Seven Practical Ways to Monetize a Podcast in 2024

Making a podcast is difficult, but monetising it is relatively easy. Hoping you have made your podcast and now you are curious to know how to churn money using it. Well, you have landed at the right place. Here are seven practical ways to monetise it. Earning money using sponsorship deals, but what to do to get them? Accept and ask for donations, make exclusive content that requires buying your subscription plan and much more. Here, you find everything explained in simple words. So let’s start-

Top 7 Proven Ways to Make Money Using Your Podcast

Here is the list of seven, but remember, try to be diverse, do not be restricted to one or two, and implement and apply all of these.

1. Get Sponsorship Deals

Every podcaster harbours ambitions for it as it is the most impactful way to generate revenue. The big podcasters get sponsorships more often because they have high traffic, and brands and sponsors also look for their highest possible profit. Therefore, they are more likely to patch up with podcasters who have many listeners.

But don’t worry if you have just started up; you can also get sponsorship deals, but here, you have to knock on the doors instead of sponsors banging yours. Remember, the hard work and difficulties you face today are part of an entrepreneur’s journey. So, Where can you go for sponsorship? See it below.

2. Ask for Donations

Yes, this can fetch you a lot of money, but what if you are not open to it for strange reasons? Don’t worry. Be loyal to your audience and let them know how much hard work and money it costs to give them high-quality content. 

Show how much you care for them; you may have your listeners’ love in your bank account. Remember to share the UPI ID, your QR code, etc. However, seeking donations is an unreliable form of money; in one month, you will see a good amount, and in another, you may face an empty account.

3. Make Paid Content

The podcast industry is going to increase impressively. Therefore, the listeners are enthusiastic and actively engaging with podcasts. Making paid content will not only help you earn loyal subscribers but also refine your brand recognition. You can develop a prime arena whose access should be allowed only after buying your subscription plan.

It would be best if you fed it with value for money or exclusive content such as exclusive interviews, extended episodes of your popular podcasts, permitting ad-free usage, Free entrance in your live events and giving exclusive superior quality content etc. It helps you build robust relationships with your audience, enhancing your user trust and overall reputation.

4. Try Affiliate Marketing

It is convenient for big podcasters and those with a significant audience level. As the name signifies, it is an affiliation with a brand or product service under which they share a link or promo code, which you can put in the description of your podcast. 

Using it, the listener buys the specified product or service. It helps brands get exposure and share some of their earnings with you. Affiliate marketing is the most sought-after option by podcasters; according to Edison Research, 70 percent of listeners consider a product after their favourite podcast recommends it.

5. Be Available on Youtube

YouTube has 2.70 billion active users and has grabbed the title of the second biggest search engine after Google. These overwhelming facts tell you to be available on YouTube, share your podcast there, and create a new audience. Interestingly, YouTube is the most popular platform for podcast consumption, whereas Spotify comes second only to it.

Moreover, Americans are increasingly shifting to listening to more and more podcasts on YouTube. Thus, make a YouTube channel, upload top-quality videos, and let your business thrive.

6. Podcast Merch

Would you like to buy a T-shirt with your favourite show’s logo or signature? If your answer is positive, then some loyal fans are eagerly waiting out there to buy the products related to your podcast. don’t understand?

Podcast merchandise means producing and selling products related to your show. For instance, you can imprint your show’s logo, symbol, or slogan on t-shirts, cups, bags, trousers, etc. However, it is best to have a large number of loyal audience members; this can help you boost the retention level, generate trust, and enhance the reputation of your show.

7. Advertise on Other Podcasts

The more audience you have, the better for you. Is there an alternate way to enhance the listenership of your podcast? Yes, there is; advertise yourself on other people’s shows. Reach channels with an audience similar to yours regarding behaviours, mindset, and preferences. 

Also, ask channels to share links to your channel or podcast. Thus, create your space and reach as many people as you can. Getting a bigger podcast takes work; it requires time, money, and sheer hard work.

How and Where to Get Sponsors for Your Podcast?

You can contact sponsors directly by finding their contact details or joining a podcast network. However, getting sponsors for your podcast is only possible if you have a significant audience. But there are other means to do it. It would be best if you partner with a hosting service.

Here is a list of platforms where you can create, manage, and monetise your podcasts.

1. Transistor
2. Podbean
3. Megaphone
4. Acast
5. Spotify
6. Libsyn
7. Buzzsprout
8. Hello Audio
9. Castos
10. Captivate

All of these offer different facilities, tools, and features. Hence, choosing one requires properly analysing what your podcasts need and finding a suitable budget.

Conclusion

To be successful in podcasts requires providing top-quality content, building relationships with your audience, finding targeted listenership, knowing your audience, and much more. However, to monetise your podcast, you need to be open for donations, look for sponsorship deals and affiliate marketing, make channels on YouTube, and sell merchandise.

Still, if you need more guidance, don’t worry; get help from someone with experience and expertise in digital marketing. Get in touch with Rankingeek. Contact us today!