Monetizing a Podcast: What You Need to Know
Over the past decade, podcasts have become an increasingly popular way to consume content. In fact, according to Edison Research, 64% of Americans are familiar with the term "podcasting," and nearly 30% of Americans ages 12 and up listen to podcasts monthly. That number has only been growing in recent years, as more and more people are tuning in to their favorite shows on the go.
As a result, podcasts have become an attractive platform for marketers looking to reach a wide audience. In fact, according to the IAB (Interactive Advertising Bureau), podcast ad revenues grew 85% in 2019 to reach $659 million. And they're expected to grow even more in 2020.
So, how can you get in on the action?
There are a few different ways that you can monetize your podcast. The most common is through advertising. You can sell ad space on your show to interested companies or brands. This can be done through direct sponsorship, where a company pays you a set amount of money to read a short ad during your show, or through programmatic advertising, where ads are placed dynamically based on listener location, device type, etc.
Another way to monetize your podcast is through affiliate marketing. This involves promoting products or services on your show and then earning a commission on any sales that are generated as a result. For example, if you're running a tech-focused podcast, you could promote products from Amazon's affiliate program and earn a commission on any sales that are generated from listeners clicking through your links and making a purchase.
Finally, you can also monetize your podcast by selling access to premium content or features. This could involve anything from offering ad-free versions of your show to providing listeners with exclusive bonus content that they can't get anywhere else. If you have a large enough audience, this could be a great way to generate additional revenue from your podcast without having to rely on advertising or affiliate marketing.
Podcasts have become an increasingly popular way for people to consume content over the past decade. As a result, they've also become an attractive platform for marketers looking to reach a wide audience. There are a few different ways that you can monetize your podcast, including through advertising, affiliate marketing, and selling access to premium content or features. So if you're looking for a new way to generate revenue for your business, consider starting a podcast today!