What is a podcast
Podcasts are series of audio episodes where one or more hosts talk about a specific subject, covering a wide range of topics such as current events, true crime, and beekeeping.
Reasons to start a podcast
There are several compelling reasons to begin a podcast, with the most widespread being:
- You want to build an audience. The most successful podcasts reach millions of listeners. A podcast is a relatively inexpensive way to build a following.
- You want to build credibility as an expert in your niche or industry. Thanks to
- You want another stream of revenue or income. Because podcasts are a more intimate medium, they can be a powerful way to sell your product or service. If you don’t have a specific product or service you’d like to sell, you may eventually be able to monetize your podcast by playing sponsored advertisements and earn money that way.
- You want to build your network. Through podcasting, you can meet other people who are interested in what you talk about and can help you further your career or business.
- You want to have fun. You don’t have to have a particular business or monetization goal in mind to start a podcast. You can record a podcast purely for your own enjoyment.
Common misconceptions about podcasts
Do not let common misconceptions hinder you from starting your own show, as anyone can start a podcast irrespective of their prior work or life experience.
- You need a specific skill set. The only skill you need to have, per se, is the ability to talk about or discuss something. You don’t technically need to be an expert in anything, either, so long as you are passionate about what you’re discussing. Expertise is a nice-to-have, whereas passion is a must.
- You need expensive equipment. You can start a podcast with the equipment you likely already own. You don’t need to spend a dime on extra gear or software. There are many free tools and resources available to get you off the ground.
- Podcasts are a dying medium. Podcasts aren’t going anywhere, nor are they becoming any less popular. The podcasting space is so profitable and active that media companies such as Spotify and Apple are investing large amounts of money in the space in order to draw listeners (and revenue) in.
- You need a large following. While it will help you get more listens in the beginning, you don’t need to be an existing celebrity or social media personality in order to start a successful podcast. You can earn a following by putting out excellent content that resonates with people.
- Podcast episodes need to be long. There is no set length that a podcast has to be. You can make your episodes as short or as long as you see fit and depending on your audience.
How to make money with a podcast
There are various ways to generate income from a podcast. Some approaches can be utilized effectively even with a small audience, while others necessitate demand and viewership to be effective. Regardless of the paths you opt for, it is crucial to have multiple streams of revenue as a podcaster. Relying solely on one source of income increases your financial vulnerability.
Sponsored ads (or Episodes)
If you have ever heard a podcaster read a sponsored advertisement on a popular podcast, it is likely that you have come across companies that are willing to compensate you for promoting their product on your podcast by reading a short script.
Ads offer a relatively uncomplicated means of generating income; however, they typically necessitate a substantial audience size and comprehensive demographic information. Companies will scrutinize the number of listens or downloads your podcast generates, as well as details about your audience, to ascertain whether it aligns well with their advertisement.
Affiliate codes or Links
When you promote sponsored ads, the brands you advertise for may offer an exclusive discount code for your listeners to use. Each time someone utilizes your discount code at checkout when making a purchase, you will earn a small commission. To encourage more usage, you can also share affiliate codes in your show notes and on social media.
In the same way, it is possible to earn commission by using affiliate links. Just like with codes, each time someone clicks on your link and buys something, you will receive a small sales commission. Some well-known affiliate networks you can become a part of are Amazon Associates, LTK, and Skillshare.
Ask for donations
If you don’t ask for donations, you won’t receive any. The easiest and simplest way to earn money from your podcast is by requesting donations from your listeners. You can receive support for your podcast through platforms like Patreon or PayPal from dedicated and supportive listeners.
Offer paid membership tiers
If you have a dedicated group of fans, generating revenue from your podcast can be achieved by introducing paid membership levels. This approach is highly effective as your audience will perceive it as obtaining privileged and personal access to exclusive content, benefiting both parties involved.
For podcasters who value their autonomy from brand partnerships, implementing a membership program is an effective method to preserve this independence while simultaneously generating revenue from their show. Conversely, if podcasters have already secured a profitable advertising agreement, they have the option of providing an ad-free experience to their paying subscribers. When there is determination, there is always a solution!
What are podcast memberships
A podcast membership is, in essence, a more personalized form of subscription. By setting a specific fee, your audience can make regular payments and gain access to exclusive content and features. Utilizing podcast memberships not only ensures a consistent income stream but also helps foster a stronger sense of community among your listeners. This mutually beneficial arrangement is certainly advantageous.
For podcasts that have a committed and devoted fan base who consistently follow and interact with your content, a membership model would be the most effective approach.
Join an advertising network
Podcast Advertising Networks like Midroll are designed to simplify your life by connecting podcast hosts with potential brands and sponsors. This eliminates the need for you to personally search for them.
Sell repurposed content
Ensure that you make the most of your investment in creating an informative and valuable podcast by transcribing it using Riverside’s automated transcription function. This will allow you to repurpose your episodes without any hassle.
After obtaining a transcription of your podcast, you have the option to reshape it into an article and attempt to get it published in renowned publications that cater to your specific field of interest.
Syndicate your show to YouTube
If you want to syndicate your podcast to YouTube, it involves repurposing your show by converting it into a video format and posting it on YouTube. While using Riverside.fm makes recording a video podcast simple, if recording a video is not possible, there is no need to be concerned. You can effortlessly upload your podcast audio with your podcast cover art serving as the video’s image.
What is the YouTube partner program
The YouTube Partner Program offers a way to make money from your YouTube content and provides access to additional resources and features on YouTube.
How to use the YouTube partner program to monetize a podcast
To earn income from podcasting through the YouTube Partner Program, you must meet specific criteria such as minimum subscribers and viewership. By uploading your podcast to YouTube, you can expand your reach to a larger audience, including those who do not typically listen to podcasts through traditional platforms.
Here is a step-by-step method for earning money from podcasting via YouTube:
You will receive a share of the revenue generated by advertisements that appear alongside, overlaid, or played before or during your content.
Just like creating different membership levels for your podcast, channel membership allows subscribers to make a monthly payment in exchange for additional benefits and exclusive content.
YouTube offers the opportunity to generate extra income by enabling you to sell your unique merchandise directly from your channel.
As a YouTube Premium subscriber views your content, you will receive a proportion of their subscription fee as revenue.
Sell merchandise
If you have a recognizable logo or podcast artwork, you can easily create various items such as t-shirts and coffee mugs, which everyone enjoys having.
Branded podcast merchandise offers dual benefits. Firstly, it serves as an extra source of income through the sale of physical products. Secondly, it acts as a highly efficient means of promoting your podcast without incurring any marketing costs. Whenever your listeners don their branded t-shirts, they effortlessly advertise your podcast.
Public speaking
Once you have engaged in podcasting for some time and have positioned yourself as a significant figure in your field of interest, you will have the opportunity to demand payment for your public speaking engagements.
Create a paid e-course
If your podcast offers information or education, you can monetize it by creating an e-course. It doesn’t have to be expensive to develop an e-course. You can easily compile the content from your podcast and include a few extra tips, tricks, and practical advice.
E-courses are appealing to prospective customers due to their concrete focus on producing specific outcomes. They provide clear understanding of what customers can expect to receive from their purchase. Moreover, since there is already a captive audience, it is highly likely that there will be a significant number of participants as soon as the course is made available.
