Hello Hello F22 crew!
Have you ever sat in a group with your friends in some deep conversation when one of you pipes up with “Man we should really start a podcast!”? Usually it’s followed by a chorus of enthusiastic comments, maybe some laughs, and then followed up by….nothing.
Sound familiar? Well maybe 2020 is the year you actually start that podcast then! Much like blogging was in it’s hay day, podcasting offers a fun way to talk about what you’re passionate about with like minded people, and make a little money on the side. If you’re interested in how podcaster monetize their side hustle, and possibly making it yours (or even your career!) keep reading!
Blogging, Youtube and Podcasting actually have a lot in common as far as monetization goes! Which is why lots of creators have two or even all three platforms in their given niche. Really once you have a following on one platform it is easier to transfer fans to a new platform. Not to mention, most of these monetization tactics can be used in tandem, giving you a broader reach and a higher pay day!
Patreon/Extra Content Platforms
Patreon is the mother of a certain type of content sharing platform. Essentially, subscribers or donators pay a monthly subscription to access additional content that their favorite creators put out. There are countless spin-off versions of this paywall content idea, just like YouTube Premium or the now infamous OnlyFans website.
Podcasters, however, usually use this type of website to support their endeavors before they gain sponsorships. Usually tiers of content are included and they will put out extra episodes, offer exclusive merch to fans that pay, or even just the bonus of interacting directly with your favorite podcaster. Patreon levels usually run between $5-$20 per month, so you can see how that can add up fast!
It’s no surprise that merch is on this list. I personally LOVE that content creators are able to make their own merch and that people are willing to buy it. We all spend so much money on Warner Bros and Marvel stuff, we should throw $25 to smaller creators every once in awhile. Podcasters in 2020 have numerous avenues to create and sell merch. Usually creating merch requires either designing something yourself, or hiring a friendly freelance graphic designer. After that creators can use websites like Printify to create their own virtual store with custom products and designs.
Alternatively, some podcasters (like one of my favorites Morbid Podcast) partner with other merch stores for wider dispersement. There are many stores that cater to multiple content creators that all within the same niche. This allows for some overlap and showing your designs to a wider audience. Morbid Podcast uses Murder Apparel, as an example, to appeal to the true crime community. Another pro is that you can buy from multiple podcasts with only one check out and shipping experience! One stop shopping!
How lucrative merch is for a new podcaster really depends on how big your audience is, what type of merch you create, and how much overhead costs there are.
Affiliate links are everywhere and I bet you don’t even notice! Essentially affiliate links are just a link that gives the person who place the link a referral credit. It usually doesn’t impact the price that the consumer pays, but can actually get them a better deal! There are countless affiliate programs and networks out there for any type of content creator. Really, if you have any type of social media, you could be using them right now to make money! My blog post on how to use Amazon Affiliates lays the groundwork on how to use, what I consider to be, the simplest affiliate program out there. The blogging queen Michelle over at Making Sense of Cents, actually makes six figures off of affiliate sales. So you can see how there is a lot of money to be made via these links! And the best thing is, since there are so many affiliate programs from companies, you can really focus on products/services you LOVE and what you think your audience will love as well.
Sponsorships are something that anyone that listens to podcasts is familiar with. Similar to how companies will place an ad in a YouTube video, many companies will pay podcasters to talk about their product or service during an episode. How much a podcast team can make from sponsorship really depends on niche, CPM, and how big of a following they have. On the positive side, as your podcast grows, so does the price you can ask companies for!
There are companies that link up creators with sponsorships as well. Bloggers have been leveraging sites like this for years now. A good one for brand new podcasters is Anchor.fm which not only hosts podcasts, but connects sponsorships with you depending on your niche. You can even record your read through right through the website!
Also; if you’re one of my more technical readers, podcasts can be even more lucrative than YouTube because of the high CPM. Depending on niche YouTube CPMs can be anywhere from $1-$30, while podcasts are much higher and more steady. “According to AdvertiseCast, the industry average rates for podcast advertising are: $15 for a 10-second ad CPM. $18 for a 30-second ad CPM. $25 for a 60-second ad CPM.”
Now these are just some basic ways that a smaller podcast can make money, in reality the sky is the limit! Podcast creators go on to do live events, write books, and expand to other social media platforms as well. There is a ton of opportunity to use podcasting just as a side gig and for fun, or leverage your community and make a six figure income from it as well!
If you were going to start a Podcast, what would it be about? Let me know down below!