18 Ways To Make Money Podcasting in 2024 (Fit For Gen-Y)

From “The Joe Rogan Experience” to “This American Life,” we all love great podcasts, aren’t we? But what if I say that now you can also make money podcasting? Yes, there are several ways to monetize a podcast this year.

More and more people from all over the globe are now starting their podcasts on different platforms. And with more new players, lots of advertisers are also coming to this field.

But not every ad platform can fetch the right CPM for you. Besides, you also need to adapt to multiple earning channels to generate a steady income each month.

So, our editorial team has addressed all the issues regarding podcast monetization to offer a complete solution.

But before that, let’s clear some fundamental doubts first!

 

 

 

What Is A Podcast?

Before you know how to make money podcasting, you need to know what a podcast actually is! In simple terms, audio broadcasting on any online platform is called a podcast.

It is definitely one of the online jobs that pay $20+/hour, which anyone with excellent communication skills can try.

Ben Hammersley first coined this term in early 2004 in one of his columns at The Guardian.

He came up with this term while joining “iPod” with “broadcast” (yes, the podcast was first initiated for the iPod). And since that time, podcasting has witnessed immense growth.

According to new research, an average podcast listener spends around 5 hours a week listening to their favorite podcasts.

 

How To Structure A Money-Making Podcast?

Can you make money podcasting without properly structuring it?

No, you can’t! It’s story-driven content that should transmit empathy, emotion, and information simultaneously. Besides, it should also have the “WOW” factor to attract listeners.

You should design your podcast in such a way that it should have sufficient tension and suspense before it reaches a final conclusion.

And the steps should be the following.

• Step 1: Give a shock at the start to catch the attention of listeners
• Step 2: Build tension and suspense while revealing information
• Step 3: Create a smooth transition to a satisfying conclusion in the end

You need to understand that your podcast will only make money if you get a good number of listeners. So, plan your episodes accordingly.

 

How Do Podcasters Make Money?

There are several ways to make money podcasting in 2022. And believe it or not, podcasting has already become one of the best ways to make extra money this year, even if you do it on a part-time basis.

There are a lot of ways nowadays to monetize a podcast. However, most people mainly use just two methods. First, they earn revenue through third-party native ads.

And second, they make money through sponsorships and paid promotions.

With the recent rollout of platforms like Patreon and Tribe, many podcasters are now also opting for fan subscription models to generate a steady monthly income.

But yes, people are making money through affiliate marketing through their podcasts as well.

 

What Are The Highest-Earning Podcasts That You Can Follow?

Many people have already asked me how to make money podcasting this year. Trust me; podcasting is one of the six-figure-generating business ideas you can try this year.

But you need the right motivation, as podcasts can take a long time before it actually starts generating profit.

So, you need to follow the right podcasters that are earning a lot to get that added push. And the highest-earning podcasters are as follows.

• With 12 podcasts each month, “The Joe Rogan Experience” currently makes around $10 Million/month. He makes an additional $260k/month from YouTube.
• Founded by Bill Simmons, “The Ringer” now makes more than $15 Million/month just from podcast ads.
• Besides podcasting, “The H3 Podcast” has its presence on YouTube and Twitch. And he now makes nearly $500k/month on average.
• American political podcast “Chapo Trap House” now makes more than $150k/month from their podcast.

Besides these, other popular podcasts like the “Last Podcast On The Left” and “Tiny Meat Gang” now make around $50k/month on average.

 

How To Get More Listeners To Your Podcast?

There are several ways to make money with podcasting. But you do need a large audience base and a steady monthly listener to generate a handsome monthly income.

Follow these four steps to create dedicated audiences.

• Step 1 – Identify Target Audience: You need to understand and analyze your target audience properly and should make the content accordingly. While designing any website, keep in mind the demographic profiles and age groups of your audience.
• Step 2 – Provide Better User Experience: You need to make podcasts while prioritizing user experience. It is better to deliver some value through your podcast so that your audience can feel connected.
• Step 3 – Create Stunning Visual Appeal: From logo to studio design, you need to create your podcast stunningly beautiful to increase its aesthetical value. It will not only just look professional but will also create brand awareness.
• Step 4 – Collab With Other Podcasters: Yes, it is the same as S4S on Instagram. Let you and other podcasters mutually benefit from a single episode. You should collaborate with the podcasters with your own genre to merge the audience.

