Now That You’re Podcasting, Where’s the Money?
Written by #HeliumRadio on June 29, 2020
A rapidly growing number of people who have business interests to promote are starting their own podcast. The benefits that hosting your own podcast offer for establishing thought leadership in your field and increasing your brand’s visibility are undeniable. But you may also be in it for the money.
Starting and hosting your own podcast is just the beginning. Making money on it is another endeavor in itself. So, how do you monetize your podcast?
Offer Premium Content – at a Price
Any content you have that offers listeners elevated value is considered premium content. give You can charge a set price for access to this gated content. Examples include charging for single episodes or for a series of bonus content available over a period of time.
Premium content includes, but is not limited to:
- Podcast episodes that exceed the usual length
- Exclusive interviews
- Unedited podcast script PDFs
- Bonus series
Leverage a Patron Program
If you have an audience that is passionate about your podcast, you can use a patron program to ask for their support via pledges. If you feel uncomfortable asking for specific amounts of money, you have the option to set up pledge tiers. These tiers can range from $1 per month to $800 per month and higher. It is entirely up to your discretion.
Patron programs have proven a viable stream of income for podcasters. Those who have success with it can earn upwards of $10,000 per month – or more!
Offer Advertising Space
The podcast industry has seen rapid growth in advertisements, fueled in large part by the increasing popularity of podcasts. With more people tuning in, advertisers view podcasts as a viable option to attract new customers. As a result, the audio ad marketplace in the United States is currently valued in excess of $16 billion, with podcast advertising representing 3% of this total amount. And by 2022, this share will more than double to 8.2%.
Furthermore, podcast advertising has become widely accessible to podcasters due to platforms, marketplaces and other emerging tools. Dynamic ad insertion and matching services have made podcast advertising a powerful driver of leads for advertisers and a profitable income stream for podcasters.