There are many reasons that a person or business would start a podcast.
Although you may start one just because it’s your passion, you may looking to make money somehow (or wouldn’t mind if you did).
This will likely cause you to want to find the most profitable methods and techniques.
And since iTunes is one of the most popular podcast libraries, you may be wondering
Do you get paid for podcasts on iTunes?
The answer to that is No, iTunes does not pay you for your podcast content. However, you can make a lot of money with other means such as advertisements and affiliate programs.
If you are looking to make some money from your podcast, let’s talk about some common monetization strategies.
Common methods to make a podcast profitable
Podcasting can actually be a very profitable business venture. Especially if you are able to build a large following.
There are several ways that you can make money off of a podcast. And direct money isn’t the only way. If you have a business, a podcast can be a great way to build brand awareness and drive sales.
This is definitely the traditional way to make money on a podcast. If you have ever listened to a podcast, you are probably very familiar with the sponsorship ads that interrupt the show. One at the beginning, one in the middle, and one at the end.
With this podcast income method, a company or individual that offers a product or service that is related to your content (usually related) basically pays you for access to your audience.
Basic types of podcast ads
With podcast sponsorship ads, there are basically two types. Live read and recorded read.
A podcast host will integrate the ad into the podcast content naturally with a live read ad. It’s done in such a way that they pitch the product or service without sounding like an ad.
They may tell about how they have used the product or give a recommendation to try it out. The host usually has some flexibility in how they promote the product.
A recorded read ad is a little different. The advertiser will script out exactly what they want the podcast host to say. It may even be pre-recorded by the advertiser and not read by the host at all.
Selling a product or service
When it comes to any kind of online business, ads and affiliates are great ways to earn money, but nothing will increase your podcast i come selling your own product or service.
Your podcast subscribers actually feel like they know you. They listen to your voice and expressions constantly. And because it’s for a longer period of time, the connection they feel could be even more so than through say video.
That being said, your subscribers gain a trust in you the podcast host. If you provide amazing free content through your podcast, they are likely to purchase your product or service.
When you provide value to them, they want to support you.
There are many things that you could sell.
- Mastermind groups
- Physical Products
If your podcast is for your business, you can promote your companies’ products or services in the podcast. If they are listening, it is very likely that they could benefit from your services.
One of the reasons that this podcast income method can do so well is because you net all of the profit. It’s not a percentage like an affiliate program.
Speaking of affiliate programs, let’s look at how you can profit from them.
There are a couple of methods of making money through affiliates. Let’s look at both.
Guest’ products affiliate
A lot of times, the guests that you interview on your show are seeking to promote themselves and their own products or services. That’s the reason they accepted your interview offer to begin with.
If you have a large audience, you can negotiate with guests that will be selling their own products so that you make a commission. Sometimes, they’ll even give your listeners a special discount or some other super valuable offer.
Traditional affiliate marketing
Another way to boost your podcast income is via regular affiliate marketing.
Depending on the topic of your podcast, there are likely numerous affiliate sources.
For example, if your podcast is about small business marketing strategies, you could set up an affiliate account with an email marketing service provider.
Then, when you discuss email marketing in your podcast, pitch the email service provider you work with. This works very well if you get some kind of discount that you can offer them.
You should remember though that your listeners may not be near a computer or even pen and paper when they are consuming your podcast. They may driving, exercising, etc.
It could be very beneficial for them if you provide show notes for each episode. Include the main talking points, links to any referenced material, and links to your affiliate products.
This can also be a great way to grow your email list.
Another podcast income method is just by asking for donations. There are numerous platforms and methods of doing it.
To incentivise your listeners to participate, you could create some kind of premium content that they get access to. Or you could offer rewards for donation levels.
So, while iTunes does not directly pay you for displaying your podcast in their library, there are still numerous ways that you can make money from your podcast.
We talked about several of these – advertisements, selling a product or service, affiliate marketing, and just collecting donations.
You can use one or a combination to start increasing your podcast income.