The Best Ways to Monetize a Growing Podcast
Once popular, then not, and now popular once again, the podcast has become an easy way for brands to reach new audiences. Requiring minimal work but producing great value as one form of multimedia, the podcast pumps content into the ears of listeners and can be enjoyed in a variety of situations that written content or visual content cannot.
However, podcasts present at least one unique challenge: how do you effectively monetize a piece of content that isn’t tactile like most other forms? As it turns out, there are several ways to improve the revenue generated from podcasts: let’s talk about them today so that you can begin making more money with this form of content.
Tap Into Referrals
If you’ve ever listened to someone else’s podcast before, then you probably are familiar with the occasional advertisement. With a variety of different options, many find that referral advertisements are among the easiest and least invasive.
In short, referral ads are those that briefly promote a particular service – with a special URL provided for the podcast itself. For instance, a brand might promote a new streaming service with the promise of one free month by using a URL with the brand’s name attached to it. This is the most common type of ad and can be easily promoted in as little as 15 seconds. By avoiding long-winded pitches, you also avoid pinging noise to your listeners that could potentially interrupt the flow of the podcast.
Another great way to leverage your podcast into some recurring income is through a standard sponsorship offering. With this form of advertising, you’ll dedicate a specific amount of time to promoting a product or service (usually 30 or 60 seconds) and will be compensated at a rate based on a set number of purchases, downloads or visits.
A common example of this might be a 30-second mid-roll mention of a product during your podcast, which would net you $20 for every 500 visits to their website. There are many different types of sponsorships that can be offered: promotions at the beginning and/or ending of each podcast, promotions based on visits rather than downloads, and even sponsorships that pay based on the number of listeners your podcast generates.
Offer Branded Products
One last option for those wanting to really generate income via their podcasts is to jump into the game directly by offering their own products and services. While this can be a bit more difficult to manage in the early stages of a podcast than the other two items above, even a relatively small audience of loyal listeners can generate some revenue through this method.
Especially in the case of branded services, the mark-up can be immense. For instance, offering a variety of courses or special subscription services will generate a relatively large amount of money for a one-time production cost. If you want to venture into the realm of branded products such as apparel, however, then you’ll want to make sure you have something truly awesome and persuasive to sell – otherwise, you’ll just be pinging noise at your potential customers.
Even relatively small podcasts with a few thousand monthly listeners can generate some decent cash-flow considering the overall effort required. Podcasts remain a relatively untapped medium in which content creators can dominate in a given niche. Ultimately, offering branded products, promoting referral options and using sponsorships in each podcast can turn even a modest endeavor into a very profitable one.