In recent years, the world of podcasting has witnessed a huge revival in popularity. For many podcasters, it is merely a hobby or ‘labour of love’, but once you have assembled a large and regular audience, there are many techniques you can use to make your podcast profitable.
According to an article written for Myndset, The Pew Research Centre released a fact sheet on podcasting that highlighted research conducted by Edison. The results show that the amount of podcast listeners has risen to 17% of the population in America alone. Therefore, the scope to make a profit from podcasting is considerable.
Leading UK podcast producers Effective-FM examine some of the different techniques used to make podcasting profitable.
Sponsorship: An excellent way of generating revenue from podcasting is through sponsorship. Once you have built up a large following, you can air your show through podcasting networks such as Wizard Media and Mevio. Podcast networks sell advertising against the show, on the basis of either cost per action or cost per thousand. Mevio are reported as sharing the revenue generated from advertising 50/50 with their podcast providers.
Some podcasters generate their own sponsorship and this can lead to increased revenue. However, this is likely to result in an increased work load and it is worth giving a lot of consideration of the time implications before embarking down this avenue.
Sponsorship can also be provided through the show’s editorial. Many companies will want to advertise services or products that they feel are relevant to your podcast’s subject matter.
Donations: You can request the podcast host to announce to the audience that the show requires a financial donation. A tab will appear on the screen for the listeners to make their contribution. This is another good way of generating extra revenue, however it is reported that the revenue streams gained from this method are usually modest amounts.
Air some shows free of charge: A great way of engaging listeners and generating extra revenue is by airing some shows free of charge. This can be done in many ways. Some podcasters like to give every alternate episode free, whereas as others have been known to launch a paid show to run alongside a free podcast that they are airing currently.
Some services like iTunes don’t allow podcasters to charge for their podcasts so you will have to use a service provider that does, such as Premiumcast.
Air partial show free of charge: A successful way of generating revenue through podcasting is by enticing the follower with airing a section of the show free of charge and then charging for the remainder of the show. This is a great way of marketing the podcast and it also benefits the follower as they get to sample the podcast before making any financial commitment.
A podcast by the name of Never Not Funny is a great example of this. The first 20 minutes of the show is aired free of charge before the follower is then asked to subscribe if they want to see the rest of the series.
Market your brand through your podcast: Many podcasters use their show as an effective tool to market their brand. Whatever your field of expertise, you can develop your podcast to offer advice to followers who have similar interests in the services you provide. You can build a great reputation amongst your followers by inviting special guests onto the podcast to give advice. This will ensure that your brand will be prominent in the minds of your followers when they are seeking the paid services that you provide.
Create an app to run alongside your podcast: In many cases, the services that you provide and promote through your podcast can also be provided via an app. Podcaster – Elsie Escobar, hosts the podcast ‘Elsie’s Yoga class Live and Unplugged’. Elsie wanted to provide yoga lessons to people who may not be able to afford regular face-to-face classes. Her podcast is free to air but she has developed an app through Wizzard Media to run alongside her free podcast that is charged at $3.99.
When you consider the global appeal of Yoga and the millions of devices out there that carry apps, it easy to see the huge potential of this strategy.
To make podcasting profitable for your business, contact the friendly team at Effective-FM. Their expert advice will demonstrate how to make your podcast brings profit for your company.