The podcast sector has been steadily growing over the past decade and is now a multi-billion-dollar industry. It is estimated that there are around 4 million podcasts globally, with more than 460 million podcast listeners. In the United States, the average person listens to 8 podcasts every single week.
Starting and running a podcast is a lot of fun, but it can also be a great way to make money. Turning your passion into a business is certainly possible, given there are several ways you can monetize a podcast.
In this blog post, we will look at how to monetize a podcast, including by finding sponsorship deals, selling show merchandise, and offering premium paid content. Let’s get started.
Find Sponsorship Deals
With this monetization method, you can find a business or brand that is willing to partner with you and take advantage of your listenership. It involves giving the business time to run adverts on your podcast in exchange for payment.
The specific cost to the business will depend on a number of factors, such as the average number of listeners that the podcast has. The demographics of the listenership will also play a role. In many cases, a podcast host will read out a script themselves, while others are advertiser made.
Sell Show Merchandise
Been there, done that, bought the t-shirt. If you are a fan of a particular podcast, it makes sense that you would be interested in having merchandise with the show’s branding on it. It could be anything, such as a mug, a baseball cap, or even a t-shirt.
There is a dual benefit for podcast owners when it comes to merchandise, of course. Not only can they earn a profit by selling branded items to their listeners, but they can also spread awareness about their podcast. It’s a win-win situation.
Podcast Premium Paid Content
Premium paid content is something that has become popular across the media industry in recent years. While many organizations do offer content that is available for free or with adverts, people can also pay for additional content that is behind a paywall.
If your podcast has a lot of hardcore followers, then offering additional content (such as extra podcasts) for a monthly fee is worth looking into. People who pay a monthly fee can also access other perks, such as discounts on merchandise, for example.
Tips on How to Monetize a Podcast
The above are just some examples of how to monetize a podcast. Other tips include posting your recordings to YouTube and monetizing them with YouTube Ads, hosting live podcast recording events, and using podcast affiliate marketing.
“Monetizing your passion through podcasting is not only possible but can be incredibly lucrative. By finding sponsorship deals, selling show merchandise, and offering premium paid content, you can turn your podcast into a thriving business.” – Christopher Slater
If you are interested in learning more about podcast advertising and monetization, speak to the experts at 316 Strategy Group. Our goal is to help brands drive revenue. To get started, click here to schedule a free consultation with a member of our team.
WHY CHOOSE A PODCAST FOR BUSINESS?
Business podcasting is a great way to reach your customers anywhere, no matter what they are doing. Your audience is on the go and can’t always sit down to read your content, but they might be able to listen to it in the car or while on a walk. This makes it easier to ensure that people are consuming your content. Podcasts also show your audience that you are an expert in your industry and that there is a real face behind your brand. When you combine this with an excellent podcast marketing strategy, this is a powerful way to drive sales. To learn more about the benefits of podcast marketing, check out our blog post here!
Podcast Production Near Me
In December 2021, Omaha Podcast Production received a boost as 316 Strategy Group and Two Brothers Creative formed a partnership to offer advanced audio and video podcast production services to the Omaha community and beyond. This collaboration brings together the expertise of Two Brothers Creative’s Matt Tompkins and 316 Strategy Group’s Joseph Kenney and Christopher Slater, creating a new era of podcast production that encompasses recording, distribution, and marketing strategies for entrepreneurs and industry leaders. Discover more about the impact of this dynamic partnership on Omaha by clicking here.