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How To Start A Podcast And Make Money (2023)
Are you enthusiastic about making progress doing what your love and do you want to learn how to start a podcast and make money doing it? The time is now to start podcasting because it is less crowded and competitive than blogging.
Just over 2 million podcasts exist as of September 2022, while there are more than 600 million blogs! Depending on your objectives, you might start a podcast as a fun hobby, a side gig, or an immediate business. We’ll go through how to start a podcast in this article, along with the must-dos, don’t-dos, and money-making strategies.
The fun of podcasting is that it can be anything you want it to be: a pastime, a side business, or a successful enterprise. You might be shocked to learn that, with the appropriate approach, podcasting can bring in a sizable income. what is good news?
To begin turning your podcast into a company is not even all that difficult. All you need to do now is figure out how to use the thing you currently have. We show you step-by-step how to fast and efficiently monetize your podcast in this article.
It’s no secret that podcasts are becoming more and more common, and this trend is a fantastic method to engage your audience in a way that textual content just cannot. Here is today’s tutorial on how to start a podcast and make money.
What Is a Podcast?
For the uninitiated, a podcast is an audio program similar to Talk Radio that you can subscribe to on your smartphone and listen to any time you want.
A podcast is a collection of spoken word, audio episodes that are all concentrated on a single subject or theme, such as cycling or startups. With the help of an app on your phone, you may subscribe to the program and access the episodes whenever you want on your headphones, in the vehicle, or via speakers.
Although the term “podcasting” was first used in February 2004, it is debatable if the medium of podcasting has been around since 2000. Our article, When Did Podcasts Start?, provides a quick historical lesson.
In 2004, MTV video jockey and software engineer Dave Winer created the iPodder, which marked the start of podcasting. They were able to download internet radio streams to an iPod using this application. Real Simple Syndication Feed (RSS), a crucial aspect of podcasting, was also developed by Winer.
After the iPodder was made, additional programmers enhanced the basic concept. Podcasting didn’t actually have a name up to this moment. The name wasn’t even thought of till late 2004. Podcasting was first mentioned by Ben Hammersley in an article in The Guardian. Hammersley wrote:
“With the benefit of hindsight, it all seems quite obvious. MP3 players, like Apple’s iPod, in many pockets, audio production software is cheap or free, and weblogging is an established part of the internet; all the ingredients are there for a new boom in amateur radio. But what to call it? Audio-blogging? Podcasting? GuerillaMedia?”
How Podcasting Works
Understanding the importance of producing content (such as blogging) for your company and brand will help you appreciate the worth of podcasting. Making a podcast enables you to connect with a completely new target audience: those who would never discover or consume your long-form material otherwise because they prefer the audio format.
The number of podcast listeners has considerably increased in recent years. 57% of Americans over the age of 12 have listened to a podcast, and 78% of Americans are now familiar with podcasting, up 4.72% from last year, according to Edison Research’s 2020 report, The Infinite Dial. US weekly podcast listeners in 2020 listened to an average of six episodes each week.
How To Start A Podcast
To Start a podcast, here are a few things you need to do”
- Choosing a Topic & Name
- Show and episode format
- Cover art creation
- Intro & outro music
- Equipment selection
- Submission to Apple Podcasts (iTunes)
- Create A Social Media Profile/ Promote Your Podcast
1. Choosing a Topic & Name
Your podcast should be centred on a specific subject or market. Try to focus on a topic that isn’t so wide that you won’t appeal to your possible audience but that you can talk about for a lot of episodes (100+).
Although it may seem restrictive to focus on a certain subject or speciality, doing so will enable you to develop a following over time. Additionally, you will get greater credibility and solidify your position as your subject-matter authority.
2. Show and Episode Format
Many “experts” assert that particular lengths are ideal for podcasts. That’s just BS, and that’s the issue. You don’t need a 28-minute podcast as it is the typical length of a drive. Or less than an hour because people can’t focus for more than that.
There are podcasts that last five minutes and some that last six hours. Find a strategy that works for you and pursue it! You should try to avoid extending it past what’s necessary because you veered off subject for 15 minutes.
You also have the option to create a solo or group podcast; the decision is yours. You’ll need to plan how to do it well if you want to host your podcast with another person. In a similar line, you might need to start by reaching out to potential guests if you want to interview them for your show.
3. Cover Art Creation
Your cover art is the first impression most people will see as they browse through Apple Podcasts or their favourite podcast app. When you share your show on social media, it can also be the image that others view.
Buzzsprout has written an excellent article about designing cover art, so you should definitely start there.
4. Intro & Outro Music
When you first start a podcast, having a third party introduce you just increases your perceived worth, which is a terrific way to stand out. And also helps to cement your name in their minds.
5. Equipment selection
It’s highly likely that you can capture audio with your current computer, tablet, or phone. However, the majority of podcasters advise purchasing a dedicated podcast microphone for a better, clearer sound. Podcast microphones range in price from $20 to $10,000.
If you don’t want to or can’t afford to, you don’t have to pay for podcast editing software. If you own an Apple device, GarageBand is a fantastic free choice, and Audacity is available for free on all devices. In the alternative, you can spend more money on more sophisticated, expensive tools like Adobe Audition, Logic Pro X, or Hindenburg Journalist.
6. Submission to Apple Podcasts (iTunes)
If you want to reach as many listeners as you can, it is highly advised that you do this optional step. You can add your podcast to a directory to increase its discoverability. You must make sure you have one set up in advance because the majority of significant directories rely on your podcast’s RSS feed to confirm its legality and ownership.
