Looking to monetize on your podcasts? This walk through will help you orient yourself in the ever expanding universe of podcasting, specifically the business aspect of it. Cashing in on your podcast is not a given, so here are the common monetization models as we know them. Find yourself in one and get the right tools to grow the business side of your platform.
So, you’ve got a neat show and trust the altruistic compassion of the masses to get you going. This is great, crowdfunding has propelled numerous projects from various disciplines and engages end users creating a deep level of intimacy between the audience and the producer (podcasting is a pretty intimate medium as it is). But! Try to think beyond the launch party: once the initial boost is gone, you’re likely to get very few returns from this model—the end product should not be “a show” or even a number of shows. A podcast has potentially endless longevity if managed properly (eg. Serial), so be mindful of this model’s limitations.
2. An affiliated product in a larger business model
Throughout the web, there are people who integrate podcasts as a “satellite” into a larger product they offer—be it the quintessential golfing tips to the full on business consultation. We’re talking books, live lectures, subscription to a 10 step plan and even merchandise. The podcast itself can be pivotal in promoting these arrays, but the bacon lays in good ole’ transaction. This model naturally favors a well rounded and acumen business person with plenty of venues to get podcast fuel. A fledgling podcaster might have a tough time applying this while life’s dreary chores beckons; however, this model shows how a podcast is a great promotional tool that integrates well in an elaborate, more traditional business model.
Strength in numbers. Podcast networks are hubs brimming with shows of endless variety. As such, they attract substantial listenership (thumbs up!) and, more importantly, get you a strong backing by professionals: marketing, audio production, industry connections and basically all those skills that don’t directly concern the Podcast as an extension of your undeniable charisma. All this bounty comes with a price: networks won’t accept every Podcast as a pledge and they do eat up 30-50% of your profit. A financially established Podcast could afford and benefit from the extra exposure bump, but for the basement braves out there it could be a bit pricy.
Welcome to the future of Podcast monetization! We believe confidently that podcast sponsorship is unique, and will serve as the kindle that fuels the growth of the industry. Podcasting addresses niche listenership. In depth knowledge of your audience makes it easier for both sides to make a marketing match, and advertisers will be begging you to let them capture your already tailored audience. You can reach out to them on your own, or work with a larger platform (like CastPlus) that will bring the right advertisers directly to your doorstep. Working with a sponsorship platform can be that “Eureka!” moment, as you bask in the glory and ease of integrating advertisements into your podcast, generating cash flow and offering access to beautiful data analytics to track engagement and audience retention.