It is common knowledge that mass-media have much might get things done vaster and faster today and that the various means of achieving them these days –a new timeline dominated predominantly by the millennials –are way past just one traditional standards. So, apart from the conventional TV, Radio, Postal bills, or Handbills, there is one that could seemingly be said to be quite the closest to fusing them all together and using them for the purpose of edutainment in American society alongside her astonishing diversity in unity–podcasting. And this could not have, of course, been a possibility without the influence of technology or the internet to intimate the whole truth.
More so, there is a question that a wary person should try and ask concerning pod or podcasting. And I would say the problem should not but have something to do with how podcasting or being a podcaster could make the person in question affluent monetarily. In other words, how is money made podcasting, and what is the evidence that there is money in podcasting when done with efficiency through the appropriate channel(s)? The following are a few of the ways to making good money through consistent podcasting or things are done by podcasters that fetched them economic strength.
Podcast Patronage/Sponsorship
Famous podcasts such as Entrepreneur on Fire, The Art of Charm, and the $100 MBA Show sponsor thousands of dollars every month. With the CPM model (print cost), your show gets:
• $18 per 1,000 pre-roll downloads of 15 seconds.
• $25 for 1,000 downloads for an intermediate slot of 60 seconds.
You earn $54 per 15 second pre-roll and $75 per mid-roll slot if your podcast receives 3,000 downloads per episode.
Yann Ilunga, the organizer of the Podcast Success Summit, the most prominent digital conference on podcasting, says: “This might help cover some of your podcasting expense.” New podcasters concentrate particularly on downloads and landing sponsors, but there are many ways to take benefit of a podcast, even if you have a ‘limited audience.’
The Relationships
Some do not regard relationships as a useful feature in the podcasting world. However, Ilunga disagrees. “Relations are a compelling factor in podcasting, no matter whether you host an interview-based podcast or not,” he added. I can tell that networking is the number one reason many entrepreneurs, advertisers, writers, and trainers want to initiate a podcast after interviewing a few top podcasters.
Do not concentrate solely on their position when finding interview guests, but think about your business. “Some hosts would like to interview A-lists on their programs, and that is no loss,” says Jessica Rhodes of Rhodes. “But do think about your business. Instead of chasing visitors due to their rank, be proactive, and try to interview people with whom you can cooperate.
Increase your products and services’ revenues
Until chasing after sponsors, take a look at the company’s goods and services. Is your product important to those who follow your show episode, week after week? If the answer is yes, consider ways to use your podcast strategically to maximize sales.
A special discount could lead to an increase in sales for your audience. Remember that being in the ears of your viewer is a powerful way to create authority and improve “awareness, like and trust.” Through your show, you’ll build that aspect, so don’t be afraid or give exclusive deals, provided that it is essential for your audience.
Start looking at your show creatively and think of it as a marketing tool that can help you to turn listeners into subscribers and make consumers pay for the prospects.
Preparation/Coaching
In the booked segment, best seller Josh Turner mentioned a social media appointment method. Are you a business coach with a podcast? Maybe you would like to consider a similar strategy that revolves around the show rather than social media. Think again about how you can first turn hearers into members. Do you give a free session for 30 minutes? Why not use your podcast and invite people to join? If your coaching business strategy does not include free consultations, offer exclusive offers for your audience.
Affiliate Marketing
Affiliate marketing could be considered as an option, mainly if your exhibition is more technically advanced and often features that you mention resources. “At a recent interview The Audacity to Podcast host Daniel J. Lewis shared that affiliate commissions allow him to make a good income from his podcast,” said Ilunga.
Many of your own podcast contents are likely to be evergreen, which means that the information you shared yesterday remains fresh and relevant for the coming months and years.
This means that you can theoretically produce passive revenue – by affiliate marketing – by podcasting as your show grows.
Audiobooks and Books
As a podcaster, you spend hours making high-value content you give away for free. The people tuned in, receive advice, and can apply it to your company. I spoke of repurposes as a robust content marketing strategy in “3 content marketing trends you need to fix in Q2.”
Who says you cannot use repurpose material to make money from your podcast?
Hack the Entrepreneur host Jon Nastor is a perfect example of a podcaster who repurposed part of his contents and created a product for which people paid: a book. To write his book he only took some pictures from the interviews he hosted on the podcast and added brand-new material.
