Is podcasting a lucrative business?
Monetizing a podcast is not as hard as it sounds, even though the money doesn’t come in as soon as you start a new podcast.
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In the past decade or so, podcasts have become popular. You must have listened to one or more that piqued your interest.
Podcasts date back to the early 2000s and come in several formats, from conversational, monologue, interview, educational, investigative, to roundtable and hybrid. Their topics range from money, relationships, and leadership to entertainment, comedy, and sports, among others.
Some well known podcasts in Kenya include ManTalk, Sandwich podcast, The Messy Inbetween, Financially Incorrect, Becoming CEO, and Cleaning The Airwaves.
In Kenya, podcasts are still niche, but they are becoming increasingly popular as content creators, influencers, and media personalities venture into this segment of creative content. So, this begs the question: Is podcasting a lucrative business?
So, how do you monetize a podcast?
There isn’t an exact figure for podcasters’ earnings because their earnings are contingent on several factors, such as podcast niche, advertisements, sponsorships, affiliate marketing, product sales, and the number of listeners.
Monetizing a podcast is not as hard as it sounds, even though the money doesn’t come in as soon as you start a new podcast.
This means that even if you have a library of podcast episodes that span weeks, you need to work to reach the level of monetization.
Here is what you need to do:
- Be clear on your subject matter. First things first, you need to know who you’re talking to. To monetize your podcast, you need to research your target audience and get crystal clear on what they want to know, then record podcast episodes that address this and also interest them.
- Follow a consistent posting schedule. The best way to build a connection with supportive listeners is to make it easy for them to tune in. You can have weekly, biweekly or monthly posting schedules to ensure your show becomes a regular part of a listener’s weekly routine.
- Grow your podcast audience. Traditional sponsorships tend to be out of reach for new podcasters because businesses are less willing to risk investing in a podcast without an established audience. The more people you have listening to your podcast, the better chance you have of getting sponsorships or even advertisements.
- Improve listener engagement. Monthly downloads aren’t always the highest priority metric when brands decide which podcasts to sponsor. Engagement rate, listener retention, and review ratings are all positive signs people listen to what you have to say. Only then can you sell branded ads and promote products.
Still, while starting out, always remember that what works for one podcast may not necessarily work for you.
Additionally, the best time to monetize your podcast is as soon as you’ve made it monetizable; this means as soon as you’ve got a loyal audience, a consistent publishing schedule, and feedback from your listeners.
Lastly, since most monetization models use automation to generate passive income, they’re perfect for podcasters who want to dedicate the majority of their time to podcasting and growing their audience.