Podcast monetization has been a hot topic for a few years and we don’t see that stopping anytime soon. As a new podcaster, or a podcaster new to monetization, you may not know all the different ways you can start to earn revenue for your show. Luckily, we’ve crafted this quick guide to help you determine what type of monetization works best for your show. These monetization paths aren’t exclusive, though! You can, and should, diversify your revenue streams!
Your Ad Here!
One of the most common avenues to earning money for your podcast is through ads. It’s incredibly simple to opt in to advertising programs on your hosting platform (if you’re using RedCircle, at least 😉) so it makes sense that this is where a lot of podcasters start. But before you can start enabling ads, it’s wise to understand what you’re getting yourself, and your show, into!
Programmatic vs. Host-Read Ads
One of the first things to be aware of is the difference between the two main types of podcast ads. Programmatic Ads are similar to TV and Radio advertisements; a professional pre-recorded ad plays on your podcast. Host-Read Ads are pretty much what they sound like – you, the podcaster, read the ad to your audience.
The ads don’t only differ on the audio, though! They each pay a different CPM (cost per 1 thousand downloads) rate as the level of effort differs greatly between the two. You can learn more about these two types of ads in our blog here.
Hosting Platform Ad Programs
There’s a pretty big chance that your hosting platform offers the ability to monetize through an in-app ad platform (and if it doesn’t RedCircle offers you that opportunity!) An Ad Platform, or Marketplace, allows you to place Programmatic and/or Host-Read Ads on your podcast.
At RedCircle, we offer both Programmatic and Host-Read Ads through our Ad Platform (known as RAP). Podcasters even on other hosting platforms are able to take advantage of our Ad Platform by opting in to OpenRAP. The OpenRAP program allows you to keep your show(s) hosted on your current platform while granting you the ability to monetize on RedCircle.
Hundreds of shows monetize through RAP, both hosted and not hosted on RedCircle! And we’re happy to say that most are pleased with the outcome!
Check out what our podcasters have to say for themselves:
The sales team consistently goes above and beyond to understand our goals and audience, allowing them to tailor their strategies effectively. They actively seek out diverse advertisers who align with our content, which has not only boosted our revenue but has also enriched our listener experience. It’s refreshing to work with a team that is so invested in our success.
TrustPilot Review
However you want to go about ads, there’s a perfect fit out there for you!
Local Business & Other Types of Ad Opportunities
If you’re willing to put in the extra effort, you can source your own sponsorships by reaching out to the local businesses in your area (or the area where a large concentration of your listeners live.) Working with small, local businesses is a great give-and-take! You can utilize features like Dynamic Insertion to seamlessly add these ads to your podcast.
Alongside local business ads, podcasters can also take advantage of advertising formats like sponsored episodes, where a brand pays you to create an episode related to them! Examples include a Totino’s Themed episode of My Brother, My Brother, and Me, where the hosts only talked about pizza-related topics.
Lean On Listeners
Investing in the growth of your podcast also allows you to open up a new revenue stream. Much like community-driven platforms like Patreon, podcasters can utilize similar features on their hosting platforms to generate revenue for their content.
Exclusive Content
Some hosting platforms, RedCircle included, allow you to set up sponsorships, or subscriptions, so your listeners can subscribe to exclusive content. This content could be special bonus episodes, longer formats of previous episodes, behind-the-scenes looks at your podcasting journey, community Q&A episodes, and more!
Creating exclusive content not only helps you earn a bit of extra cash, but also helps you to foster a community with your listeners and really connect with them!
Donations & Tips
Another opportunity for listeners to support you is through tipping and/or donations. This is a great way for listeners to support you without needing to be fully committed to a subscription. Your audience can donate once, twice, or however many times they want! Like exclusive content, it’s a great way to connect to your audience and make them feel a part of your community. It’s especially important to highlight how much their donations and subscriptions help to support you and your show!
High Effort, High Reward
Finally, there are things podcasters can do that require quite a bit of effort upfront but can result in great rewards! Typically you would want to wait until you’ve cultivated an audience before enacting any of these, otherwise, you may not be as successful as you initially hoped.
Merch
A relatively easy way to earn supplemental income is to dive into the world of merchandising. There are plenty of resources available on the internet that allow you to create and distribute physical goods for your audience. You may be surprised to see how many members of your audience want a sticker with your catchphrase or a t-shirt adorned with the name of your podcast.
Creating merch for your show accomplishes a few things aside from generating revenue; it helps connect your community as they have something to physically represent the community they’re a part of, it allows them to support you and feel good about helping you succeed, and it helps to spread awareness of your show.
Live Shows
A much more time-consuming and overall more complex way of generating revenue is through physical live shows. Similar to merchandising though, it can help to connect you with your community. Live shows offer you the chance to interact directly with your fans and create a unique, once-in-a-lifetime shared experience. Die-hard fans love opportunities where they can spend time with their chosen community.
Itching to start earning? Sign up for RedCircle today and receive a free 7-day trial of any plan!
