When you think about podcast monetization, you might think of those Hello Fresh or BetterHelp ads that seem to pepper almost every popular podcast. While large advertisers are one of the major ways many podcasts earn money, it’s certainly not the only way!
Podcasts with smaller but more dedicated audiences have learned to monetize through several different avenues. Instead of hoping to land a deal with a huge advertiser, they seek out smaller, more locally focused ones or put their effort into creating excellent membership rewards for their listeners.
There are numerous ways to monetize your show!
Passive Income
One of the easiest ways to earn money for your podcast is to set up passive income streams. You can do this through your host’s ad program or by setting up a donation/tipping system for your listeners.
With RedCircle, for example, podcasters can set up Donations which allows their listeners to contribute any amount of money to their favorite shows. It may seem uncomfortable to ask your listeners for money, but it’s all in the way you explain the benefits. Their direct donations help you to continue creating the content they love! Everything still remains free, but with their support, you can create new and exciting content.
RedCircle also offers shows with 500 or more average weekly downloads the opportunity to join our Ad Program. Shows can easily set up Programmatic Ads, which are pre-recorded advertisements, and let the money flow! You set it up once and you’re good to go!
Exclusive Content
Offering special bonus content to your paid listeners is also a great way to earn additional revenue! Exclusive/bonus content offers a ton of value to your most dedicated listeners as they’re receiving something that not everyone can get. Bonus content can range anywhere from early access episodes to behind-the-scenes commentary. Here are some ideas to get you started:
- Extended interviews with special guests
- Ad-free episodes
- Early access to episodes
- Special events or themed episodes
- Behind-the-scenes talks about your process or the show in general
- Q&A session with questions from your listeners
The key to offering enticing Exclusive Content is to ensure that the value is equal to what your audience is paying. Don’t be afraid to do some user research! Ask them what sort of content they would be willing to pay for, and then give it to them.
Alongside Donations, RedCircle also offers a custom Exclusive Content feature which can be used to provide that special content!
Direct Sponsorships
While many hosting platforms offer the ability to match with large advertisers, it can be more lucrative to work with small, local businesses instead. The best part? Direct sponsorships mean not sharing the total profit with someone else.
But how do you go about setting up these types of partnerships? Well, first you need to figure out what businesses to work with! Ideally, you’d want to advertise a business that aligns with your podcast content. For example, let’s say you host a Health & Fitness show dedicated to helping folks find time in their busy lives to workout. You can reach out to local gyms in your area and propose an advertisement deal.
These types of sponsorships work really well when you know where your listeners are located. Let’s say you’ve had 200 listeners in Boston in the past 7 days. You can reach out to local gyms in the Boston area and share those download numbers with them. Small podcasts are incredibly mighty as they have a very dedicated audience. And the numbers don’t lie – podcasters are among the most trusted sources in media today. According to an Acast study, 75% of podcast listeners specifically listened to a podcaster for a product endorsement.
RedCircle’s analytics even provide geolocation data for your audience. So, you can find where a large percentage of your listeners are and then work with businesses in that area that align with your content!
Even better – you can use RedCircle’s Custom Dynamic Insertion feature to create custom campaigns and share that data with your partnered business. This can create a long-term partnership built on trust & transparency.
Securing deals with large advertisers isn’t the only way to earn revenue for your podcast. There are plenty of other methods, especially for smaller shows with more dedicated audiences, to earn additional income. From passive income like Programmatic ads and listener sponsorships, to direct brand deals with small businesses, there’s no shortage of opportunities!
Interested in testing out these methods? Sign up for RedCircle today to unlock the tools needed to earn that extra income! Each plan comes with a free 7-day trial, so you can try the platform before fully committing.
