Podcasts are gaining popularity, and people are making good money podcasting. Business people are taking advantage of this and using podcasts to connect with influencers and build their brands. If you have something that interests you, create your podcast and start making money as you talk about it.
Read more: How to make money with a Facebook page.
The following are great ways to make money with podcasts.
1. Sponsors and Advertising
Podcast sponsorships and advertisements are excellent ways to make money with podcasts. There are podcast ad networks that connect podcasters with advertisers. These networks find advertisers and negotiate rates. Examples of networks are Midroll and authentic. Sponsorships will pay well if you have a broad audience.
2. Coaching and Consulting
If you are a business coach with a podcast, you can decide to do business coaching. Many business people need business coaches who will offer great consultations. You can guide business on how to improve their operations. Consequently, they will pay you well and you can make a lot of money. You can also help people create their own podcasts.
3. Sell Premium Episodes
Creativity is essential in running a successful podcast. If you are offering great content and you have a multitude of listeners, you can decide to create premium versions of your content where listeners will have to pay to access the content. You can record a 40 minute-discussion on a great topic. Make the first 30 minutes of the discussion free to access, and the last 10 minutes paid content. If the discussion is interesting, people will pay for it.
Podcasters make money by hosting events. Events bring your fans together. Set prices for people who want to attend the event. You can make good money when your fans pay for tickets to attend events. Working with famous artists to host these events will be an added advantage and will you will have many people paying to attend.
Read more: Top event management apps.
5. Sell Products
You can create an additional stream of money by selling products by promoting them through podcasts. Through interaction with your listeners, you will know their problems. Figure out solutions to their problems. If it's something they lack, create it and sell it to them at an affordable price.
6. Affiliate Marketing
Podcasters can make money through affiliate marketing. If you have products that your are marketing through affiliates, mention them in your podcast. They will gain popularity and you will be paid for it. You will earn a commission for every sale made through your promotion.
7. Public Speaking
As a podcaster, speaking in conferences and live events is one best way to make money. When you offer great content on your podcasts, it's automatic that people will reach out to you to speak at conferences and events for pay. Television shows will want to have an interview with you. Public speaking will help you gain popularity and admiration from people who are likely to be your future podcast listeners.
8. Build a Back Catalog
It is best as a podcaster to build a back catalog of episodes. You can use these to make money. You do not have to create new premium content each time you need some revenue. You can restrict access to your older episodes by adding a paywall for users to listen to older content.
9. Online Courses
Creating an online course to teach similar content to what you discuss on your podcast is another creative way to make money podcasting. Online courses are convenient because they reach a larger audience at the same time. You can use a webinar platform to promote your online courses.
10. Crowdfunding and Donations
Crowdfunding and donations are another fantastic way to make money podcasting. It works best with entertainment-based podcasts. You can request your listeners to send donations in support of your podcast. If you produce great content, your listeners will be more than willing to donate towards your podcast. You can use Patreon, a fan-funding site that makes it easy to get support from your listeners.
Read more: Top crowdfunding crowdfunding platforms.
11. Books and Audiobooks
If your podcast is popular, you can leverage it into book sales. Pick something interesting on your podcast and write about it. Since you are not new to your audience, they will be your first customers. Their positive reviews will help you get new listeners and readers.
12. Sell Merchandise
Selling merchandise is another perfect way to make money with your podcast. You can sell coffee mugs hoodies, books, and t-shirts with your podcast logo on them. Your fans will recognize them and purchase. By using or wearing your podcast hoodie, they will be marketing your podcast. You can even set up an online store to sell your merchandise and market it through the podcast.
Read more: How to make money through Instagram.