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Figures provided by Edison Research show that 51% of Americans over the age of 12 have listened to a podcast at least once. There are over 144 million podcast listeners in the United States
The increase in podcasting has been meteoric and shows no signs of slowing down. In fact, with the advent of new technologies and improved audio quality, podcasting will only become more popular in the coming years.
While some people view podcasting as a hobby, others see the medium as a way to make a living. It’s an effective springboard for social media managers, bloggers, and business owners to reach a wider audience. In short, podcasting is a mainstay for content creators that you shouldn’t miss.
Related: Podcasting is the new university
Podcasting as a major source of revenue is not a new concept. Some of the most prominent podcasters can earn up to $ 30 million for their programs, making them a full-time job.
However, there are still many struggling to make ends meet. If you are interested in turning your podcast into a business, there are several underwater stones to avoid. Here’s how to get started with for-profit podcasts:
Choose quality over quantity
When you first start, it’s easy to fall into the mindset that you need to record as many episodes as possible. More episodes means more listeners, right? Not necessarily!
In the early days of your podcast, it’s important to focus on quality over quantity. Sometimes striving at one point at a time can be more rewarding than devoting your efforts to too many episodes. Remember that a well-researched, high-quality podcast is your magnet for getting more listeners back.
Related: 4 Easy Ways to Get Mega-Influencers on Your Podcast
If you’re making money from podcasts, you need to start treating your podcast as a business. And like any business, you need to network and build relationships with other professionals.
Inviting guests to your program is one of the most effective ways to do this. Who will promote your program better than influential leaders in related fields? Inviting guests is a smart move. Dialogues can liven up shows, making them more fun and exciting. This way, you can access an influencer’s networks, reach a whole new audience, and open up new monetization opportunities in the future.
Applying sponsorships and live read podcast ads to your program is one of the most popular ways to make money through podcasting. In short, podcast sponsorship is the act of a company or individual paying to appear in another person’s podcast episode. The sponsor is usually given a predetermined time to deliver a message to the episode. Pre-roll and post-roll ads typically last up to 30 seconds, occupying 10% of the entire episode. Mid-roll ads, on the other hand, can last up to 90 seconds. However, as the industry grows, the average duration of integrated ads has become 60 seconds.
The cost of ads inserted into podcast episodes is measured in terms of CPM (Cost Per Mille), equivalent to 1,000 listeners or podcast downloads. Today, the average CPM rate for podcasts is $ 26 for a standard 60-second ad CPM. Rates may vary based on the number of listeners per episode.
Some basic calculations will help you quickly understand how much you can earn from advertising. Suppose you included two ads, each costing $ 26. As long as you have approximately 2,000 downloads per episode and can broadcast up to four episodes a month, two ads will bring you $ 215 to $ 322 in monthly revenue. However, the sky is not the limit, and your next podcasting revenue may be above industry standards if you implement the right advertising strategies.
Related: Podcast Advertising: Is Programming The Next Big Thing?
Summarizing the observations, once an obscure tool, podcasting has become a powerful means of marketing and content generation today. The results of sharing your voice with your target audience in an intimate and uninterrupted way are truly fascinating!
The main question in today’s discussion is: Can people record for-profit podcasts? The answer is a resounding yes! People are already making a fortune doing podcasts, and there’s no reason why you can’t be one of them. All you need is a good idea, high quality content and the drive to make it happen.