How to make money podcasting: 7 ways to monetize

You have a passion, and you love talking about it. That’s why you started your own podcast.

With any passion project, putting in time and effort without receiving any financial reward (or fuel) grows tiring. We know you love interacting with your listeners, reading the compliments on your show, and getting creative about your podcast content. But it wouldn’t hurt to receive a bit of cash for all that hard work, right?

We’ll show you how to make money podcasting using various techniques. There’s something for every creator and budget, so let’s find your monetization niche.

Can you really make money podcasting?

Can you make money doing podcasts? The short answer to this question is: Yes. You can make money from your podcast, but it may take some ingenuity and hard work. We know you’re already doing a lot, but the effort will (quite literally) pay off.

Focus on continuing to make compelling content because as more podcast listeners find you, you’ll want them to experience the very best of your work and keep coming back for more. Stay patient and keep your eye on the prize, and in time, as your podcast gains popularity and earns better engagement, you’ll reap the rewards.

How to monetize a podcast: 7 ways

Perhaps the best way to monetize your podcast is to continue doing what you love: making high-quality content that you’re passionate about. Promoting a podcast isn’t always easy, but it’s always worth it.

Why? Podcast monetization is a numbers game. The higher your engagement, the greater your chance to successfully implement one of the monetization strategies below. Not everyone who listens can afford to donate or buy podcast merch, but the larger your audience, the more likely some people in that audience will contribute.

And, since this is a numbers game, aim for a combination of revenue streams instead of sticking to just one monetization method.

1. Try affiliate marketing partnerships

You’re already great at public speaking (or podcast speaking, if you will) so put your skills to work by representing brands and products you like in podcast ads. As an affiliate marketer, you can earn almost passive income for spreading the word about companies you support, often offering your listeners a referral code to use on a purchase. Check out the affiliate programs from Amazon Associates or Audible if you need a place to start.

2. Get support from listeners

You’re creating great entertainment for free, so don’t be shy about asking your listeners for a donation. People enjoy supporting causes they love, and if you have a loyal audience, they’ll do their best to help you do the work that you (and they) love through sponsorships. If you want to reach a specific monetary goal — say, for new equipment — try crowdfunding.

3. Use tiers and deliver exclusive content or perks

As you implement the tip above, be strategic. You can offer listeners plenty of perks for their support that cost you nothing to make. You can use some of your cut material as exclusive, premium content that audience members who’ve donated a certain amount of money can access or give donors early access to your podcast episodes. Set donation tiers or offer tiered memberships on platforms like Patreon and get your listeners excited about the content they could access if they contributed a certain amount.

4. Sell merchandise

We all like to rep the bands, shows, and organizations we love, so why not invite your fans to do the same? This method of monetizing your podcast inevitably requires an initial investment as you’ll have to purchase the merchandise to brand (totes, mugs, T-shirts, etc.) and perhaps hire a graphic designer or visual artist to help make an aesthetically-appealing piece. But word-of-mouth is powerful, and “Hey, that’s a cool shirt” is a great start.

5. Join a podcast advertising network

Gain a bigger following with some paid advertising. If you’re just getting started and trying to make your way in a sea of successful podcasts, supplement your grassroots efforts like social media posts and newsletter blasts with help from an advertising network. This can help you reach your target audience quickly.

6. Offer courses

Does your podcast focus on the best music of our generation? Do you wax poetic about literature? Are you a science buff? Offer your audience online courses or classes in which you, the expert, impart knowledge on your specialty area. Charge users to attend a poetry workshop, a class on contemporary jazz or trends in science, or even a course on the art of podcasting itself.

7. Public speaking and live events

As your following grows, you may have the opportunity to step outside of your studio and into the public arena for events. Invite listeners to a live recording of your show or an interview with a special guest. Some popular podcasts offer experiential, unforgettable live shows for their guests. You could do the same and earn money off tickets. Don’t forget to sell your merch at the show.

How can you attract more listeners to your podcast?

Remember the answer to the question, “How do podcasts make money?” That’s right. It’s a numbers game. So, how can you attract more listeners and potential supporters to your cast? Here are a few tips to get you started:

• Invest in high-quality equipment: Sound is everything for a podcast, and when you offer listeners crisp, clear audio, they’ll enjoy your content more and sense the high quality of your production.
• Leverage your brand: Leverage your friendships and connections in the industry to seek out guest-hosting or interview experiences. Approach other podcasters in your niche and pitch what you could offer their show if you were to make a guest appearance. If you speak on another popular podcast in your content area, you’ll likely attract listeners, expanding your audience.
• Build a community: Creating a community isn’t easy work, but it’s worthwhile. Get on social media, make a website, and communicate directly with your audience and other podcast hosts in your content areas as much as possible, especially in the beginning. Allow your listeners to talk amongst themselves, too. Doing so could be as easy as letting users leave comments on your social media posts.
• Give users what they want: Remember to make all your social media accounts and websites readily accessible to your listeners. Drop a Linktree URL in your bio and house all your pages and platforms in one place. Start using Linktree today to help your podcast take off.