Many people are now going into the podcast sector, as the service is now in demand. Your podcast can fetch you a lot of money, but it could require some creativity and effort on your path.
To make money, podcasters use a variety of monetization strategies. Podcast sponsors are one option, as you’ll see in this guide. But for newbies in the podcast sector, your chances of getting a sponsor that pays well are small unless you’re already a well-known presenter. Podcast listeners will discover your content if you keep on concentrating on continuing to produce engaging content.
You’ll eventually enjoy the benefits of making money in Podcasts as your podcast becomes more popular and receives higher levels of engagement if you are patient and focus on the end goal, The excellent thing is that there are a variety of methods to make money from podcasting.
SpeedUp9ja explains how to make money from Podcast in Nigeria 2023.
What Is a Podcast?
Podcasting is the production and delivery of audio files via RSS feeds to users’ subscribing devices. In other words, users download the content to a mobile media player or computer instead of listening to or watching information from a video feed on the internet. After that, users can watch the video anywhere and at any time.
A podcast has to do with an audio discussion that has been recorded and made available for listening on a particular subject, such as commerce or travel.
Though a podcast can be available on websites, it can also be accessible on iTunes and Spotify. Podcasts now cover a wide range of topics, ranging from NPR news reports to recaps of the popular HBO series “Entourage”.
A podcast’s primary goal should always be for the benefit of its listeners. There are a variety of reasons why people subscribe to podcasts, including:
- Listen to updates and analyses of current affairs.
- Discover a new subject or sector.
- Enjoy the humor and riffing of the cohosts.
- Attend interviews with well-known or well-known guests.
- Listen to a story being told or an audio play.
According to a study that made researched on Podcast in December 2022, there are 152,596,784 episodes in Podcasts. According to the study, there are also 2,999,008 podcasts. Teenagers are the group of people who usually listen to podcasts. According to statistics, 11% of American teenagers listen to audio podcasts. That translates to almost 27 million individuals in actual numbers.
Journalist Ben Hammersley originally used the term podcast in an essay that appeared in The Guardian in February 2004. The word was named the word of the year by the New Oxford American Dictionary just a year later as a result of its quick transformation from a niche, tech-heavy activity to a mainstream medium. It is, however, questionable whether the podcasting medium has existed since 2000, even though the name “podcasting” was first applied in February 2004.
How Does Podcasting Work?
A podcast series typically has one or more recurrent hosts talking about a specific subject or current event. A podcast’s conversation and content might be either meticulously scripted or entirely impromptu. Podcasts mix complex and creative sound design with themes that range from cutting-edge science to slice-of-life journalism.
Numerous podcast services have a website that includes links, broadcast notes, guest profiles, transcripts, supplementary resources, comments, and sometimes even a discussion forum where listeners can debate the topics covered in the program. These services streamline the creation of RSS
feeds and keep every podcast episode in one place. Each episode of the podcaster gets listed on these feeds. Additionally, they can quickly add the RSS feed into podcast directories so that users can find them.
What Equipments Do I Need To Start Podcasting?
Whether you’re starting or you have been a pro in Podcasting, purchasing high-quality equipment has always paid out. For a podcast, audio is crucial, and when you provide listeners with clear, crisp audio, they will appreciate your content even more and recognize the top class of your production.
Here are the equipment you should get for Podcasting:
1. A Mixer
A mixer is essential whether you’re producing a record or playing background music. An example of such equipment is the Scarlett 18i8 Audio Interface.
The Scarlett 18i8 is an excellent choice for podcasts that want to record many sources simultaneously. The equipment has 8 analog inputs, plus four mic preamps.
2. A laptop
Getting a laptop will enable you to record your podcasts. A laptop will also help to contain your interview session
If you’re just getting started and searching for something more reasonably priced, Acer provides a good 15-inch laptop.
3. A recording room
When people can see what’s going on behind windows, a certain mysticism takes place that makes the podcast even more thrilling for hosts and guests.
So you need a place that is quiet, ideally a recording room with soundproofing, where you can set up the mic and other podcast equipment.
How Do Podcasters Make Money?
