Do you have any idea just how large the podcast market has become?
With millions of searches every single month, the podcast market continues to grow. We can see how vast the industry has come to be. We have definitely travelled a long road from where it all began. Known not too long ago as ‘audio blogging,’ the seeds of this industry can be dated as far back as the 1980s, although then it was mostly radio shows.
The term podcast was not coined until the early 2000s. The idea took a little getting used to; people were not very receptive to the idea in the beginning. It seemed just too basic radio at that point. Finally, in 2004 the trend went viral and spread like wildfire across the US. iPods came into existence; the trend only continues to grow – with podcasts becoming widely available in all regions.
In this article, we discuss the basics of podcasting and how you can use it to earn money in 2022!
What Is a Podcast?
Podcasting is a humble yet exciting concept. The word was coined by the unlikely mash-up of two words–Broadcast and iPod. The idea of podcasting is free digital audio that you can download on a device and listen to. Everything on the radio was available over the internet with a single click—thousands of experiences and personal laments, stories, and so much more. The possibilities with podcasts are endless.
A podcast can be one-shot or divided into multiple episodes. Through podcasts, you can enlighten and amuse listeners about an extensive array of topics in a fun way. Although most podcasts are free, there are ways to earn from one if you want to. And you should too. What else will give you an edge on your Spectrum billing at the end of the month, if not a few extra bucks?
Ways to Earn Money through a Podcast
Now let us come to the more important part about the topic at hand. How do you exactly make money from a podcast, and how effective is this? Before we delve deeper into the details, do keep one thing in your mind. It will take time, and you will have to be patient. Nobody becomes a success overnight, and you will have to age your podcast and give it depth and flavour, much like your favourite red wine.
Monetizing a podcast is a simple business. You can do so by following one or all of the ways mentioned in the following passages.
Bring Something Unique to the Table
The writing is clear on the wall. The podcast market is extremely saturated and deafening at times. To be heard and make an impact in such a wide sea of voices is a difficult task indeed. Hence, the very first plan of action is to be original and unique. There are hundreds of thousands of topics worth discussing but do they all get similar traction from an audience?
Unfortunately, the answer is no. People want original content that they can relate to, understand, learn from and enjoy. Sometimes, all at once. So what do you do? You give them just that.
A podcast where people share their paranormal experiences would probably do better than a podcast on business models. Choose your niche, and target a specific audience with your podcast. Make sure your topic blends well with the social construct. Avoid sensitive conversations like politics and religion. Your content should bring your audience something fun, new, and fascinating.
You Need a Dependable Support System
Maybe people like Dolly Parton and Elon Musk may start a podcast with a couple of a million followers on their first-ever podcast, but you and I won’t. Nobody knows us; we are not celebrities. So, you need to understand that your first-ever podcast may not be very well known. And, that is quite all right. We learn from experience over time, and growth takes work.
However, a small-time podcast would not make a lot of money either. It is a good idea to ask for support from your friends, family, colleagues, and any organic listeners that you may have. Support here can mean a lot of things. Follows, retweets and shares are vital to your podcast, but that is not all. You may also request your listeners to donate to your podcast idea to help you continue with the project.
Money and funds are essential to any service, and this would also help you make your podcast better. It is not always easy to make money this way, but if your subscribers fall in love with your work and style, they would be ecstatic to help you out. Even a few dollars every once in a while can help you out a great deal.
The Magic of Affiliate Marketing
Let’s face it. Everyone around you is selling or trying to see something. So why can’t you do it too? Just sprinkle a little bit of flair into your work, and you can make it work. After all, affiliate marketing is the new trend of the decade. Why not get behind it?
Affiliate marketing is advertising different products in your work for well-known brands. These brands then pay you a certain commission for any sales they may make through your platform. It is quite easy, too, as the host of a podcast. You can easily slip a small section of advertising in your show.
You have to be careful, however, for this system of earning does have reservations. If you do this too often, it would be seen as an advertising gimmick and may lose values, subscribers, and support. You have to be dignified, subtle, and smart when choosing to opt for affiliate marketing. The product you promote should be related to your podcast and suitable for your audience. It should not all be about making money but actually holding a meaningful connection to your cause. Any product you choose to endorse should be trustworthy and not harmful.
Last but not least, you should always inform your audience about the affiliation with any product that you may do. This is a critical point but one that is often ignored. Your honour and repute are priceless. If you market products too often on your podcasts, you may receive criticism and lose support.
Podcast: To Be or Not to Be?
We have discussed some of the ways that can be used to earn money from a podcast, but they are not the only ones. You may also sell branded merchandise or ‘merch’ of your podcast when it starts getting popular. Or you may come up with inspired and clever ways of lowering overhead expenses so your profits may increase. Just do whatever you like best.
Affiliate marketing is a good way, but as mentioned earlier not always the best way. For small-time audiences, a podcast may feel like a family, and continual advertising should be avoided. There are many ways to influence your listeners and touch hearts in a way that people would be delighted to support.
So go, get on that podcast and let us hope this podcast season brings us many things of joy.
Fingers crossed!
