Want to find out how to make money podcasting in 2023? Here are the 16 top ways with tips and easy-to-follow instructions.
Joe Rogan, Dave Ramsey, Karen Kilgariff, and Georgia Hardstark – all these people make millions of dollars off their podcasts each year. Want to become just like them? Then you would have to learn how to make money podcasting in 2023.
Here are 16 proven ways that will eventually help you put a great deal of cash in your pocket.
Do bear in mind that all these money-making tips might not work if you fail to record a professional-standard podcast in the first place.
You have to invest plenty of time, effort, and money into creating a product that you are proud of, and only then you’ll start making cash from your creation.
Offer Podcast Memberships
You’ll be able to make money on podcast memberships if you already have a loyal audience. It doesn’t really matter whether you have a hundred subscribers or a few thousand. If there are people who truly value the content that you create, you’ll be able to secure a regular income stream with their help.
Memberships are ‘personal subscriptions’. This basically means that the listeners that make monthly payments will have access not only to the actual podcast but also to exclusive content.
A podcast membership is a great way to earn money as you would still remain an independent creator. Furthermore, such memberships allow your audience to become even closer to their favorite creator.
By the way, you can opt for a tiered membership system. Offer different levels that cater to different price points, so that the listeners will have a chance to choose the right type of subscription that will fit their budget.
Do bear in mind that as you’re asking your audience to commit to monthly payments, you would have to be able to deliver high-quality content on a regular basis. Here are a few perks that you might want to offer to those who buy your podcast membership:
- Additional episodes
- A possibility to offer new topics for future podcasts
- A shout-out during the next episode
- Early access to the episodes that have not gone live yet
- Live events, etc.
Ask for Donations
You should not be afraid to ask your audience for donations as that’s one of the main ways content creators make money nowadays, and everyone understands that.
There are plenty of ways to receive donations, and the most popular platforms include Patreon and PayPal. Donorbox is another platform that allows you to accept donations without a high platform fee.
Some creators also like to set up a Buy Me a Coffee account. This platform makes donating fun and easy as the supporters don’t even have to create an account in order to make a payment.
Donations are a great way to earn money from podcasts starting from day one. You don’t necessarily need to have a big audience to start receiving your first donations. You should simply make sure that the people who want to support your content have access to a simple way of doing that.
You don’t necessarily need to have a large audience, in order to start selling ads. Today, brands also like to look for micro influences who specialize in a niche topic and who have an extremely loyal audience.
Essentially, what you will be doing is selling the air time of the episode. In the majority of cases, the time in the middle of an episode costs the most as this is when the audience is the most engaged.
You can either directly promote a product or service or include a pre-recorded ad provided by the actual brand.
The good news is that you don’t need to sit and wait for the advertisers to come to you. If you want to learn how to make money podcasting in 2023, then you should join an advertising network.
Do bear in mind, however, that you might have to fulfill some requirements, in order to be able to join such a network. For example, weekly episode releases can be a requirement, as well as 1,000 or more downloads for each episode.
You can also choose to reach out to various brands yourself. Simply create an amazing portfolio that tells the potential clients who you are and what your podcast is about (don’t forget to include a few important metrics) and email the portfolio to as many brands as you can.
Find a Sponsor
Though advertising and sponsorship are often used interchangeably, they are not the same thing. In the majority of cases, a sponsorship implies a deep, ongoing relationship.
One of the biggest advantages of finding a sponsor is the fact that you’ll be able to secure a regular stream of income which is certainly a huge pro for any content creator.
Look for a company the values which align with your brand’s identity. You can choose to reach out to potential sponsors directly or join a podcast directory or network. Sponsors like to browse such platforms in search of the next person that they would like to work with.
Use Affiliate Links
Affiliate links are specific URLs that contain the affiliate’s username or ID. The affiliate earns a commission every time someone clicks on the link or buys the product that is being advertised.
You can mention a product or a service in the actual episode and in your show notes.
Some of the best affiliate programs for new podcasters include:
- Amazon Associates
- Podcraft Academy
Launch a Fundraising Campaign
In some cases, people are more willing to donate money, if they know the exact sum that you are trying to reach.
If you’re planning on launching a new project or you want to upgrade your equipment, then setting up a fundraising campaign might be the best way to earn money for this specific cause. Once you receive the necessary amount, don’t forget to share the results with everyone involved.
