Over the past few years, podcasts have experienced a rebirth. The benefits of listening to podcasts are finally being realized by the public, and it's never been easier to find one that you love.
There are a bunch of reasons why podcasts are popular right now. They're fun to listen to, they have a relaxed feel, they can get very personal, and they don't require corporate overlords (who can ruin them!).
The personalities are the most important part of any podcast. They give the listeners a reason to return for every new episode. Listeners build (one-way) connections, and in turn, your listeners will want to support you.
How to monetize podcasts
Now that you've built an audience, you may be wondering how to monetize your podcast. The first way is a technique that's been around for as long as radio: Advertising. Organizations like Audioboom and Podtrac sells ads for podcasts with big (15,000+ listener) audiences.
MuggleCast and #Millennial both use Audioboom to secure host-read advertisements. We've seen steady and substantial revenue.
You can also go out and sell advertising yourself. You can accomplish this by finding companies who might be interested in running ads on your show. For example, if you have a podcast about cars, you could go out and ask businesses like tire companies to advertise on your show. Directly going to potential advertisers will make you more money than working with Audioboom or Podtrac, because companies like these two will take a cut of the profit.
The second monetization technique is selling merchandise. Those who enjoy your podcast will happily support you by purchasing a T-shirt, poster, signed album art, etc.
But there's a third option that can guarantee a steady revenue stream, and in most cases, generate more revenue than merchandise or advertising: Patreon!
Patreon Tips for Podcasters
Launching a Patreon for a podcast is easy and smart. Advertising and merchandise isn't guaranteed revenue over the long run, whereas with Patreon, you'll have a steady stream of the same income every month.
In exchange for supporting you for anywhere between $1 - $10 per month, you can give listeners bonus audio, a physical item, early access to episodes, and a whole lot more.
Or, you can combine all three revenue channels! In addition to making money off of advertising, you can also start a Patreon to double, triple, or perhaps quadruple your income. Feel guilty about making your Patrons listen to ads? Use Patreon's RSS Feed feature to give your Patrons ad-free versions of the show!
Let's make you money
For two of my podcasts I have sold merchandise, advertising (through Podtrac, Audioboom, and directly), and run Patreons. I can help you with any of these through my PDF kit or through a consultation.