The global podcast industry is currently worth $39 billion. Not too bad for a sector that was previously slated as “niche”. Now, everyone and their mother is locked into a podcast.
The king of podcasting, Joe Rogan, holds the top spot in followers. And his influence reaches far and wide. The Joe Rogan Experience managed to outpace its competitors on Spotify, YouTube, and Instagram. That’s no mean feat, considering he’s up against Crime Junkie and The Daily, according to Edison Research.
Rogan is no unicorn. The shrewd businessman diversified his portfolio by tapping into several revenue streams. While you may not be aiming for Joe Rogan-type success, you could be sitting on a cash cow without knowing it. Below, we’ll explain the overlooked revenue streams most podcasters ignore.
Don’t Fall into the 50K Downloads Trap
Many newbies treat this statement like gold. It isn’t. What it is is a myth. Great advice comes from those who have been through the most when it comes to monetizing their listeners.
A good place to start is Reddit. One thread asked what the baseline for making money is. The answers varied from 800 to 1,500 listeners. But the common denominator was to research multiple revenue streams.
Don’t put your eggs in one basket. Paid subscribers, bonus content, brand partnerships, and local sponsors continuously came up.
Paid Memberships
What is it that MrBallen and other podcasters like him do differently? He offers exclusive, ad-free content to his loyal (paying) members.
The ad-free subscription model is an effective way to make your subscribers feel valued by giving them early access to episodes. And nobody does this better than John Allen (MrBallen).
Then you get membership tiers that let podcasters bypass the middleman (Spotify or Apple) and reach their audience with unique member-specific RSS feeds. Each level unlocks more perks.
Managing International Subscriptions
A global subscriber base brings a lot of administrative work. Honestly, it doesn’t have to be that way. These days, payment platforms can be integrated into your current interface. They do global pricing and currency conversions.
PayPro Global suggests partnering with a vendor specializing in subscription management. It should handle global tax, global VAT, digital product payments, and act as the merchant of record.
Selling Digital Products
How can you leverage your existing audio content? By getting creative and smart.
In the past five years, podcasters have realized there’s a whole market out there, waiting to be monetized. We’re talking templates, digital workshops, and other digital products.
Podcasters and audio creators are selling tracks, samples, and sound effects directly through eCommerce platforms. The point is to build trust and authority.
Templates are another option. Let’s say you host a personal finance podcast. Your expertise allows you to share your wisdom with your listeners. Why not create a budgeting worksheet and sell the file in various formats? Or repurpose content and repackage it as an eBook or a guide.
Merch Monetization
Drunk Women Solving Crime is one of the UK’s top true crime comedy podcasts. Hosted by comedians Hannah George and Taylor Glenn, the brand’s quirky tone lends itself to the success of its online store.
From T-shirts to sweatshirts, George and Glenn thought it a fine idea to cash in on the name itself. And guess what? It works. To maximize engagement, they’ve asked their subscribers which quotes they’d like to see on their merchandise. Now, that’s marketing excellence.
You can do the same by announcing limited edition drops. British influencer Shabaz Says (@shabazsays) is a great example of this. The king of #PovvoGang releases limited edition hoodies a few times a year. When he does, the merch is sold out sometimes within 24 hours.
Affiliate Marketing
Affiliate marketing in podcasting requires more than promoting a product or service.
To your listeners, you’re the expert, the voice of reason. That’s why you should only promote products you personally use and that align with your brand.
Once again MrBallen is the litmus test. Allen, a former U.S. Navy SEAL, is outspoken about his former career. He speaks about his mental health struggles and how he’s turned to therapy for help. So, it’s natural that he frequently promotes BetterHelp, an online therapy platform.
All you have to do is join a company’s affiliate program, receive a unique URL or promo code, and mention it during your show. When listeners purchase, you earn a percentage of the sales.
Stop Chasing Ad Deals
Previously, the gold standard was chasing ad deals. Those days are long gone. Now, you get to decide how to make money on your terms. No pressure and no rush.
Research your options. Implement one revenue stream at a time. Let it build momentum and move to the next one. Remember, what works for someone else might not be the perfect fit for you.
Monetizing your podcast is a game of trial and error. So be patient, seek out advice, and see what your competitors are up to.
James is the head of marketing at Tamoco
