The podcast industry spending is expected to hit $1.61 billion by 2024.
If you’ve ever toyed with the idea of starting your own podcast show, now is the time to set it up and carve out a sizable chunk of this growing market share.
Here are 5 recommended ways to dive in headfirst and start making a profit.
If you’re just starting out, accepting donations is a great way to earn while you focus on building your audience.
Fans and supporters are more than happy to throw in a few dollars to encourage their favorite artists and podcasters.
Be transparent in your call-to-action. People are more likely to donate when they know where their money is going. Well-known and reliable hosting-sites like GoFundMe are an easy way to track, market and encourage donations and new listeners.
2. Paid Promotions
This is a very popular monetizing method among podcasters who already have an established listener base. If you have heard them start off with a briefing about their sponsors, it is a paid promotion.
Once you build a significant audience for your show, reach out to companies that offer products and services related to your genre.
3. Affiliate Marketing
Affiliate marketing will work like a charm if you talk about a favorite item to buy in your episode. But remember, staying relevant and authentic with your product recommendations is key. It is also a great way to generate passive income over the lifetime of your show.
For starters, we recommend promoting Amazon bounty offers such as Audible Plus. It can not only earn you a commission for every sign up, including the free trial, but also provide incredible value to the users.
4. Membership Tiers
If you want to monetize your expertise with high-value content, creating paid membership tiers is a great way to get started.
Layer your content and encourage listeners who come for free episodes to subscribe for the paid membership in exchange for greater value.
Exclusive content, private Facebook groups and podcast swag are some offers you could start out with.
5. Publish on YouTube
Publishing your podcasts on YouTube in a video format is an easy way to earn a passive advertising income.
There are a few requirements to meet before YouTube offers the option, but their Creator’s Academy offers a wealth of knowledge of how to get to that point.
Once you’ve created your channel, direct your audience to it and Google will handle the rest for you.
Shafeeka Hafeez grew up escaping into a world of books where she discovered a love for writing and a fascination with trees. When she’s not taking up a new marketing skill, or typing out a blog post, you can find her Googling the best therapy for abandoned cats.