The following are some of the more well-known podcast directories worth submitting to:
- Apple (formerly iTunes)
- Spotify
- Stitcher
- Audible
- Google Podcasts
- iHeartRadio
7. Create A Social Media Profile/ Promote Your Podcast
Typically, while launching a podcast, you should make social media accounts with the name of your show. While it may be enticing to set up profiles on several different platforms, it is important to think about which ones your audience uses most frequently and concentrate on those. This is due to the fact that social media can present a fantastic marketing opportunity—but only if you utilize it.
It’s time to promote your podcast once listeners can find and download it. You can choose to use a grassroots strategy, such as emailing direct links to your close friends and family, or you can create a paid social media marketing campaign.
Utilizing social media platforms like Instagram, Twitter, Facebook, and TikTok is a common way to promote your podcast. You can use your current accounts on social media to advertise your podcast if you already have a sizable fan base there. If not, you can make new accounts with the sole objective of communicating with your community and promoting the podcast.
Ways To Make Money With Your Podcast
With a podcast, there are various methods to earn money. There are some strategies you may use to your advantage without having a sizable audience, while others depend on demand and viewing to be effective.
It’s crucial for podcasters to have many money streams, regardless of the route they take. You’re more likely to face financial risk if you only have one source of income.
Here is a list of ways to make money with your podcast
1. Sponsored Ads (or Episodes)
2. Affiliate Codes or Links
3. Accepting Donations or Tips
4. Consulting or Coaching
5. Pay Wall Content or Memberships
6. Advertising Networks
1. Sponsored Ads (or Episodes)
It’s likely that you’ve heard a podcaster read through sponsored advertising if you’ve ever listened to a popular podcast. Some businesses will pay you to read a quick script about their product on your podcast.
While ads can be a very simple way to earn money, they frequently call for a larger listenership and comprehensive demographic information. By examining your listenership and download numbers as well as demographic data about your audience, businesses will want to make sure that your podcast is a solid match for their advertisement.
2. Affiliate Links
One of the best ways to make money with your podcast is to accept affiliate links. As a result of sponsored advertisements, companies that you show commercials for might also provide you with a special discount code that your listeners can use.
Then, if someone uses your discount code at checkout to make a purchase, you might get a small commission. To promote additional usage, you can advertise affiliate codes in your show notes and on social media.
3. Accepting Donations or Tips
A podcast requires time and work to run. You can simply request donations or tips from your listeners to help defray the costs of producing each episode. You can raise money by using websites like GoFundMe, Patreon, or Venmo.
When asking for tips or donations, try to be as clear as you can about how the money will be used, such as purchasing a new microphone for better sound or employing an intern to increase production, for example.
4. Consulting or Coaching
Your industry experience as a subject matter expert can be in demand in addition to the free advice you provide on your podcast. You can utilize your podcast to schedule consulting or coaching clients, or folks who want more individualized instruction from you.
5. Pay Wall Content or Memberships
Although most podcasts are free to download or listen to, there are ways to monetize them by producing additional episodes that are accessible only through a paid subscription. So, in order to access the extra content, a listener must either make a one-time payment or sign up for a premium subscription. Popular websites for hosting content that is only available to subscribers include Patreon and Buy Me a Coffee.
6. Connecting With Advertising Networks
A podcast ad network essentially serves as an agent for your show. Advertising networks have relationships with businesses and can help you take advantage of chances you might not have found on your own. After joining, some networks allow you to contact advertisers directly, while other, more expensive networks can make pitches on your behalf.
AdvertiseCast, PodcastOne, and Megaphone are a few instances of podcast advertising networks. Remember that you might need to meet specific criteria, such as a minimum subscriber quantity, in order to join an advertising network.
An additional way to make money with your podcast is by selling merchandise. You may look into selling branded goods that feature the logo, iconography, or catchphrases from your podcast depending on your branding and target market. Selling a planner with your logo or phrase on it, for instance, might be a significant source of cash if you have a podcast about getting organized.
Why You Should Start A Podcast
There are a number of great reasons to start a podcast, the most common of which include:
1. You want to build an audience. The most successful podcasts reach millions of listeners. A podcast is a relatively inexpensive way to build a following.
2. Envisaging on wanting to build credibility as an expert in your niche or industry.
3. You want another stream of revenue or income. Because podcasts are a more intimate medium, they can be a powerful way to sell your product or service. If you don’t have a specific product or service you’d like to sell, you may eventually be able to monetize your podcast by playing sponsored advertisements and earning money that way.
4. Want to build your network? Through podcasting, you can meet other people who are interested in what you talk about and can help you further your career or business.
5. You want to have fun. You don’t have to have a particular business or monetization goal in mind to start a podcast. You can record a podcast purely for your own enjoyment.
Can You Make Money Podcasting?
Absolutely. But let’s be clear—we’re not saying your podcast will become successful overnight. You must work hard to see results, just like with anything else.
Leveraging your personal or podcasting brand typically goes hand in hand with monetizing your podcast, both of which will be beneficial to you in the long term. You will be able to monetize your podcast in some form as long as you have a captive audience of some kind.
Conclusion
Starting a podcast may be very gratifying, but like any venture, it requires some early setup and hard work. Your podcast may be as emotionally and financially rewarding as you make it out to be with the correct goals and expectations.
Certainly, podcasting can be a profitable endeavour. The most popular podcasters earn millions of dollars yearly. Although not everyone experiences this. It requires a lot of effort, and not everyone can make a living from podcasting.
READ ALSO:
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