll be well on your way to making money with a podcast that your listeners will love!

Do Podcasts Make Money With Patreon?

Podcasts can make a lot of money with Patreon if you have a large and engaged audience.

Patreon is a platform that allows podcasters, YouTubers, artists, writers, and other content creators to generate revenue from their followers in exchange for exclusive rewards and behind-the-scenes access to what they're working on.

There are different membership tiers available on Patreon, so you can choose the one that best fits your needs and audience. Typically, you would offer some type of exclusive content or other reward in exchange for donations on your Patreon page.

If you have a podcast with a large following, then there is a great potential to generate revenue through Patreon.

However, it's important to note that each membership tier will require an investment of time and energy to create exclusive content for your patrons.

Donations on Patreon can range from $1 all the way up to $100 or more, so it's important to consider what type of reward you can offer at each level that would be valuable to your listeners.

Patreon is a great option for podcasters who are looking to monetize their content and build a dedicated community of listeners who are invested in what they're doing.

If you think your podcast has the potential to generate revenue with Patreon, then we recommend surveying your audience on what type of bonus content they would like more of. Do not, *I repeat* do not assume you know what your audience wants or needs.

If you do this - you are taking the hard route! Make it easy on yourself, and ask what they want first.

Once you have a better idea of what type of content they're interested in, then you can get started building a Patreon page that fulfills their desires and provides value to your listeners while generating income for yourself.

Which Option To Monetize Your Podcast Is the Best for You?

The best option to monetize your podcast really depends on your goals and what type of audience you have.

If you're just starting out, then we recommend working on building a loyal following and providing high-quality content before you focus heavily on monetizing your podcast.

Once you have an engaged audience that enjoys what you're doing, then it will be easier to explore different monetization options such as sponsorships, affiliate marketing, donations through Patreon or even selling merchandise and other related products.

Ultimately, the best option for monetizing your podcast will depend on your goals and what type of audience you have, but there are many possibilities available that can help you generate revenue while providing value to your listeners.

If you'd like to go deeper on the topic on making money with your podcast, I'd love to invite you to Podcasting Academy.

Podcasting Academy is a comprehensive, online podcast coaching program that covers everything you need to know about launching, growing and monetizing a successful podcast.

We cover topics such as:

  • How to come up with a great podcast idea
  • The best equipment and software for recording and editing your episodes
  • How to launch your podcast and get it at the top of the charts
  • Strategies for growing your audience and engagement
  • The best ways to monetize your podcast
  • And much more!

>Click here to learn more about podcasting Academy and start your 7-day free trial.

To your success,

Dylan Schmidt

Digital Podcaster

Creator of PodcastingAcademy.com

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