Besides these four, you should also use all other social media accounts of yours to market your podcast through each possible channel.

 

18 Ways To Make Money Podcasting In 2022

Although there are several ways to make money from podcasting, not every avenue is equally rewarding. So, our editorial team has tested several methods to filter the legit earning methods for you!

 

1. Exclusive Content

If you really want to make money podcasting, you should first consider creating exclusive paid content as your primary source of earning.

Many creators also provide BTS and backstage interviews as their exclusive content.

However, you can include almost anything you want, from RSS feeds to access to live Q&A sessions with the host and the podcast guest.

Many people also prefer to involve their viewers directly in their podcasts for a small fee.

You can go a bit more creative if you want to create a buzz with exclusive content. Just shoot the video of that podcast and ask your subscriber to buy the video for a minimal fee.

 

2. Subscription & Membership

When I first asked an excellent podcaster how you make money podcasting, her reply was just from subscriptions from her fans and followers.

Yes, most creators rely on a subscription model or a membership for their primary earning model from their podcast.

You may not have any idea how big this subscription model can go. Recently, Netflix generated $25 billion in annual revenue just from its subscription.

So, you can also adapt to the same model and charge a monthly or yearly subscription fee.

Many creators also prefer a one-time fee for lifelong access to their unique podcasts. You can also create a community and give your subscriber exclusive access to it.

 

3. Host Paid Events

Paid event is something where the podcast host conducts a session on a particular product or service. And in return, the company or the individual sponsor pays a hefty fee.

Believe it or not, most creators are also turning into this model nowadays. But yes, you do need excellent traffic potential for your podcast to get high-paying paid events.

It is better to approach a good brand or company for paid events if you have a follower base of more than 10K people.

Most companies also pay podcasters to bring some celebrity or influencer to the podcast. And that will further create a USP for your podcast if done right.

 

4. Advertising

If you want to make money podcasting like you used to do in blogging, you need to resort to advertising as your core revenue-generating model.

But yes, you do need a larger audience or listener base to become eligible for direct or native ads.

First, you need at least 10k active listeners each month on your podcast. And second, your podcast should have a high engagement rate.

Besides, many ad networks also prefer podcasters to have a decent social media presence on other platforms.

Midroll is the unsung leader in this industry that has been providing high-quality ads for podcasters for a very long time now. They also pay around $20 CPM for their pre-roll ad runs.

 

5. Affiliate Marketing

Although it is relatively newer than native ads or sponsored content, affiliate marketing has already established a place among the legit passive income ideas to try this year.

From website to YouTube channel, creators from different platforms earn with this model, and podcast is no different.

You may not believe it, but Michelle Schroeder-Gardner is currently generating more than $50K/month just from a single affiliate platform.

Besides, she has already made more than $1 Million just from a single blog post highlighting a single affiliate product.

Although platforms like Amazon and ShareASale offer excellent affiliate marketing opportunities, you can’t cross the $10k/month benchmark until you have the proper guidance.

So, Michelle has recently launched her free mini-course on affiliate marketing just for people like you.

After attending her free webinar on affiliate marketing, one of her students named, Saira Perl, implemented the strategies and witnessed 1500% growth within just five months.

She took her $270/month income to $5k/month just with the unique strategies developed by Michelle.

 

6. Launch a Website And Market it Through Podcast

If you still have doubt that you can really make money podcasting just from direct ads or sponsorships, you should take different routes instead.

And among those, launching a website and making it popular through your podcast can be the ideal option.

Let me tell you my own story. I started this finance blog with just a $100 initial investment. And now, I’m making more than $7k/month from this blog alone.

I’ve already shared my entire journey with the current earning proof in my latest monthly income report. And trust me, if I can do it, you can definitely do it too!

You primarily need just two things; a server and a domain name. You can get a dedicated server with 99% uptime from Bluehost at just $2.95/month, although most companies charge at least $10/month on average.

And secondly, you need a domain name that you can get for free. Just get yourself a hosting package and get a free domain name from Bluehost.

And once you have these two, you can easily create and launch your website by the step-by-step guide to set up a blog in less than 30 minutes this year.

 

7. Sell Your Voice As A Voiceover Artist

Podcasting primarily needs two things. First, you should have a great personality that everyone loves to talk to.

