Dear future/ up and coming podcasters, a lot of people seem to be wondering whether podcasters can actually make money with their podcasts from what I have seen while surfing the internet. It is important to note that one shouldn’t just jump into this platform for money.
But, can you actually make money with podcasts? Yes, you can make money from your podcast. Though you won’t get much or even any money at first, you will be able to make a revenue as your podcast grows bigger.
But how long will you have to wait before you start making money, and how much can you expect to earn during your first few months or first year? Do you earn as much as YouTubers do? To know that answers to all of these questions, continue reading this blog post.
Can you make money with podcasts?
Yes, making a revenue off of your podcast isn’t a hyped myth. It is real and one hundred percent possible.
However, This isn’t something that’s going to happen overnight. So if you are just hopping on the wagon because of the numbers that you have been hearing the top podcasters making, I highly advise you to quit now.
The road to having a successful and profitmaking podcast is long, tedious, and not guaranteed. So unless you are willing to put your heart and soul into it, and you are very passionate about what you are talking about, then take a bow and opt-out.
If you are passionate, hard-working, and speak in the future tense ( cause this is when you’ll start to reap the results of your hard work), then stay on board cause both of us are rowing the same boat.
It is important to know how the podcasting world works, so you can embed your plan and shape it a little bit to able to make it. There are so many ways for you to monetize your podcast, but that most popular method is by making your episodes sponsored.
This isn’t something that you can start doing right away, which is why money should be your only driving force for starting a podcast.
Sponsered episodes usually make money per thousand episode downloads, so unless your podcast is getting downloaded by a couple of thousands of people, then it is going to be very difficult for you to get sponsored.
Of course, there are other ways for you to make money, like by starting a Patreon. However, it is always recommended to have a bit of following and to have some episodes released consistently before you start asking your audience for donations.
But what exactly is Patreon?
Patreon is considered to be crowdfunding, a membership-based platform that allows the audience to fund your project on a per final product or a monthly bases.
Often, podcasters choose to upload their podcasts to Patreon without any sponsorships/ Ads playing for people who want to enjoy the podcaster’s content without any distractions or interruptions.
It is often recommended that the podcasters offer other incentives and bonuses as well to motivate the audience to subscribe to a particular Patreon page. I will be discussing how to monetize your podcast with Patreon in upcoming blog posts, so stay tuned for that!
How much money can you expect to make with a podcast?
If you already have a podcast that is a couple of months old and wondering when you are going to make some revenue out of it, then I am sorry to tell you that you still have to wait a bit longer.
Unless you are well known by a lot of people because you are a public figure, etc. then it might take a bit longer before you start making any money.
But if you now typically get four thousand downloads per episode ( which is impressive by the way, so congratulations), then you can start monetizing your podcast. Like I have previously mentioned, sponsors will pay you per one thousand episodes downloaded.
The average CPM range is between eighteen dollars and twenty-five dollars ($18- $25). CPM stands for cost per thousand episodes download.
So if you are releasing one sponsored podcast episode per month, then you are expecting to make between seventy-two dollars and one hundred dollars ( $72- $100). It is still isn’t much, but you will start making more as your podcast’s audience grows.
Also, the more episodes you produce, release, and monetize, the higher your revenue is going to be. If you publish a new episode every other week, both of which are monetized by the same sponsor, then you will be doubling the previously mentioned estimated revenue.
This means that instead of making between seventy-two dollars and one hundred dollars ( $72- $100) per month, you will be making between one hundred and forty-four dollars and two hundred dollars ($144- $200).
Release a sponsored episode every week, and you will be making even more money.
You will revenue is going to be somewhere between two hundred and eighty-eight dollars and four hundred dollars ( $288- $400), which is a decent extra amount of money to be made with four thousand downloads per episode per month.
You can always diversify your income by posting your episode on other platforms like YouTube and Spotify, but that is a topic that we can discuss in more details in upcoming blog posts.
Making money with Podcasts vs. Making money with YouTube
Some people are wondering which platform is better for their content, podcasting platforms, or YouTube. I have already talked about this in my Podcasts vs. YouTube series; however, I am going to sum up some of the most critical points in the next few paragraphs.
First, you have to know whether the subject and niche of your upcoming project is suitable to be in audio format. For example, if you want to showcase your day to day life, then you are better off with starting a channel on YouTube.
However, if your content is suitable for both audio and video formats, then it is better if you start by posting your content on a podcasting platform, build an audience there, master all of the podcast related skills, then modify and cross-post your content on other platforms ( like YouTube) as well.
To learn more about the Podcasts Vs. Youtube series, then make sure you check out my Podcasts vs. Youtube: What’s the Difference and Podcasts Vs. YouTube: Which Platform to Start With blog posts.
Let us say that every episode of your podcast is getting over ten thousand downloads per month. You have been working on it for almost a year, and you’re ready to cross-post your episodes on YouTube as well. How much can you expect to earn from each platform?
If you are releasing a new sponsored episode every week on a podcasting platform, then you will be making between one thousand eight hundred dollars and two thousand five hundred dollars per month ($1,800- $2,500)
If your YouTube channel has more than one thousand subscribers and you’re have earned more than four thousand hours (4,000 hr) worth of watch time during the past twelve months (12 months), then you can start making some revenue from your videos.
If you are getting fifty thousand monetized views per month, then you will be making between twelve and a half dollars and two hundred dollars (12.5- 200) per month. YouTube’s CPM is much lower than that of podcasts. The average true CPM ranges between ($0.25 – $4).
Of course, you won’t just leave your podcast as an audio playing on a static slide on YouTube. You will have to make some adjustments, but that is a topic for another day.
How much are some of the top podcasters making per month?
Top podcasters could be making between fifty thousand dollars and a couple of hundred thousand dollars (50K – 100K+) per month. The top five podcasters on Patreon are making between (52K- 130K+) per month.
If you want to learn more about that, then check out my How Much Money Do Podcasters Make blog post.
What platforms can I use to diversify my podcast’s revenue?
There are a lot of platforms that you can use to diversify your podcast’s revenue. These platforms include Patreon, YouTube, and Spotify.
How can I improve my podcast’s CPM?
The more your audience grows, and the higher the number of downloaded podcasts becomes, the higher your chances are for improving your CPM. The average CPM range for podcasts is ( $18-$25); however, top podcasters tend to have a CPM range of ( $25- $100)
How can I monetize my podcast?
There are many ways for you to monetize your podcast, but the most popular one is by getting sponsored. A Sponsor is going to pay you according to how many downloads an episode gets and by using a CPM. CPM means cost per thousand downloads.
That’s it for today’s post. You should now know that you can actually make with your podcasting.
However, it is not worth giving it a shot if you are not passionate about it because building an audience needs so much work. Also, boredom will be heard in your voice, which could drive your audience away.
If you have any questions regarding making money with podcasts, then feel free to leave them in the comments section below. If you have already started a podcast and you feel comfortable enough sharing your analytics with us for a case study, then email me at email@example.com.
I will be posting an in-depth blog post on how to monetize your podcast very soon, so stay tuned for that.
- How much money can you make podcasting?
- How much money do well known podcast make?
- How much do the most successful podcasts make per month/year?
- The Future of Podcasting: How Do Podcasts Make Money?
- How to make money podcasting in 2019
Till next time,