Ways to make money from podcasts
Podcast is not a viable option if someone is looking to get commercially successful quickly. It takes time to make a living from a podcast show. A loyal, engaged following, who is willing to buy what is being sold, needs to be build. Only a few podcast shows earn in millions to dollars, owing to number of downloads, sponsorships, advertisements and live events. But it is possible to make money from podcasts with few followers as well. Affiliate networks like Amazon Associates sponsor podcasts with a minimum downloads of 1000 per episode. The sad reality is that only 20% of the podcasts reach that mark. The other way to earn money is to generate donation from listeners and sell customized merchandise.
The following ways can be implemented in order to make a profit from podcasts.
Through affiliate marketing
Affiliate marketing is refering other products and in the process earning a commission from the sales generated through that referral. There are various networks like Amazon, Buzzsprout and Podcorn, where such partners for marketing can be found. A way in which this can be achieved is by mentioning a brand of a product during a podcast show to the listener and directing them to a link from where they can order it. The podcaster earn a small commission from the sales generated through the link.
But it is important to keep the trust of the listeners by disclosing the income that is generated through therecommendation.
Sponsors are always in the lookout of popular medium to promote their products as advertisements. This is where podcast shows with a large number of listeners can come in. Sponsors generally pay on basis of the number of downloads per episode and more is the download, more is the money that can be made. The basic difference between affiliate marketing and sponsorship is that, businesses pay commission based on actual sales in case of affiliate marketing but payment is done based on potential sales in case of sponsorship. The listeners might not be interested in buying the product and hence businesses remain particular about the content which they want to sponsor. Advertisement can be attracted even with smaller audience, especially if the content’s niche aligns with the product’s target market.
Donations are also a great way to get financial assistance and the best part of it is that, people who admire the work and listens to it are the ones to whom the creator put forth the request. In most likely, they are the most willing group to make such donations.
Donations can be on monthly, yearly or even one-time basis. Popular platform like Patreon can be used to start and maintain such monthly memberships. Payments can be accepted through various portals and a “Join” button can also be placed on the website. Members can be offered exclusive contents and live chat opportunities to encourage them to make such donations.
Building a loyal audience base also helps in creating a market for selling customized merchandise and stuffs. But to make it happen, an e-commerce store, someone to make those products and a place to keep the inventory is required. Sites like Shopify and Spring, which host the store, design the products and manage all the logistics.