And second, you should have a great voice as this is mainly an audio-based work. So, it is no doubt that you need a Morgan Freeman-like voice if you want to make money podcasting.

But do you know that you can even work as a voiceover actor or become a guest of another podcast if you have a great voice?

Yes, voiceover is not just great for podcasters, but it is also one of the best avenues if you want to make money without a job.

However, voiceover is not only about the voice quality or texture; it is also about modulation. And on top of that, you need to have great marketing skills to get high-paying voiceover projects as well.

So to help people like you, one of the leading voiceover coaches of Hollywood, Julie Eickhoff, launched her free mini-course on voiceover acting.

Although most voiceover coaches charge thousands of dollars, this course is completely free for a limited period. So, don’t hesitate to book your slot now!

 

8. Charge Your Podcast Guest

Many people still have doubts, can I make money podcasting even after having significant traffic?

It is mainly due to their inability to apply for native ads or the lack of connection for sponsored content. But now, you can also try methods like charging your guests.

You do need a greater traffic potential and a monthly audience base to charge your guest. Most guests will only show interest if they also get a good profit from that podcast.

So, it is better to make the podcast popular and then implement this strategy.

But, always make an agreement between you and your guest for any monetary transaction. Besides, you need to take care of the taxes as well.

 

9. Email Marketing

It is one of the most advanced ways of earning money that is exclusively suited for seasoned podcasters.

And email marketing not only fetches money but also keeps track of your audience and their engagement with your podcast.

First, an active email list will strengthen your connection with your listeners, and you can also create a direct way to communicate with them.

And secondly, you can also push affiliate links and your own merchandise through that same email marketing.

But yes, making an active email list takes time, and it is also painstakingly arduous. So, it is better not to consider it the primary source until you gain enough expertise.

 

10. Sell Merchandise

Nothing can be more lucrative than launching your own merchandise and selling it online if you want to make money podcasting.

Selling fantastic merchandise not only creates a source of income for your podcast but will also create brand awareness.

From coffee mugs to t-shirts, from coasters to other swags, you can launch almost any merchandise you want.

But yes, it should adequately complement your podcast and should also evoke interest among your listeners.

There are several websites like Teespring and Redbubble where you can just upload your design, and they will take care of the rest, from manufacturing to shipping.

 

11. Write And Sell an eBook

Days are gone when people used to love the smell of a new paperback or hardbound book. Now, it is time for eBooks and digital versions of old classics that you can read on smartphone and kindle devices.

You may not know that there are now places to sell textbooks as well.

And if you talk about your own experience as a podcaster, you can document your entire journey in an eBook and publish it online so that your fans can purchase it.

There are platforms like Canva eBook Maker and The Flipping Book where you can easily design and create your eBook. And then, you can directly launch that in Amazon Kindle or Blurb.

 

12. Sell Courses

Let me shock you with a fact first; the online education industry is likely to cross $350 Billion in revenue by the end of 2025, according to a statistical report by Forbes.

And you may not know, but there are even websites to sell college notes online these days.

If you have an educational podcast and want to make money podcasting, you definitely need to make your own course and sell it online.

But yes, you need to make the course resourceful and interactive to create a unique appeal.

There are several platforms available nowadays, like Udemy and Thinkific, where you can directly publish your course. But yes, they do charge a small commission.

 

13. Sell Services

Selling a service can be time-consuming, but you can make the most money if done right. From life coaching to teaching podcasting, you can sell almost any service you want.

Just market your service with your podcast, and you are done.

Suppose you have a podcast on SEO; you can sell that same SEO service to clients from all over the globe as you have already proved your expertise.

And people will also tend to rely on your service and believe in your output if you already have a reputed podcast on that same topic.

But beware, the online industry is full of scammers and fraudsters. So, always get some advance before you start giving any service to an unknown client.

 

14. Promote Product Or Services

Most YouTube stars are now relying on promoting products and services as their main source of income.

And that formula is so widespread that YouTube had to include a separate segment for the paid promotions for their creators.

Podcasts are no different, as many podcasters are now relying on paid promotions. And if you also want to make money podcasting, you can implement the same method.

Keep your promotion charge on the lower side to attract clients in your initial days. And once you start getting a good response, you can gradually increase that price to generate a steady income.

 

15. Paid Consultation

Consultation of any kind is one of the low-stress jobs to try after retirement as you already have enough experience to guide other people.

