So You Want to Monetize Your Podcast? Here Are Your Best Options
Thinking of Hiring a Podcast Production Agency?
If it seems like everyone is listening to podcasts nowadays, you are not mistaken.
Midroll reports that 67 million Americans listen to podcasts per month, a 45 percent increase from 2015.
Ever pondered if podcasts generate revenue? How do they continue to produce episode after episode? Producing quality content is a lot of work. It is only logical to seek a method to make your podcast profitable.
In this article, we will discuss three methods for monetizing your podcast:
- Dynamic Ads
- Growth & Exposure
This article is for you, whether you’re creating a podcast to create authority, forge connections, or as a creative outlet.
Set-up Donations On Patreon
Creating a Patreon account is the first step in monetizing any creative endeavor.
Podcasts are not unique. If your material is of excellent quality, there is a good possibility that at least some of your listeners will be eager to give.
Patreon is a contribution platform that makes it simple for supporters, or “patrons,” to pay content authors.
Unlike comparable crowdfunding sites such as Kickstarter or GoFundMe, which are designed for one-time projects, Patreon makes it simple to set up tiered monthly memberships, where subscribers may pay a monthly fee for access to exclusive material, early access to episodes, and other benefits.
From one-time contributions to paid memberships and sponsorships, Patreon enables you to engage your audience and convert them into a sustainable cash stream.
A Brief Primer on Dynamic Ad-Insertion Platforms
In the past, the only method to add an advertisement to a podcast was to record and edit it directly into the audio file. The advertisement may be recorded separately and edited into the final production cut, or the presenter may mention it immediately during the filming of the actual program.
Regardless, these baked-in advertisements are everlasting. A listener who downloads an episode of your podcast five years from now will hear the same advertisement as today’s listeners.
Thankfully, dynamic ad-insertion (DAI) systems provide a superior alternative.
Using contemporary ad servers, you may dynamically inject advertisements anywhere in your podcast. Pre-roll, mid-roll, and post-roll are all available.
If a sponsor pays to have an advertisement broadcast in a certain slot for a set number of impressions, you may do so. Once the quota is fulfilled, you may exchange the advertisement with one from a different paying sponsor. Even better, you can use all of your user analytics data to provide demographically-targeted advertisements to listeners.
When a listener downloads an episode of your podcast five years from now, you can be certain that the advertisement will not only be current, but also relevant to that listener. A win-win for consumers, advertising, and content providers.
Let’s examine various market-leading dynamic ad-insertion solutions.
Art19 a relatively new podcast advertising company that prioritizes freedom of speech, seeks to be the Spotify of podcasts. You must ask to join. As of the date of this article, they charge producers a monthly fee ranging from $100 for a basic plan to $700 for full-stack ad insertion, depending on the services you want. The site functions well if you create your own advertisements.
Midroll is the more established podcast advertising competitor. It gives access to advertisements from large firms such as HBO, Toyota, and Audible, among others, using the CPM (cost per thousand impressions) approach.
As you may have predicted, this platform requires high matching fees.
The following rates apply to Marc Maron’s WTF, which receives 550,000 downloads every week.
- 30 second pre-roll: $9,900
- 60 second midroll: $13,200
- 30 second post-roll: $5,500
The podcasting roster of Midroll includes notable podcasts such as The Bill Simmons Podcast, which receives 500,000 downloads per episode, and Neil deGrasse Tyson’s Startalk, which earns $300,000 per episode.
Megaphone is a platform for podcasting that belongs to the Panoply network. It has approximately 60,000 demographic and intent-based categories and excels in customized advertising. Utilizing Nielsen’s Data Management Platform, advertisers have access to industry-leading data.
It offers publishers a one-stop-shop for publishing, user metrics monitoring, DAI, sales, and distribution. Megaphone acts as a conduit between advertisers and podcast producers, enabling both parties to maximize their advertising budgets.
Networks To Increase Your Listenership And Exposure
After establishing certain income sources, the next step is to determine how to expand them. The goal is to comprehend your intended audience and position yourself as a gatekeeper.
You may join a variety of networks to increase the visibility of your podcast. Let’s quickly examine some significant actors.
Panoply The creators of Slate’s renowned, award-winning audio network have developed a podcast network.
The platform is supported by Megaphone’s portfolio of marketing, sales, and audience building services for podcast producers and media companies.
The network features content from HBO, The New York Times, and HuffPo, among others. Before being considered for membership, you must have at least 50,000 downloads per episode.
Gimlet Media is a digital media startup and podcast network established in Brooklyn that receives over twelve million monthly downloads from listeners in approximately 190 countries. You may already recognize them as the creators of the popular podcast StartUp, which is hosted by Alex Blumberg, co-founder of Gimlet.
Gimlet’s area of expertise is brand collaborations. Their internal media company, Gimlet Creative, assists in the production of integrated advertising campaigns and branded programs, such as eBay’s Open for Business and Blue Apron’s Why We Eat What We Eat. Google, Squarespace, Microsoft, and Spotify are just a few of the advertising partners they showcase.
VoiceAmerica is a staple in the internet talk radio arena. Their network provides material to millions of listeners in over 140 countries through eight branded channels.
- Health & Wellness
VoiceAmerica hires an executive producer to develop your program and its promotional materials, or you may submit your show for inclusion on their RSS feed for a fee. Your program may have a consistent time slot and be broadcast live on their network.
Wondery It claims to be a network of storytellers, and its material reflects this claim.
- The LA Times’ popular true-crime podcast, Dirty John, surpassed 20 million downloads earlier this year.
- American History Tellers, which recounts the tales that shaped the United States from the Gold Rush to the Space Race, has been downloaded more than three million times.
If you want to tell a fascinating tale, Wondery offers the qualifications, advertising representation, and reach you need to enhance your audience and visibility.
Good Content Is The Engine of Monetization.
I consider a podcast to be a medium for spreading your message to the public. To grow an audience, a strong engine is required, and that engine is exceptional content.
If quality content is the engine, how do you keep it running so that you can consistently produce great work? This is where sponsorships, advertising, and contributions come into play.
Now that you are familiar with some of the most prominent ad platforms and content distribution networks, you are prepared to take the initial steps toward monetizing your podcast.
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