5 Ways to Make Money Podcasting | The Journey
Channel: GoDaddy
Date: 10/08/2020

5 Ways to Make Money Podcasting. Check out more The Journey content at https://bit.ly/GDTheJourney.

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0:16 Five ways to make money podcasting
1:07 Sponsorships and ads
2:45 Affiliate marketing
4:44 Subscriptions and protected content
6:08 Donations
7:11 Build your brand

For the past few years, podcasting has seen a phenomenal surge in growth. More and more people are starting their first podcast, whether it’s a platform to share a personal passion, have conversations and interviews with others in their field, or simply to build their brand. While we’re seeing an increase of podcasts, there is also a rise in the number of ways one can make money podcasting.

Clearly, since you’re watching this video, you’ve decided to start podcasting. Here’s a look at the five top ways to make money from it:

1) Sponsorships and ads
You will see this money-making strategy at work in a lot of podcasts. They might insert ad rolls at the beginning, the middle, or the end of a podcast, or a mix of all three. There may be multiple sponsors per show or the opportunity for an exclusive partnership. Typically the spots aren’t much longer than 30 to 60 seconds. Additionally, how they are delivered varies, from pre-recorded separately to a more natural blend into the podcast conversation.

2) Affiliate marketing
Affiliate marketing, where you highlight a product or service and get a percentage of any resulting sales, can be an effective way to make money with your podcast. But it’s best to have some experience with affiliates first. The bottom line — don’t do anything to turn off your listeners. Affiliate marketing seems like a natural way to monetize a podcast that focuses on product reviews, but even then, avoid any affiliate marketing plan that turns parts of your podcast into a giant infomercial.
 
3) Subscriptions and protected content
A lot of podcasters use Patreon as a paid subscription platform. In this model, you offer your regular podcasts, but also provide extra content for paying listeners. Often there is some incentive to join, such as swag. One example of added content would be special interviews or more in-depth shows. You might offer a shorter interview with someone, but on the member side, a more elaborate show where they share their best tips.
 
4) Donations
This way to make money podcasting is worth a try if you are looking to get just enough money to cover your costs. The number of listeners doesn’t matter as much as the type of listeners because you are banking on the good hearts of a small group of committed fans. Not everyone is going to send something in, so adjust your expectations accordingly.

5) Building your brand: an indirect monetization strategy
This is probably one of the most popular strategies for business owners: using your podcast as a marketing tool to build your brand. This can be done by sharing your expertise or through interviews with others.
 
Talking about what you know adds credibility, which can lead to new clients and customers. In this case, you will not necessarily care as much about the numbers of listeners as you will about the quality of your listeners: people who are truly interested in hearing what you have to say and have a need for your products or services.

The right plan and mix of strategies to make money podcasting is a personal decision that is closely tied to your goals and the audience you want to cultivate. So listen to the advice out there, but balance it with your own needs and what you think will work for you.

The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.

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