How much can I earn from podcasting
5 ways to make money from your own podcast
Earning money with your own podcast is certainly a dream for many podcasters. Who would like to make a living from podcasting or at least earn a decent extra income with it?
In today's article, I'm going to introduce 5 ways in which you can generate income from your podcast.
In addition, I will explain when it is worthwhile. Have fun.
5 ways to make money from your own podcast
In the following I present 5 ways how you can make money with a podcast.
Patreon / Steady
In recent years, crowdfunding has become very important, especially for podcasts. Instead of collecting money once, as is the case with Kickstarter, platforms such as Patreon or Steady allow permanent income to be achieved with a podcast.
Patreon is the most popular because it comes from the United States. Here you can register your podcast and define different levels of support. These cost different amounts and then offer different services in return for the supporter (here called Patreons).
At the first level, you could only get a simple thank you for 1 dollar, while for 5 dollars you already get all exclusive episodes. This is precisely one of the great secrets of Patreon's success. Offer people additional exclusive episodes for money! Many hope that users will volunteer to become patrons, but that rarely works. But if there are great episode formats only for money, then the number of supporters increases significantly.
Additional levels for more money could include merchandising or a name mention in the podcast, for example.
There are many successful examples of Patreon-funded podcasts. For example, one of my favorite podcasts, Stay Forever. Over $ 12,000 is currently coming in there per month from around 2,200 supporters. That is very neat.
There is a German alternative in the form of Steady. This service basically does the same thing, even if one or the other convenience function is missing. Nevertheless, it is a good alternative, as it is billed correctly according to German tax laws, you receive credits and users can pay by direct debit in addition to PayPal and credit card.
A second way to make good money with podcasts is affiliate marketing. You link to certain online shops, such as Amazon, and then receive a commission if someone clicks on this link and buys something in this shop. At Amazon this is between 1 and 12% depending on the product category.
In Germany there are thousands of online shops that offer so-called partner programs, i.e. enable affiliate marketing. There are thousands of shops in the affiliate networks AdCell *, SuperClix * and Belboon *. There you can register once and can then use many of these partner programs.
Some large online shops, such as Amazon, operate their own affiliate program. For example, you can register here on Amazon.
It is best if you don't just advertise products, but use them yourself, present them, share experiences and so on. Then the likelihood is greatest that listeners will click on the affiliate links and buy these products.
The affiliate links themselves are of course included in the show notes or the corresponding episode post in your own blog.
The more listeners you have, the better advertising works. In addition, it depends heavily on the topic whether you win advertising partners for your own podcast. But if you have a large audience and deal with a topic where there are many medium-sized companies, in my experience you have a good chance of finding advertisers.
Such advertising in a podcast usually consists of a 20-30 second advertising block, which is spoken either by the podcaster himself or by a third person. The former naturally creates more trust among the listeners.
The best thing to do is to write to such suitable companies and invite them to a podcast interview. This first contact should not be binding. Only later, when contact has been established, can one also mention the possibility of advertising.
Many podcasters mention the opportunity to advertise in the podcast at the beginning of each episode. If there is a potential advertiser among the audience, he will find out about it.
In general, you should only advertise products and services that you really stand behind and that fit the podcast. After all, advertising is always a bit annoying and this is where the actual content for advertising is interrupted. That should fit very well and be interesting for the audience.
Own digital products
It becomes more complex with your own digital products. This means, for example, your own eBook, a video course or an online seminar.
Your own products make sense especially if you have made a good name for yourself in the relevant subject area. If you are considered an expert, the listeners are much more willing to spend money.
It's best to start with a relatively short eBook. Don't try to write 200 pages straight away, because you get bogged down very quickly. If the eBook is well received, you can expand it or create other digital products.
I've published a guide on how to write eBooks.
Own physical products
The fine art of making money with podcasts is owning physical products. This can be, for example, merchandising products such as T-shirts, but also, for example, a printed book.
But for that you have to be very well known and popular, because only a small part of the audience will spend money on it. In addition, one should be careful and use on-demand services instead of having 500 T-shirts printed straight away. In the end, you may stay seated on them.
Amazon, for example, offers print on demand books, while Spreadshirt prints t-shirts on demand, as well as mugs, mouse pads and other things.
There are certainly other ways to make money from a podcast. Coaching is such a possibility, but it doesn't work in all areas. Consulting is also possible if you work in a B2B area.
It depends very much on the topic.
When is it worth making money with a podcast?
This is a good question and there is no easy answer to it.
Basically, the more listeners / subscribers you have, the more you can earn. With Patreon / Steady, but also with affiliate marketing and with your own products, you have to consider that only a fraction of users are willing to spend money. Often that is only 5-10%.
Of course, it makes a difference whether 5% of 1,000 or 5% of 10,000 listeners click on an affiliate link and buy something.
It looks a little different with advertising, since it is about the general reach (i.e. the number of listeners). But here too, of course, more is better, although it is important that you have a reasonably homogeneous audience. In my experience, it is much easier to find advertisers when you have listeners who are all interested in the same topic. As a result, the advertiser does not have any wastage.
So it would be better to have 1,000 listeners who are interested in exactly one topic of the podcast than 2,000 listeners who are interested in very different things. For this reason it is also better to cover only one topic in your podcast and not many different ones. My board games podcast is all about that and not about cars, cooking and movies.
In general, however, there is no minimum limit at which to start. It's just not worth it to build in affiliate links with 40 listeners or to go to Patreon. Better take your time and first build a larger audience. Then you can always start making money later and it will work.
What is your experience of making money on a podcast? What tips can you give?
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