Podcasts have become a popular pastime. People listen to podcasts while commuting to work or when they are out taking a walk.
You have educational podcasts, entertaining podcasts, podcasts that host celebrities, and other types of podcasts. Even picky people should be able to find an enjoyable podcast if they were to look for one.
Given how prominent podcasts are, it is no surprise to see more and more people attempting to host one themselves and monetize it.
Making money from a podcast is possible so long as the host provides their audience with quality content. As for what monetization methods to use, there are quite a few available options.
Offer Custom Merch to Your Listeners
Custom merchandise is a popular podcast monetization idea. You will find that many podcast hosts are wearing branded t-shirts or have a mug that they drink from while on air. Custom merch is also a great gift idea for the guests.
Since print on demand companies facilitate order fulfillment, there is no need to invest in manufacturing equipment to create custom t-shirts, hoodies, caps, mugs, and other products.
No, as a podcast host, you can launch a simple online store and let your listeners know about it. If someone wants to support you by purchasing a piece of merchandise for themselves, they will have the option to do so.
As an alternative, you could use one of the already established eCommerce platforms instead of developing a website from scratch yourself. For example, selling merchandise on Amazon. In 2020, third-party sellers make over 50% of all sales on Amazon. If nothing else, you could sell your merchandise on both Amazon and your own website.
Sell Exclusive Episodes
Selling exclusive episodes comes with certain risks. First of all, you do not want to put content behind a paywall early on because it will put off potential listeners. A podcast host who seeks to monetize using this method is bound to receive some flak, and negative feedback is not good for a business.
However, once you establish yourself as a prominent podcast host, you can look to create one or two premium episodes to see whether they will sell or not. If you feel like the idea is worth it, continue pushing premium episodes. And if it is not, abandon it before it damages your brand too much.
Create a Crowdfunding Page
Some of the biggest podcasts rely on a crowdfunding page. They have enough fans who support the podcasts directly. Of course, it is also recommended to offer exclusive perks to supporters, such as gifts or access to exclusive behind-the-scenes content and premium episodes.
Promote Goods and Services
Podcast hosts are similar to influencers in the sense that they have many followers. Monetizing an audience by promoting goods or services is another common method among podcast hosts.
If a podcast has the right demographics, brands will pay the host to give a shoutout to advertise their products.
Usually, a podcast host will give a short mention of what the goods or services are, what makes them worth getting, and where to purchase them. Also, a promotion code is also something that you can expect to hear. A small discount to drive more people to spend their money is also part of the arrangement between a brand and podcast host.
Keep in mind, though, that you should avoid promoting lackluster products or services. Do not sell out the podcast just to make extra money by getting shady sponsorships. If you do, the odds are that your podcast will receive too much criticism, and the whole monetization plan will have a negative effect.
Upload Episodes to YouTube
Expanding your network and looking for new channels to promote the podcast and monetize it is a good approach. One such channel could be YouTube.
Uploading your podcast on the most popular video platform is bound to be beneficial. Even if you do not record the podcast using a video camera and only have audio, that should not be an issue so long as the audio quality is good enough. And with some editing work, you can create a fun little video that will attract viewers on YouTube.
From there, you can redirect YouTube users to the original podcast page and benefit from a larger audience.
Stream on Twitch TV
Twitch TV continues to grow, and if you feel like trying your luck on the platform as a podcast host, do not hesitate and go for it.
You can stream episodes live on Twitch TV and receive donations and subscriptions from viewers. Who knows, if you are successful on Twitch, you might switch and use it as the primary platform to host your podcast. Besides, growing a Twitch TV channel is beneficial not just for podcasts but streaming in general if you wish to make money on it.