Yes, Podcasts earn money. But not the amount you think- say in millions and billions. But yeah, the amount that can help you live a normal life, if not a luxury. Then is it a wrong step to make podcasting a career as it doesn’t earn millions or billions?
As the veterans say, experience in any field does count and helps in growing a career. It applies to the field of podcasting as well. This means, that as you gain more audiences or as long as the download count keeps on increasing, companies will line- up for you to either donate, sponsor, affiliate, or market your content and will pay accordingly i.e. as per the market trend of what the other top podcast creators are getting!
When to start monetization of Podcasts
Remember, as soon as you create the first podcast, you cannot monetize it as per your wish. First, wait till you build a community of listeners and then monetize the podcast after choosing the right hosting platform. Building a community and then selecting the right hosting platform are two major components of growth and once you nail these two, marketers, sponsors, donation givers, and affiliates will start pouring in.
Before you monetize a podcast
1.) Here are some points to remember. As told in an earlier paragraph, first let the podcast host win some audiences. And that can only be done by creating strong content that can not only engage listeners but will help in gaining a bounce-back of audiences.
2.) Another point that is vital before monetizing podcast content is opting for the right hosting platform that allows the induction of programmatic ads into the content. Then choose the right platform to distribute the content like Spotify, Apple podcast, or Google Podcast. As it not only helps the content in reaching millions of listeners, but can also offer data insights into who is listening to the content and how the content is keeping them engaged.
3.) Allow the content to hit the 1K download mark and then think about monetizing the content through various means. This will attract affiliate networks to sponsor the content. Affiliate marketing is nothing but referring to a company’s product or service during the show at the beginning, middle, or end.
4.) When the download mark reaches the 5K mark, the podcast creator can attract sponsors as they pay anything around $25 to $30 for every thousand downloads on a monthly note, technically referred to as CPM earnings.
5.) As soon as the podcast show surpasses the 10K mark of downloads, donations appreciating the content and merchandise marketers throng to invest in the show. This is when you can celebrate success and plan for the next episode or season with more vigor and interest.
How long will it take to see financial success in podcasting?
Marc Clair, the Podchaser and Producer for the Lions of Liberty Podcast, offers his perspective on this topic. He says that it may take longer than 18-20 months for a podcast creator to see success on a financial note. But he also believes that luck, marketing budget, and titillating content can bring success earlier if all goes well and as per the plan.
Finally, he added to focus more on the right audiences, instead of a large section of audiences, as it can pave the way to attain success in a record amount of time.