With around 10,000 downloads per episode, a podcaster can rake in anywhere from $300 to $5000. But what if you haven’t hit that download milestone yet? Or perhaps you’re scratching your head, wondering how to kickstart your podcast monetization journey. Maybe you’re just hungry for more income opportunities. We’ve got you covered!
In this blog, we’ve gathered valuable insights from Mics to Millions to help you monetize your podcast like a pro—no matter the size of your audience. Let’s jump in.
#1 Charging guests a fee
Of all the ways to earn money through podcasting, this is potentially one of the most contentious. But there are a few things to consider beforehand because it can get a bit complicated.
According to The Regulatory Review, the Federal Trade Commission (FTC) regulates paid advertising content presented on podcasts and other online venues in the US. Although these regulations do not cover all content within podcasts, they require hosts to be fully transparent about any endorsements and advertising content. So if you have a guest on and they pay to be on the show, and you don’t make it clear that they’ve paid you to come on, you could be at risk of breaking these rules.
As a small podcast host, you’re unlikely to face the wrath of the FTC, but larger shows can attract negative attention if they don’t make this clear to their audiences.
#2 Live events
One of the greatest benefits of podcasting is that it can be done virtually from the comfort of your home. However, bringing your podcast into the real world through live events can amplify your podcast’s reach and bring in extra revenue.
Our previous guests, co-hosts of Hot Flashes and Cool Topic, Colleen Rosenblum and Bridgett Garratt did exactly this. They created Conversations With Prime Women, a live event designed to give midlife women a platform to meet one another and feel heard.
Their first Conversations With Prime Women event in October 2023 was so successful, they then followed it up with a second event in April 2024.
This type of revenue stream depends heavily on where you are in the world and where you can travel to. But it can be an excellent method for strengthening your relationship with your fanbase, expanding your network, and creating additional income from your show.
#3 YouTube
YouTube has emerged as a major player for podcast consumption. The renowned technology publication The Verge states that it has become the number one platform and even beats out Spotify and Apple Podcasts combined.
If you deliver your episodes in a high-quality video format, you can build a large following and earn revenue from this content on YouTube. And the best part, you don’t need to do any extra work to earn money, as YouTube inserts the ads themselves.
Here’s a clip from our interview with Danielle Collins, host of The Face Yoga Expert Podcast, and the creator of the YouTube channel Face Yoga Expert which has over 380,000 subscribers.
#4 Public speaking
Strong communication skills, captivating storytelling abilities, and a willingness to prepare and practice are all valuable components that make up a talented podcast host.
If you’re a host who possesses these skills and has what it takes to build an audience through podcasting, public speaking opportunities could be the next step to level up your business and revenue.
This is something that Megan Lyons, host of Wellness Your Way, did to expand her income. Here’s a clip from our interview with her where she shares advice for those interested in stepping into the world of public speaking.
#5 Affiliate marketing
When considering how to monetize your podcast, sponsorship and ads might be the go-to options. However, Omar Cumberbatch, the host of the Health Coach Academy, points out, “The math behind that is not even close to what you can make in affiliate marketing. And that’s one of the things that a lot of people may not be aware of.”
To illustrate this, suppose you have 2000 listeners per episode. With the average CPM for podcast advertising ranging between $18 and $25, you could earn $36-50. Yet, affiliate marketing offers the opportunity to surpass these figures. For example, promoting a high-ticket program valued at $1000 and receiving a 15% commission means that a single sale could generate more revenue than ads or sponsorships combined.
You’re also not limited to using affiliate links from people in your network, as you can find many businesses online that advertise affiliate programs that are easy to sign up for.
For example, in our recent episode with Anna Dearmon Kornick, host of the top 1% ranked podcast It’s About Time, she praised Descript, a tool that allows you to edit your videos and podcasts by typing, as the most important tool she recommends for podcasters. Since this is a tool our audience could greatly benefit from, we included an affiliate link in the episode description, and it was incredibly easy to get.
#6 Online courses
Online courses are a popular option for hosts with valuable information to share. One of their greatest benefits is that they are scalable, which means there is no limit to the number of people you can reach and the money you can earn.
In our interview with Wendy Valentine, host of the top 1% ranked The Midlife Makeover Show, she shared that, at the very start of her podcasting journey, she created an online course so that she had something to sell.
She now tailors all social media content to direct her audience to the podcast and uses the podcast to promote her online course.
#7 Book sales
If you’ve poured your knowledge and wisdom into a book, you can use your podcast to boost book sales and make more money. Your podcast can serve as a great promotional tool for your book launches. In fact, boosting book sales is the primary reason Dr. Mariza Snyder, host of the top 0.5% ranked Energized with Dr. Mariza, created her podcast in the first place.
And if you want to take this a step further and really amplify your impact for a book launch, Tracy Otuska, host of the top 0.1% ranked podcast ADHD for Smart Ass Women, advises guesting on other podcasts as the number one marketing strategy for promoting a book launch.
