Podcasts are a great way to make passive income, achieve financial freedom and help other people improve their lives.
If you have valuable knowledge, then this post can help you start!
To make money from podcasting, it’s essential to know what equipment you’ll need, as well as how much time it takes. Once we have that out of the way, we’ll take a look at the 10 ways to monetize your podcast.
That way, people can start listening to it, and you can begin earning the big bucks.
Benefits of Making Money From Your Podcast
Podcasting can bring you tons of benefits. For instance, it can help you find your voice, establish a community and so much more.
With that being said, here are the three best podcasting benefits.
Podcasts Are Growing
Podcasting is becoming more and more popular. In fact, it doubled its listenership in 2016, according to Edison Research!
That number is only going up and will likely continue for years ahead because of how popular podcasts are.
So, if you want to get into the game now, then this is the time!
Podcasts Are Easy-to-Consume
The best thing about podcasts is their ease of consumption. Podcasts are perfect for people who are always on the go and those who don’t have time to watch TV.
Plus, podcasts can be enjoyed anywhere from a car ride or while in bed!
They are also delightful, and If you haven’t tried starting your podcast yet, then that means you’re missing out.
Podcasts Are Cost-Effective
Starting a podcast is one of the most cost-effective ways to make money online. This is because you don’t need an expensive camera nor to hire a professional.
Instead, all you need is an iPhone and software like Audacity to edit your recordings. It literally costs nothing but can bring you a lot back in revenues.
If you haven’t started yet, now is the best time to do so.
How Much Money Do Podcasts Make?
Podcasting can help you earn a lot of money.
Even though it may not seem like it, starting a podcast and building a large audience can help you earn a great deal.
There are big names like Ringer or Amy Schumer that make millions.
But it begs to ask, how much do small podcasters make — or at least how much money can you make if you are just starting? This is very individual, but small podcasters make around $0.08 per 1,000 subscribers.
But of course, this number can go all the way up to $50 CPM (cost per mille) if you know what you’re doing.
And while it may not seem like a lot, it can add up and make a nice income.
When Can You Start Making Money From Your Podcast?
If you have around 10 people listening to your podcast, you probably won’t earn much. So when is the ideal time to start making money from your podcast?
To answer this question, we’ll need to look at two things first.
The more time you spend building up a following, the better.
Around three months is typically what we recommend before monetizing or looking for podcast sponsorships.
It’s enough to get your podcast off the ground and also build a solid number of listeners.
The second thing we need to consider is your audience size. The bigger the number, the more money you’ll make.
But, how many followers do you need to earn a substantial income?
The answer is highly individual, but you will usually need at least 5K – 10K followers to make a steady income from podcasting.
What Niches Are Best to Make Money From Podcasting?
Any niche can make money from their podcast, but some are easier than others. Usually, the best niches are the ones that are around topics where people struggle a lot.
For instance, this includes niches like health & fitness and finances.
With that being said, here are the 10 best podcasting niches to make money:
- Health and fitness
- Personal finance
Aside from niches, there are also different types of podcasts.
The easiest way to start making a lot of cash is with how-to shows and interview-type podcast episodes. They tend to do well as they are easy to listen to, and the information is valuable for readers.
But sure, occasional comedy episodes are great to change things up, too.
10 Ways to Monetize Your Podcast
There are many ways to make money from a podcast.
We’ll go over the top 10 ways to monetize your podcast and help you make money from it. If you are a small podcaster or just starting, then this list will be perfect for you!
It will help you achieve your goals and build a passive income quickly.
#1 Affiliate Marketing
Affiliate marketing is a great way to make money from your podcast.
In essence, you become an affiliate for a product and get a small commission each time someone purchases from your link.
This is great because you can recommend products that are relevant to the niche of your podcast, or even better — those things you love — help other people and make money for you at the same time.
There are affiliate programs on almost every website online, with the most popular one being Amazon Affiliates.
We suggest joining an affiliate network like ShareASale and make your affiliate marketing effortless.
It will help you pick the right affiliate program and start earning.
#2 Sponsorships and Advertising
When you become a podcaster, one of the most important things to do is find sponsors. It can be challenging and time-consuming, but it’s definitely worth doing because it makes up most of your podcast income.
