Although podcasting has been around for quite a long time now, it just seems to be hitting the mainstream which means now more than ever is a great opportunity to start your own podcast, build an audience, and make money doing it.
The demand for audio-only content is increasing and the most popular way to consume this type of content is via a podcast. If you too are interested in making more money from podcasting, here are 7 different ways you can profit from your show:
You make thousands of naira by having sponsorships of your show. With the cost per impression model, you can make from 6,300 per 1,000 downloads for a 15-second pre-roll and 8,750 per 1,000 downloads for a 60–second mid-roll slot. Your prices could be higher depending on how big your podcast grows.
Relationships are a very important element in podcasts, just like in business. The importance of networking cannot be overemphasized. A way you can make money through relationships is not to chase guests to interview or invite to your podcast because of their status, be strategic and try to interview people who you may collaborate and actually do business with.
Affiliate marketing is an option to consider, especially if your show is rather technical and often features you mentioning resources. This means that, as your show grows, you could potentially generate passive income — through affiliate marketing — by podcasting.
Books And Audiobooks
As a podcaster, you spend hours creating high-value content, which you give away for free. People tune in, get advice and have the option of applying it to their business. You can reconstruct your content into a book and in case you don’t consider yourself a writer, then you can explore the option of an audiobook.
Podcasts and relationships can also turn into a monetary business opportunity, in the form of virtual summits. Like earlier mentioned, build relationships and then use those to put together world-leading digital conferences.
Many popular podcasters create their own online courses to teach similar content to what they talk about on their podcast. Online courses are a great way to teach something in an easy-to-follow way where someone can get a specific result once they have completed it.
Some podcasters chose to make money by running ads and also having paid content subscriptions. Whereas many podcasts are available to listeners for free, some podcasters might charge per episode, in order to allow their customers access to episodes early — or offer their listeners’ bonus content with their ad-free experience.