How To Monetize Podcasts
Podcasting isn’t just about brand recognition any longer, it can also be converted into sizable paychecks.
Although podcasting is not in itself a new phenomenon, monetizing it has become a hot topic in recent months. A series of profitable podcasts has disproven a growing perception that this industry was in decline, saturated by over-supply and variable sound quality. Rather, we are now witnessing the evolution of podcasting as a commodity, with lavish production values and original content generating significant revenue for creators and hosts alike.
Endless Opportunities
Obviously, any successful podcast needs to engage with its audience. It should be part of a regularly scheduled series with an over-arching theme, providing new perspectives or highlighting little-known topics. Professional recording and editing equipment is required to deliver the crystal-clear sound expected by today’s audiences, while a degree of controversy or suspense will leave listeners eagerly awaiting the next installment or episode.
Even in an industry awash with competing podcasts, revenue can be generated in a number of ways. Below are the key business channels any prospective market entrant should consider:
Sponsorship
There is a big difference between attracting a sponsor and producing sponsored content. The latter is effectively advertorial that carries little authority with listeners, whereas the former involves short ‘this podcast is brought to you by’ bumpers at either end of each broadcast – and perhaps on any web pages advertising these episodes. This is better suited to open-ended subjects like sporting or economic affairs, rather than podcasts with a defined narrative arc and a looming conclusion.
Targeted Advertising
Swedish agency, Acast, has pioneered dynamic advertising for podcasts, building on the principles of cookie-driven web advertising. Brands can tailor their campaigns according to who is listening, when they’re listening, and what their interests are. Targeted ads can be retrospectively added into historic content to maximize revenue generation as a podcast builds its reputation and listener numbers.
Paid Premium Content
With so many podcasts to choose from nowadays, asking people to pay for an unknown quantity is a hard sell. However, inviting them to pay for extra content that complements universally available material has proved to be lucrative for brands like The Football Ramble, whose free podcasts are augmented with more specialist content available for a small fee. Free content thereby becomes a taster for the in-depth analysis that has to be paid for – with the latter also funding the former.
Existing Revenue Streams
Some organizations use podcasts to build interest in existing platforms, or as a complementary service alongside established media. The co-founders of property investment platform The Property Hub publish a weekly podcast, which helps to boost circulation for their subscription-only magazine. Comedians have long recognized that free podcasts can raise their profile and increase future sales of concert tickets/DVDs, where the bulk of their income is generated.
Crowdfunding
If all else fails, why not ask the audience? One of podcasting’s recent smash hits was only created thanks to a campaign on the Byline crowdfunded journalism website. With £10,000 raised, writer Peter Jukes was able to produce a ten-part story detailing a particularly grisly murder in 1980s London. ‘Untold: The Daniel Morgan Murder’ has since become a British rival to ‘Serial’ – another true-life crime podcast series that’s been downloaded over 80 million times worldwide.