There are a lot of ways to make money these days, and one of them is through podcasting. If you’re looking to start a profitable podcast, there are a few things you need to keep in mind. We’ll take a look at some tips in this post on how to make a profitable podcast.
What Is A Podcast?
So firstly some background information on podcasts. A podcast is a spoken word audio file that is made available for an audience to listen to by streaming or downloading over the Internet, usually in an episodic series format.
Is Podcasting Profitable?
If you’re wondering is podcasting profitable, let’s take a quick look at some industry figures. Podcasting is a huge industry and is currently experiencing extremely fast growth, both in audience size and advertising spend. According to Forbes, 100 million people listened to a podcast each month in 2020 and this figure is expected to grow to 125 million people each month by 2022.
Podcast ad spend is also estimated to rise to $1.7 billion by 2024, up from $800 million in 2020. Now could be the ideal time to start podcasting and grab a nice big slice of the pie! If you already run a business then a podcast could be the perfect accompaniment, used to advertise and generate leads.
How To Start A Profitable Podcast
The first step in how to start a profitable podcast is to find your niche. You can start a podcast on pretty much any topic you can think of. Many topics will already be covered by other podcasters. So the more niche the topic the better.
This may sound like you are limiting your audience but you could actually benefit from a more niche topic. If you use a really popular topic that is already covered by many established podcasters then it is unlikely you will capture much of their audience from them.
Choosing a topic not being covered by others makes it more likely to gain a large share of that audience. This could be a benefit when monetizing your podcast through advertising as you will have a very specific niche audience to cater to. The audience can be targeted with a product or service that is relevant to them. This can be better than having a larger but more fragmented audience.
How To Decide On A Profitable Podcast Topic
It is a good idea to cover a topic that you at least have some genuine interest in and are reasonably knowledgeable about. If you actually enjoy and are enthusiastic about the subject, the more likely you will be to stick with it and make a success of it. Whatever interests you have, you can create a podcast out of it. There will likely be an audience out there with similar interests.
Start by noting down a few of your favorite ideas. Bear in mind that you want to find a subject that you can create a lot of content and many podcast episodes from. You also need to be sure there is enough demand for that content. Search on sites such as Spotify to find similar podcasts. Research how successful they are and how they can be improved. You should then be able to narrow down your list to find the most suitable subject to cover. You will also need to think of a name for your podcast.
What Equipment Do I need To Make A Profitable Podcast?
Unless you already have equipment, you will need a small capital investment to purchase this in order to begin recording. It doesn’t take much equipment to start. A good quality microphone and headphones will be sufficient to begin.
A microphone boom arm is also a good item to purchase to position your microphone correctly. You may also wish to consider a pop filter for your microphone. This will improve the quality of your audio by eliminating popping sounds.
As you grow your podcast, you can upgrade to higher quality equipment or add extra items. All of the audio recording equipment required can be purchased quite cheaply from retailers like Amazon. It may also be worth buying a good book for detailed reference.
Audio Editing Software
You will also require audio editing software in order to edit and adjust your sound quality and make any cuts. There are many editing tools but one of the best is Audacity which is free. Another free alternative is GarageBand but this is only available for Mac and iOS users. Paid software is also available offering more features but these free options should be sufficient for beginners.
Music And Sound Effects
Whether you use music and sound effects on your podcast for intro, outro and background music is down to you. You can access digital music tracks for production purposes from sites like Melodie. These are copyright safe so can be used in all your digital marketing materials, podcasts, YouTube videos etc.
Podcast Artwork
You will also want to create good quality and eye catching artwork that easily conveys what your podcast is about. Avoid using generic podcast equipment images like microphones to ensure yours stands out from the crowd.
If you are a creative person then you may be able to create your own artwork. For everybody else the most convenient and low cost option is to use the services of a freelance designer on Fiverr.
Where Can I Publish My Podcast?
Now you have all your equipment in place and have created, recorded and edited your first podcast. Next it is time to publish your podcast online.
For this you will need a podcast host to upload it to. Hosting platforms are used to distribute podcasts to the many podcast directories. These include Apple Podcasts, Spotify and Google Podcasts.
Transistor is a great, intuitive podcast hosting and distribution platform. It includes everything required to begin; a customizable podcast website, embeddable audio player, unlimited storage and in depth analytics. And you can upload as many podcasts as you like.
Uploading your podcast to Transistor allows you to easily distribute to Spotify, Apple podcasts, Google podcasts and more. You can try Transistor free for 14 days.
Publish podcasts to YouTube which provides more monetization opportunities such as advertising.
Get a great sounding web address for your podcasts with dotFM, including .FM, .AM, .RADIO.AM and RADIO.FM domains available.
How To Monetize A Podcast
Now you have your podcast up and running, and are growing your audience. That’s good, but we are looking how to make a profitable podcast. Well the next step is to monetize your podcast. Fortunately there are a number of ways to do this including the following;
- Patreon – The first option is simply setting up a Patreon page and asking your subscribers to make donations.
- Affiliate promotions – Promote either your own goods and services or promote other people’s by becoming an affiliate. Use sites such as Clickbank, FlexOffers and ShareASale to find opportunities to promote. Find more information in our blog posts covering affiliate marketing.
- Find Sponsors – You can find sponsors for your podcast using sites such as Podcorn.
- Sell Premium Podcasts – Sell exclusive premium content podcasts that your listeners have to pay for.
- YouTube – Upload your podcasts to YouTube and run ads to receive commissions from each click.
- Consulting & Coaching Services – If you are an expert in your niche you could offer your listeners consulting and coaching advice.
How To Make A Profitable Podcast Conclusion
A profitable podcast is fairly easy to start and a number of monetization opportunities are available. However to succeed at podcasting, hard work and dedication is required.
If you choose the right niche, plan out your podcast, invest in quality equipment and dedicate some time then you could make a profitable podcast. Podcasts can also be a great way for businesses to engage customers and advertise products and services.
View more ideas to make money online on our blog including;
- 50 ideas for building online income streams.
- 10 Investment ideas to build wealth.
- Why you need multiple sources of income.
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