During these tough pandemic seasons, most of us are forced to stay indoors to reduce the risks of contracting the novel coronavirus disease. It also very evident that most jobs have been lost in the long run and bills are getting to our necks. Therefore, there is a need for you to find an alternative way of making money from home, this means you will not necessarily have to get out of your house get to your workplace. Working from home also ensures you do not have a high risk of contracting COVID-19 and you will be able to pay for your bills as well. Podcasting has recently risen to be one of the most popular work from home jobs that requires little movement and also has the potential of giving you some meaningful cash.
Just like any other business, podcasting is not all rosy, it has its share of difficulties and one of them is being able to monetize it. Creating an audience is a big step when it comes to podcasting, this will enable you to reach an even larger amount of people and increase your chances of monetizing your podcast well.
Is podcasting a good way of making money?
Truth be said, it is difficult to monetize a podcast business, but still, there are perfect examples of people who have made it big through podcasting. If you are looking to create some money out of podcasting, you should first concentrate on creating a huge audience, this can be achieved by creating content that is attractive to the audience. If you’re having a hard time attracting your ideal listeners, you can hire a podcast producer who will ensure you have high-quality content. Once you feel like you have enough audience, you can start introducing monetization techniques.
At first, it may seem hard to earn good money from podcasting but as time goes, you will be able to earn from it and generate a wider audience. The basis of this is being patient with yourself and trusting the process, you need to learn how to walk before you can start running!
How much money can you make from a podcast?
It is quite difficult to estimate the amount of money that you could make from a podcast, however, some gurus are making a kill out there. A good example is Chapo Trap House, which is esteemed to be making well over $167K per month just from subscriptions alone. Of course, you won’t be anywhere close to that especially if you are a beginner.
Studies show that currently the average CPM (cost per thousand listeners) of a half a minute podcast ad is estimated to be $18 while a minute long podcast ad is at $25. In another study, the podcast business is estimated rise to be worth more than $1 billion by 2021 as reported on the businessaddicted.com website.
Ways to monetize your podcasting business.
Now, let us take a look at some of how you can be able to monetize your podcast ensuring you get maximum returns and profit from it.
1. Asking for donations from listeners.
This is not going to generate a very good amount of money for you but you will be sure to get some revenue from it. This can be pretty easy especially if you are using podcasting services such as SoundCloud which allow you to input links to your PayPal account.
2. Sell subscriptions to your Podcast
This is one of the income-generating methods that most podcasters use to generate income. The availability of service providers like Patreon and Podia makes it easy for you to earn through subscription because they have payment systems that ensure people pay before they can access your content.
3. Selling of merchandise
This is also a popular way of making money from podcasting, apart from just selling subscriptions, you can as well sell branded merchandise such as laptops stickers, t-shirts, or even mugs to your subscribers at a realistic price. Aside from that, you can also offer paid online classes or interviews to increase your income even more.
4. Rebrand your old content into a book and sell it
You can also employ this trick to get more money, by rebranding your old content into a book. This gives you the best resource to get money from selling books and it also increases your audience, it also gives you the privilege to reach other podcasters through book writing and marketing.
5. Publish your podcast on YouTube.
In these recent days, YouTube has been a very big resource in terms of income generation for YouTubers. Publishing your content on YouTube also gives you a chance to reach a larger audience and get more revenue.
Implementing these monetization ideas will undoubtedly help you generate more income. Podcasting is a good business and can give you huge revenues if you take it seriously and have patience in your work.
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