Podcasts are essentially radio shows which are released online on a schedule similar to television programs. It is the success of iPods which has led to podcasts becoming increasingly popular, with websites having the option of using the Apple iTunes store to host and manage their podcast subscribers.
However there is also the option of not using the iTunes store and rather using your own website to host the podcast. This opens up a new revenue stream because you can take advantage of the popularity of your podcasts by using affiliate adverts or sponsored posts on your website. In fact despite Google frowning upon you asking people to click on your ads, if you ask at the end of a podcast they are unlikely to ever find out you are doing it. Here are some of the best ways that you can monetize your podcasts.
Ask your viewers to donate
People understand that you need money to live on, and if you can convince them that you need money to continue with the podcasts you will likely get some people willing to donate. The end of your podcast is a good time to do it; don’t preach about donating, but just point out to them that you might struggle in the future to make podcasts if you cannot find a source of revenue. If you install a donations system on your website (such as the PayPal system) you can point them to that page if they want to give you some cash to help things along.
Of course if you’re going to wait until the end of your podcast you have to entice people to actually stay and listen to the credits. One of the ways that Marvel movies have done that is to add some extra exclusive content at the end of the credits that people want to stay for – if you can do something similar you might get more people sticking around. Of course the shorter the credits are the better; don’t waffle on every episode, but rather keep to the point and people will hopefully stay to listen to your donations request.
Try to find a sponsor or network to pay you
If you can prove to a sponsor that your podcasts are successful, and that you have untapped advertising potential through that podcast, they might be willing to pay you to advertise them in a podcast. This way you will get regular payments from them in exchange for advertising, and you won’t have to worry about doing any of the work of finding advertisers yourself.
The second option, which can be much more lucrative, is to join a network. A network is just what it sounds like; a group of content creators on the internet who are employed by a company to keep making content. The problem with a network is that you usually lose a lot of the control that you have over your content, and while you are being paid this is not something that everyone wants to agree to. There are formal contracts involved and some content creators feel it takes the fun out of creating podcasts. However networks can usually provide a steady stream of advertisers and will support you with any legal difficulties, so it might be something you look into.
You should note that any websites or adverts which offer the service of finding you sponsors are scams. You should always approach the sponsor yourself, or have them approach you; using a third party is just asking for trouble. Remember that sponsors will only agree if you have something they want to sponsor; if a generic advert, which is shown to thousands of people, is advertising for sponsorship then you know it’s a scam.
Charge for some podcasts, but have some free ones
This is a good strategy if you want to get people hooked onto your podcasts. This method works best for a podcast series where you can’t afford to miss one episode; if you are talking about the Revolutionary War or are teaching people how to do web coding, they won’t want to miss an episode and so will pay for the ones that you make them pay for.
Another method is to use a tiered system, with a beginner’s podcasts which are free working up to advanced podcasts which you have to pay for. This way people who you have gained the interest of will want to pay, while those who aren’t committed to the series will be lost. The price you charge will depend on the success and time that goes into a podcast, but a good guideline is that $0.99 is a good starting point. If you price them too highly you will lose the whole market; if they are too low, it won’t be worth your time.
Charge for the full podcast
This method will end up annoying some people, but can work wonders on others. It involves offering a short ‘preview’ of the podcast for free, but restricting the rest of the podcast for paying subscribers. However to pull this off you have to be very skilled, and it might be best using the method above combined with this to make sure that you have an audience before you decide to limit what they can listen to. If, for example, you give a short 1 minute preview of the advanced podcasts you might find more people willing to pay.
Korah Morrison, student at the University of California in Los Angeles area, write for http://www.proessaywriting.com .