#8 Services and programs
If you’re looking to help your audience achieve an outcome in a more hands-on way than online courses and books, promoting services and programs could be the best option for you. This could cover anything from coaching to fully managed services.
Mics to Millions is a prime example of this. Here at PodWritten we offer fully managed podcast guest booking services to secure podcast interviews for our clients to help them gain visibility online, establish authority, and reach their ideal audiences. We use Mics to Millions to promote our offering in short, baked-in pre-roll ads that you hear at the start of our interview episodes.
If this sounds like a good fit for you, but you’re unsure how to create a product or service that your audience will want, Joe Sanok, host of the top 0.5% ranked The Practice of the Practice Podcast shared some invaluable actionable advice when he came on our show.
His ingenious method enables him to maximize his earnings by understanding what his listeners need before launching a product or landing sponsorship deals. The first step is to invite a select group of listeners for a 15-minute brainstorming session. During these conversations, he suggests you address the three key points: pain, product, and price.
This way, you can dive into the issues your audience faces, identify what their ideal solution looks like, and then mold the perfect product.
Additionally, one of the major benefits of promoting services over other forms of monetization such as sponsors and affiliates is that you don’t need a large audience to make money, you just need to attract a handful of clients.
#9 Physical products sales
It is estimated that 95% of purchases will be made online by 2040. You can jump on this bandwagon and earn extra revenue by selling physical products to your listeners using an online store.
We previously worked with a podcast host who is an excellent example of how to do this right. Kelly Smith, host of the top 0.1% ranked podcast Mindful In Minutes Meditation, increased her revenue by creating an online shop selling meditation scripts, card decks, and her books. You can easily set this up with an e-commerce platform like Shopify.
#10 Drive foot traffic to your store or practice
Podcasting can be a powerful tool to establish credibility and demonstrate your company’s core values, which enables you to catch the eyes of your audience and drive sales.
One of the prime examples of this is Lisa Smith, the host of Pretty Well. She says, “I live in a fairly small college town in Pennsylvania, Indiana, and I’ve had people come from miles and miles away because they heard my podcast. It’s really rewarding when people recognize you because of what you’re trying to put out.”
Similarly, Sheena Mannina, host of Raw Talk with Sheena, has witnessed firsthand the podcast’s ability to attract clients to her brick-and-mortar business. “It’s so nice to see that people make time in their trip and in their journey to come to see Raw Republic or to try and meet us, just by extension of having heard the podcast.”
#11 Paid membership tiers
You can add another stream of income by offering paid membership tiers. To give you an idea of what this might look like, your listeners pay a subscription and receive benefits such as early access to episodes, bonus episodes, subscriber-only content, and live chats.
The top 0.01% ranked podcast Making Sense uses this method to remain ad-free and relies entirely on listener support instead. The show, hosted by Sam Harris, offers paid members access to full episodes, with the free listener tier offering partial access to episodes, and subscriber extras that feature recordings from live events and guided meditations.
You can easily set up a membership offering using a service like Memberful for podcasters which enables you to offer exclusive content and membership perks to your most loyal listeners.
#12 Donations
As a podcast host, you’re providing a service and the culture of tipping applies.
Asking your audience for donations to help support the show can be an easy way to make money from your podcast without offering anything extra in return, other than creating great content worth tipping of course.
Mindful In Minutes Meditation, the podcast previously mentioned in this episode, has a donation option for listeners on its website and payments can be made via Paypal, credit card, or debit card.
Additionally, for the more tech-savvy listeners, there are options to receive donations via Bitcoin and other cryptocurrencies. A quick Google of “receive bitcoin donations for podcasters” will present a number of blogs walking you through how to set it up.
#13 Sponsorships
This list wouldn’t be complete without mentioning sponsors.
The most common measure of sponsorship is the CPM rate mentioned earlier. These ads are usually sold in the form of 30 to 60-second ads placed at the start, middle, or end of a podcast.
However, without high listenership figures, it can be difficult to earn good revenue from sponsors. To combat this, Katie Fogarty, host of the top 1% ranked podcast A Certain Age, created an intelligently designed sponsorship package.
Rather than settling for the conventional “Cost Per Mile” (CPM) for podcast ads, she decided to create her own unique sponsorship model.
With her episode-based pricing strategy, she offers a 60-second host-read midroll ad along with mentions on her social media channels and newsletter. Moreover, depending on the agreement, there could be added perks like exclusivity. Through this tailored approach, she has managed to increase her earning potential.
#14 Sell your podcast
While it is not commonly known, you can sell your podcast, and there are companies that will help facilitate this process.
For example, The Podcast Broker is an online service to buy and sell podcasts. If you’re considering selling your podcast and want to know more, they have a blog that covers many topics and questions related to buying and selling podcasts.