Knowing Your Territory: Can You Make a Living Podcasting?

StrategyDriven Entrepreneurship Article | Knowing Your Territory: Can You Make a Living Podcasting?Podcasts continue to grow in popularity. As a result, there are many people who want to join the individuals who are already taking advantage of this new form of expression. From individual hobbyists who want to share an interest they have while supplementing their income to business owners who want to grow a new customer base and build their authority in an industry, podcasting offers a huge appeal.

While finding a Podcast publishing platform is an important step in this process, it is not the only step that must be taken. If someone wants to find success with a podcast, there are few other things to consider, as well.

How Can Podcasts Make Money?

One of the most effective ways for podcasts to make money is through advertisements. While it may take time to build an audience that will attract the attention of a potential advertiser, it is the best way to earn a profit.

Typically, advertisements are sold by CPM, or cost per mille. This is the fee for every 1,000 listeners. The average rates for podcast advertising are about $18 for a 30-second CBM and $25 for a 60-second CPM.

Usually, advertisement sales will occur directly between the podcast and brand or by using a marketplace or agency. The commission from an affiliated product or program is another common type of income stream for today’s podcasters. With this, hosts will mention products on their show and then give their listeners a custom discount link. After this, the podcast is going to receive a percentage of every sale that is made with a unique URL.

Instead of including advertisements, there are some podcasts that sell subscriptions to their show. This is done by keeping content behind a paywall. For example, there are some crowdfunding platforms that allow subscribers to select a donation tier to get different perks, such as access to episodes early or exclusive content.

Expanding a Podcast Audience to Attract More Advertisers

Today, podcasts are a sought-out way to advertise for brands. Even with the pandemic in 2020, podcast advertising revenue grew by 14.7%. With this in mind, it is clear that this is a great way to generate a new stream of income.

Even though advertisers are going to look at other factors, beyond engagement, interest group, demographics, and more, the size of the audience is still an important consideration. When someone is new to podcasting, they should focus on appealing to and expanding their audience, which is going to help attract more advertisers.

There are a few key components that need to be focused on to build an audience and establish a successful podcast.

Target Audience Considerations

It is necessary for a podcaster to determine who their audience is and keep them in mind during the process. Each time an episode is released, there needs to be a plan to market it. By knowing the target audience, it is possible to create content that will resonate with them.

When it comes to creating a podcast, there are more than a few factors to consider. Be sure to keep the information and tips here in mind to achieve the desired results with the podcast that is created, regardless of the subject matter or the industry that it is being created for.

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