Charge Your Guests
If your podcast is already quite popular, then you can choose to charge the people who want to use your platform to advertise themselves or their products.
The main benefit of such an approach is that such an ad looks a lot more natural. You are just interviewing a person who happens to have a great product or who is providing a high-quality service.
This is an especially popular practice with business-focused podcasts. John Lee Dumas, the host of Entrepreneurs on Fire, for example, charges $3,500 for an interview slot on his podcast.
Publish Your Podcast on YouTube
If you’re not doing that already, you should consider publishing your podcast as a video on YouTube. Ideally, you would want to have a video of how the actual podcast is being created, but you can just use the podcast cover as well.
To start monetizing your podcast, you would have to become part of the YouTube Partner Program. Not everyone can join the program, however. In order to qualify, you should have more than 1,000 subscribers and over 4,000 public watch hours in the last year.
Get a Transcription of Your Podcast
You might already have your podcast in audio and video form. But have you ever thought about editing the podcast and turning it into an article?
There are websites that offer automated transcription services, so all you would have to do is quickly edit the material and then pitch it to a website that focuses on your niche. Some sites are ready to pay decent amounts for such articles.
Create an E-Course
The creation of a successful podcast usually involves a lot of research. If you decided to focus on a certain topic, then you might become a real pro in what you are talking about in only a few months (or you might already be an expert in a certain field).
How to make money podcasting in 2023 in such a case? Monetize your knowledge. One of the best ways of doing that is by creating an online product, like a course, for example.
You would have to invest time into developing the product only once, and then the course can be sold online for years.
As you already have a loyal audience, you might want to come up with a product that is going to include all the most important things that you have been talking about on your podcast, as well as some additional tricks and pieces of practical advice.
Become a Public Speaker
If you have a podcast, then the chances are high that you’re exceptionally good at interviewing, stating your opinion, debating, and so on.
That is exactly why podcasters usually make amazing public speakers. And if you already have a loyal audience and a recognizable personal brand, then you can start making money on public speaking appearances.
Make sure to market these kinds of services offered by you through your website.
Of course, you can come up with any type of merchandise you’d like. But there are certain tricks that podcasters use to make sure that their merch stands out among other items.
For example, if you have a special phrase that you like to repeat during the episode, then you should definitely use it in your merch. If your podcast cover is extra artsy, then you can sell it as a separate print, and so on.
By the way, your merchandise will be generating income for you in two ways. You will immediately get a certain sum once your listener places an order and you might potentially get even more orders or free advertisements whenever the listener decides to use the item or wear it.
Organize a Live Event
This is a more ambitious way of generating money from your podcast, but it’s also a great way to connect with your audience.
You can organize a conference or a live event and sell tickets to it online. If you have a dedicated audience in the city where you live, you might end up making quite some money from such a gathering. Especially, if you manage to get your sponsor involved and if you’ll be able to sell your merch at the event space.
Consider doing a stand-up if you’re a comedy host, a workshop if your podcast is educational, or a panel discussion if you like to engage with the audience.
Sell Coaching Services
If you’re asking how to make podcasting in 2023, then you might want to consider offering coaching or consulting services as soon as you become popular enough in your sphere.
You can advise other podcasters on how to start their podcast, grow, and monetize it. Or your services can be centered around the main topic of your podcasts (like relationship advice, for example).
By the way, you can choose to offer individual sessions and group coaching sessions, each at its own price.
Sell Content Upgrades
Content upgrades are not necessarily the kind of perks that you might already be offering to the listeners who are paying for your podcast membership. The upgrades can include practical items that anyone who is listening to your podcast would be able to benefit from.
For example, an exclusive resource, an excel sheet, or a checklist that is related to the episode that you have just uploaded.
Design an App
If you already have a solid following, you can attempt to create an application that is centered around your podcast. It doesn’t have to be the retelling of all the episodes. You can choose to include additional materials, online maps, and even games.
By the way, there are a few different ways to earn money from an app.
- Make money by selling the actual app
- Offer in-app purchases
- Generate money from ads featured in the application
It is usually not recommended to go with a paid app as a combination of ads and in-app purchases would help you start and expand a lot faster.