When it comes to making money from your podcast, selling ads is often the first thing people think of.
It may seem like a straightforward step to incorporate ads into your podcast, but it’s not always the best or most lucrative strategy.
Simply put, unless your podcast is getting 50,000 downloads or more per episode the best way to make money isn't through selling ads.
Many popular podcasts are funded through podcast sponsorships, mainly in the form of the "live read" where the podcast host talks about a product in one (or several) of their podcast episodes.
This form of podcast advertising often relies on CPM ($$ per 1,000 downloads) revenue models, rewarding podcasters with the biggest audiences with the industry-standard hovering around $20 per thousand downloads.
Unless you are in the top 1% of podcasts, it's unrealistic to expect to make a full-time income exclusively through the CPM advertising model (As of 2019, you'd need 36,000+ downloads per episode to be in the Top 1% of podcasts).
Here are four ways to make money from your podcast without selling ads:
1. Sell your own products
You could write an eBook on a topic related to your podcast, put together an online course, or create cheat sheets your listeners would find valuable. You could also offer an exclusive webinar to go deeper into something that you discussed on your podcast.
Selling the products, you make is a popular option for many podcasters since you are an expert in the minds of your listeners, and they’ve been able to “test-drive” you by listening to your podcast.
2. Consulting services
Offering consulting services or coaching enables you to work with people on a one-on-one basis to share your knowledge and help them overcome obstacles in their life or business.
Depending on your expertise, you can charge anywhere between $100 and $1,000 per session. Why? Because once they implement what they learn from you, your clients will get that investment back in the form of time, resources, or freedom.
3. Live events
If you’ve got an audience that loves listening to you, they’ll probably want to turn up to a live show and experience your podcast in person.
Getting in front of your fans is an amazing experience for both you and them because it allows you to really see how people react to your show.
It also builds the relationship your audience has with you and makes them feel like they’re part of something and it can be a great way to generate additional revenue.
4. Speaking engagements
Establishing yourself as an expert in your field and can be a great way to generate revenue because speaking engagements usually pay very well.
The benefit of getting in front of a room full of people who might be interested in your product or service can be invaluable.
Having a podcast is a great way to show people your style behind the mic.
Instead of contacting event organisers and trying to get your personality across in an email, you can send a link or audio clip of your show, so they’ll get an immediate sense of you as a host.
Any of these ways can be effective, so choose the one you think is the best fit for your audience and focus on mastering it. Once you do that, you can begin to integrate other strategies without feeling overwhelmed and stretching yourself too thin.
You don’t need to have hundreds of thousands of listeners to make money from your podcast. If you use some of these strategies it’s possible to start generating additional income from the audience you already have.