We were getting many queries about how much a podcaster typically makes? Well, the best and most honest answer would be that most podcasters, when they start, earn $0.
Why? Because in the initial days, podcasters have to pay for the hosting fees and invest in equipment to establish their podcast. Basically, podcasters have a negative cash flow during their starting days.
Podcasting does not generate revenue until people tune into it. Like Youtube channels, you won’t start earning right after making a channel and posting a video. It takes time for people to recognize your worth.
However, if you start a podcast and put in the effort to create quality content consistently that strikes a chord with your listeners, you will eventually establish a podcast that earns money per episode. Many people make quite a comfortable living simply by working on their podcasts for a few hours each day.
In this post, I am discussing a few ways in which podcasters make a living and how you can do too once your podcast start reaching a considerable amount of people.
Excited? Let’s get right into it.
Is It Possible To Make Money Through Podcasting?
Yes, it is quite possible to make money through podcasting, and many people are already doing it. But to make money through podcasting, you need to create a strategy and approach it more appropriately because there are plenty of people podcasting on the internet, but not everyone is making money. Beginner podcasters make the simple mistake of thinking that they can just start earning through podcasting overnight.
If you are thinking you can start earning money podcasting in a day, then you’re setting up your expectations too high. To start earning a good sum of money through podcasting, you need to have a loyal audience who listens to your podcasts as soon as you release them. To reach this level, you need to be consistent, create quality content, list your podcasts on all the major directories, establish your presence on social media, and have a good podcast hosting solution.
Ways By Which Podcasters Make Money In 2023
There are numerous ways to monetize a podcast. Many podcasters employ multiple monetization methods, resulting in revenue from various sources. I will list the most popular sources below so you can monetize your podcast, too, when the time is right!
1. Affiliate Marketing
Affiliate programs function by providing you with a unique affiliate link that is linked to the specific products available in the market. This code should be included in any links in your podcast episodes, descriptions, blog articles, video podcast descriptions, and social networking handles.
When listeners click on the affiliate link, they can register and purchase things connected to it. As a result, when your audience buys something through these forms of marketing strategies, you are paid commissions based on the type of arrangement they have.
Affiliate Marketing is best when you promote products that are relevant to your podcast’s theme or the ones you are familiar with. There are affiliate programs for almost every product now.
Creating a podcast for your podcast is a great way to showcase the things you are promoting; with a podcast website, you can do many other things, such as giving your listeners a personalized user experience.
One of the most popular ways podcasters make money is through sponsorships. During the show, the podcaster promotes the sponsor. You’ve probably seen your favorite YouTubers promote their sponsors in some videos. Podcasters do the same.
Generally, no set number of downloads is required before reaching out to podcast sponsors. However, you should consider whether your listeners are ready to hear advertisements. If you’ve previously shown your followers that you put out quality content, a few seconds of sponsored ads won’t change their minds. They won’t stop listening to you.
Memberships allow podcasters to earn money from their audience each month while also getting to know them better.
Podcasting audiences are pleased to contribute to the initiatives they care about on a regular basis, usually in the form of monthly or annual payments. These payments allow podcasters to organize their work because it gives them a consistent income rather than varying income from donations and ad revenue.
You can reserve some exclusive audio/video clips from your podcast, Have a virtual meet and greet with fans, Early access to your podcast, or other stuff under your membership. If people love you, you can get easy memberships!
Donations are one of the first solutions I recommend to podcasters who want to monetize their shows. A donation is when you ask your followers to pay you any amount of money to support the podcast. If your podcast and hosting are strong, many users will gladly donate money to help you keep making new content.
The ideal option is to set up a Patreon account and write a blog explaining why you deserve donations.
Coaching is to provide an online course in which you focus on creating relationships with individual listeners and personally teaching them a skill. E.g., If you are a fitness-related podcaster, and exercising is your thing, you can coach people about weight loss or bodybuilding or simply how to be lean all year long. One benefit of one-on-one coaching is that you have to give more time to it than courses. I will talk about courses in the next point, don’t worry.
One major benefit of coaching is that people feel exclusive about being in session with you. This feeling of exclusiveness leads to more students.
If you are good at podcasting, you can coach how to start and grow podcasts.
Selling courses is similar to coaching, but in this, you pre-record yourself and sell that class to all users. Now, you can keep a full bundled course at one price or present it in packs like
- Beginners Course
- Mediator Course
- Premium Course
When it comes to courses, you only have to record ones, and it’s done. You don’t have to schedule sessions with students to teach them. But the drawback is that people don’t feel exclusive about it as they know several others are getting the same information.
This doesn’t mean courses don’t sell. The courses market is booming. Try your hands on either coaching, courses, or a mix of both. Whatever you do, ensure you provide value. Nobody can take your audience from you if you provide value.
7. Complementary Products
Selling relevant products and goodies for your podcast is one of the top ways to monetize a podcast. This could include items such as merchandise, clothing, books, posters, or any other relevant product.
To send orders to your clients, you can use a drop-shipping service. For this, you need a website. Making a podcast website is easy; you can follow our step-by-step guide and set your podcast website in minutes.
8. Other Methods to Monetize Your Podcast
The methods we have listed above are popular, but they are not the only way to earn money through your podcast. There are many others like
- Paid Podcasts
- Public Speaking
- Consulting Services
- Hostin Events
Remember, if one method worked for everyone, people wouldn’t be hunting for ideas to monetize their podcast. Do not be afraid of experimenting. Mix methods, and try out newer ways to get money.
How Much Money Do Famous Podcasters Around the World Make?
This is how much well-recognized podcasters around the world make through their podcasts.
- Joe Rogan: $800k per episode. With three episodes released each week, Joe Rogan’s podcast makes $9.6 million every month. Spotify recently paid $200 million to gain exclusive streaming rights to “Joe Rogan Experience.”
- The Tim Dillion Show has 40,141 patrons, earning him $211579 per month.
- Chapo Trap House has 34,838 patrons, which equals $153,529 per month.
- Last Podcast On The Left has 13,652 patrons, which equals $77,214 per month.
While many podcasters start out earning very little, podcasting can be a rewarding career if you learn good monetization tactics and back it up by posting quality content. I keep writing content about the podcasting industry; here are some podcast-related articles that might grab your interest.