And if you are a senior podcaster having that much experience, you should start giving paid consultations.

It will be even better if you already have a podcast about life coaching, self-motivation, finance, or anything vocational.

You can just ask people to pay for your advice and create a monthly subscription for long-term consultation.

Fitness, business success, and self-improvement are the three most sort-after topics that can fetch you the most money as an independent consultant.

 

16. Donations From Fans

Gone are the days when podcasters and content creators had to rely on native ads to earn.

Now, they can directly communicate with their avid fans and receive direct monetary support from them, all thanks to platforms like Patreon.

Getting direct donations from your followers has several benefits. First, it will create a steady income each month. And second, you can communicate directly with the fans to make them feel special.

Other crowdfunding platforms like Thunda Fund also assure this opportunity to budding podcasters and YouTubers. But yes, they charge a small handling fee on your total donation.

 

17. Become A Podcast Coach

There are many ways to make money podcasting that we have already discussed. But nothing can be as satisfying as becoming a podcast coach and guiding other podcasters to the path of success.

Although online tutoring jobs are immensely rewarding these days, becoming a podcasting mentor can fetch more money than you can possibly assume.

Yes, a typical podcast mentor can charge around $80 to $100/hour on average.

It is better to have your blueprint ready as a PPT presentation as it will be much easier to mentor and teach budding podcasters. You can also do it entirely online or offline, depending on your preference.

 

18. Public Speaking

Yes, I know that public speaking is not a cup of tea for everyone. I myself faced stage fears and almost broke down amidst a hall full of crowd.

But over time, I overcame this fear and tried to present myself in a good way in front of a full house.

If you are a good orator and have excellent communication skills, you should definitely try public speaking.

From motivational stories to life lessons, from podcasting tips to your own journey, you can speak about anything you want.

And if you have a reputed podcast, you can market your seminars and webinars through that. But yes, don’t forget to use your social media account as well to announce that.

 

How Much Can You Make From Podcasting?

Most budding podcasters and podcast enthusiasts primarily have just one question in their mind, and that is how much money you can make podcasting.

According to a new report by AdvertiseCast, the current CPM for a 30-second ad roll is around $18/1k listeners. And if it goes to a 60-second ad roll, it goes up to $25/1k listeners.

Besides direct revenue, podcasters also make money from their fan subscriptions through platforms like Patreon. On average, a typical fan pays around $5/month.

So, if you have around 10k active followers, you can easily bag $5k/month on top of your ad revenue.

Most podcasters also have their own YouTube channels. So, they earn from Google AdSense as well. Trust me; it is not very difficult to make around $10k/month just by podcasting.

 

FAQs

Do Spotify podcasts get paid?

Yes, Spotify does have its own monetization platform where credible podcasters can submit their creations to get membership benefits.

Although they didn’t have it initially, Spotify rolled out this feature after Apple announced its podcast-based subscription service.

Spotify now also has a similar subscription model.

 

Can you really make money podcasting?

Definitely, you can surely make podcasting. And there are several ways to do so. You can first try to get native ads and subscription-based revenues.

Besides, you can also collaborate with other podcasters or brands for paid promotions. You can sell your merchandise and goodies as well.

Many podcasters rely on affiliate marketing as well.

 

How much money can you make from a podcast?

According to recent estimates, you can make around $5k to $10k/month on average from a good podcast.

If you want to accept sponsored content and paid promotions, this amount can even be doubled.

If you get a 30-second ad time, you can easily earn around $18 per 1k listeners. And if you have a 60-second ad time, you can expect up to $25/1k listeners.

 

Is podcasting a profitable business?

Yes, podcasting is definitely a profitable business if you know how to do it right. First, you need to emphasize the content of your podcast to get more listeners.

And second, you need to implement several methods of earning simultaneously to generate a steady monthly income.

You should also make a YouTube channel along with your podcast to diversify the platforms.

 

Conclusion

So, these are all the legit ways to make money podcasting this year. But always remember, you need to have that USP to be successful in this field, as this industry is not for everyone.

Along with the right zeal, you should have a charming personality and a pleasant voice to become a great podcaster.

You should also improve your podcast. There are several great business books you should also read to implement the strategies in your podcast.

So, that’s all for today, folks. Happy podcasting!

 

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