Not everybody is a writer, and writing a book might not be yours. But what about audiobooks? “As podcasters create their craft, they become better communicators and better historians,” says Krystal Wascher, an expert in making the audiobook, a storyteller and audiobook. You have material and you probably know how to log. It’s just a no-brainer.
Crowdfunding
You could sometimes ask for the contribution of your group. A crowdfunding site like Patreon allows you to get the support of your audience in the form of a pledge. “Noah Lugeons, for instance, makes an episode of $1,200,” says Brian Kane, known as The Real Brian, host of Profitcast. “Several of the components go into right crowdfunding, but this is crucial for podcast funding.
Virtual Meetings
Pods and relations can become a monetary business opportunity in the form of virtual summits. With his Podcast Success Summit, Navid Moazzez, founder of The Branding Summit and Yann Ilunga, are examples of podcasters who use their shows to establish relations and then use them to arrange world-famous digital meetings.
Considering authentic stats, podcasting advertising in the United States of America pulled nothing less than $169 in 2016 revenue and 2018 grew to $400 million. In this 2020, it is expected to pool at least $695 million only.
And with inference to iconoclasts in the profession who are making waves as to finance in their wallets, we would be considering the following (all whites though based on Forbes assessments).
Joe Rogan – $30 million
The Joe Rogan Experience
No male between 15 and 35 years of age can honestly say they’re surprised. As podcast medium, Joe Rogan first and personality second in the last few years have reached a cultural ubiquity that is almost inevitable. And for a good reason. For a good reason. The variety of visitors and the selection of subjects discussed are incomparable.
Karen Kilgariff and Georgia Hardstark – $15 million
My Favorite Murder
My Favorite Murder has cashed in the surge of ordinary people’s obsession with crime, murder, or whatnot. They currently have five spinoff podcasts, a best-selling book, and a very undisputed brand.
Dave Ramsey – $10 million
The Dave Ramsey Show
Dave Ramsey is not exactly a common name for a significant proportion of the population. But he’s famous enough to hit it big enough. If you take a page from the old school, which tracks the Ramsey given, you will be a veteran radio host in this podcast format. He also offers guidance on personal finances and budgeting.
Dax Shepard – $9 million
Armchair Expert
Yeah, Dax Shepard. Yeah. He’s got a podcast (because who doesn’t at this time), and it’s a success. With an estimated 20 million listeners a month as of 2018, this category of the audience takes a page if the Joe Rogan book, with its speech show format and celebrity/expert guests.
Bill Simmons – $7 million
The Bill Simmons Podcast
This podcast is bordered by former ESPN commentator and The Ringer’s maker. Taking part in Apple’s top twenty-five rankings over the past couple of years, it has found and gathered significant interest.
Meanwhile, one of the best ways of reaching the peak podcasting with relevance to hip hop industry, for instance, could only be by airing one’s style/voice through appropriate channels such as the ones that are being established by the likes of Joe Budden and Charlamagne Tha God (whose real name is Lenard McKelvey). Joe Budden, who was a defunct contract-based Spotify, has just given the female gender a big shot would help them to make lots of monetary funds eventually. He announced the Women-Led “See, The Thing Is…” Podcast and New Network recently on via his Instagram handle. And it began on the 7th of October, 2020. This helps and justifies gender biases. More than that, it would help and give women a voice on different notions about their complexities in a rather comical and yet factual and compelling manner. Charlamagne Tha God too had just initiated what would be considered the first of its kind worldwide for the black race, most especially in the American society – Black Effect Podcast Network With iHeartMedia.
So, all things considered, as to helping all and sundry and more specifically, the black community can make lots of funds through merely being themselves and being creative alongside as podcasters. Growing under or through the provided avenues of either Joe Budden (who’s worth $6 million) or Charlamagne That God (who’s worth $10 million) would mean making a name through their long years of influence the profession. It is no joke; there is a future in dealing financially.
Written by Harvey L. Frierson Jr. Host of The Ike Jackson Report Podcast and Owner of BX Media LLC a commercial HipHop Music, Film and Television intellectual properties company.
This article originally published on GREY Journal.