The key here is to understand how much money there is in podcast advertising rates before approaching potential sponsors.
Once you have your numbers, it’s time to find sponsors.
There are many places to find sponsors, but we suggest using either Midroll or Authentic.
They are one of the most popular sites for sponsorship and podcast ads and can be super easy for making money, especially if you are just starting.
But again, it’s highly individual and depends on your needs.
So, be sure to check them out, pick the platform that suits you the most, and find sponsors for your podcast.
Many podcasters create their online courses to teach their podcast audience something new.
They tend to be similar to the podcast topics but more in-depth.
Moreover, they usually include valuable information your audience can use to their advantage to improve their lives.
On top of that, online courses are great because they are flexible, refined, and give your learners a lot of freedom.
They are also nice because they establish you as an authority.
However, they can take a lot of time to perfect, and they might not be very easy to promote online.
But the ROI is excellent, and they are definitely worth your time.
People will always need the help of a professional when they are tackling something new. It can be anything like accounting, design or web development, to name just a few.
Services are especially excellent if your audience perceives you as an expert.
If you have some skills that others might need, you can leverage them. For instance, if you talk about fitness, you can help your audience lose weight, become stronger, etc.
This method may not be suitable if you are looking for a passive income, but it can be the best thing if you love what you’re doing.
#5 Coaching and Consulting
Coaching is similar to online courses, except you’re doing it one-on-one and making a lot of money out of it.
But, of course, doing so individually takes a lot of time and effort.
However, if you like working with people, helping them and improving their lives, it might be the best way to make money for you.
The first step is to create a coaching profile and website that will allow people to learn about you, what your program offers, and how they can reach out.
After you have that, try to connect with other coaches to improve your coaching skills.
Once you are ready, let your podcasting audience know about your coaching business and start earning money.
#6 Crowdfunding and Donations
Crowdfunding is the act of raising funds through small contributions from a large number of people over the internet.
And if you’re looking for a way to make money that doesn’t require much work, then this solution might be a good one.
It’s especially viable if you have a large audience because they’ll do all the work for you! The idea is to give them something in return, like access to your content, exclusive updates or other perks.
You can easily start crowdfunding with Patreon. It’s easily one of the best places to start and can make the whole creation of exclusive content and donations effortless.
It’s a good way if you want as little responsibility as possible and just need money coming in without having any input from your side.
#7 Premium Content
Premium content is a great way to allow only your inner circle audience to get to your most valuable episodes.
But, of course, it may be anything, such as:
- Interviews with industry experts
- Behind-the-scenes content
- Ad-free RSS feed
- Early-access RSS feed
All of these can work great and lead to a lot of money in revenues. And all you need to do is set up a Premium Content feature, and you’re done.
It requires little work while giving you a lot back.
Events are a great way to make money from your podcast because it’s an opportunity for you and your audience to meet each other.
It could be as simple as doing talks at conferences, teaching classes in person, or even hosting live events like dinners.
There are different ticket prices depending on how much you charge, so it’s a lucrative way to make money!
It will also allow you to build a closer relationship with your audience.
In addition to that, it also doesn’t take any significant time investment from your end. All you need is an audience and location.
#9 Physical Products
Physical products like merch T-shirts or mugs can be a great way to make money with your podcast if you have a large audience.
It’s not as passive as the other options because you’ll need to create and ship products for sale. But, it does give you complete ownership of the product, which can be great!
Think about what your audience would want to buy from you.
Come up with a bunch of product ideas, do the necessary research, and launch your first product.
You can also take advantage of dropshipping and cut delivery costs on your own products.
Having a book out is one of the best ways to make money from your own podcast because it can be sold forever. However, for that, you’ll need a large audience, a lot of resources and time upfront.
It’s more complicated than it seems, but the rewards are incredible.
The more involved with marketing you are, the better chance you have of making money with it.
So, make sure you know how to market your book, too!
Starting your own podcast can be a lucrative opportunity to make a ton of money without putting a lot of work into it.
There are a lot of different options for making money from podcasts, so choose wisely! You never know what could work well for you. So, you should try out as many things as possible and see what works the best for you.
The possibilities are endless!
We also recommend checking out this guide to learn more about making money online and how you can make $300 a day from home with no experience.