Podcasters make their money in the following ways:
1. Selling complementary products
Selling related products is another way podcasters make their money. This could be in the form of goods, training programs, advice, publications, or admission to live events. Podcasters don’t need to manage their distribution facility while selling their goods. Podcasters can mail orders to their consumers through a drop-shipping provider or a print-on-demand service.
2. Providing tiers of paid membership
Podcasters that have a dedicated and captive audience set up premium membership tiers. This is a guaranteed method for them to monetize their podcast. The fact that their listeners believe they are receiving personal access to rare content makes this an excellent choice for monetization as well.
Additionally, a membership program is an excellent method to maintain this freedom while still making money from their podcast for podcasters who prefer to be free of advertising ties.
3. Attending live performances and public speaking
As Podcasters’ fan base expands, they might get the chance to hold podcasts in a public setting. They invite their fans to a live recording of their podcast or an exclusive interview.
Some well-known podcasts provide their listeners with unique, unforgettable live performances. You may follow suit and make some money from ticket sales.
4. Joining a network of advertisers
Podcasters sign up for networks like Midroll, which offer podcast advertising, to make their jobs simpler. These advertising networks connect podcasters with possible sponsors and brands, saving podcasters the time and effort of doing the initial research.
5. Promoting their coaching or consulting services
Podcasters who have established themselves in the industry and proven they have what it takes can serve as a consultant or coaches to other aspiring podcasters. This will entail giving other podcasters guidance on how to develop, promote, and monetize their show.
How To Start A Podcast And Make Money In 2023
Starting a Podcast and making money out of it is quite easy. It has to do with “niching” down and identifying what the topics are for.
The steps include:
1. Select a Topic
Your podcast ought to have a central topic. It might be anything, from a significant global issue like changing climate to the most trivial topic ever.
Your topic has to be something you are passionate about if you are podcasting as a pastime or creative outlet. However, if you want your presentation to promote your company, the subject will likely relate to advertising your company.
2. Choose a Target Audience
You have selected a topic. The next step is to ask yourself who that topic is for. You should understand your audience’s demographics, needs, and purchasing power. In actuality, 90% of podcasters with better incomes have taken their time and analyzed who their podcast are intended for.
3. Select a Format
There are no set guidelines for podcast formats, however, you should find one that works best for you if you want to make money from podcasts.
Going solo, for instance, can be fantastic since you aren’t depending on anyone else. A consistent co-host may provide intimacy and dynamism to your podcast. Alternatively, a different speaker might provide new skills and information to each program.
4. Get your Equipment
Purchasing a high-quality yet reasonably priced USB mic is a typical way to get equipment, especially if you’re just starting. As you gain experience in podcasting, you can decide to upgrade later on with equipment such as XLR mics and digital recorders.
5. Lastly, get a Recording and Editing Software
Most recording software serves the same purpose as audio editing apps. You can use the software, “Audacity” to record your podcast. Audacity is free, but as a trade-off, it can be challenging for beginners to use.
How Many Listeners Do I Need To Make Money From Podcasts?
The listeners you have on your Podcasts are known as downloads, and you can start making money from podcasts when you reach 1000 views. When you have 5000 downloads, that is even better.
The 1000 listener mark
Sponsors aren’t yet attracted to your show if it only receives 1,000 downloads or listens per episode. But this doesn’t mean you can’t make money with 1,000 downloads.
The amount of money you will make is as follows:
- $100 per month in Patreon donations
- $150 in affiliate sales each month
- Monthly course revenues of $495
After calculation, the amount of money you’ll make will arrive at $745 per month. That’s a huge amount for a Podcaster who’s just starting. All you have to do is change your income model and expectations along the way.
The 5000 listener mark
As you keep on recording, your Podcast will hit the 5,000 audiences per episode mark. When you hit the 5,000 listener mark, you begin to have large listeners. With more than 5,000 listeners per episode, advertisers would come for you as a publisher.
This is not a guarantee, though. This is because many advertising networks favor shows with 10,000 listeners or more per episode, though this number may reduce if networks begin to compete more fiercely for ad space in the coming months.
You will begin to receive sponsorship offers if each episode has 5,000 downloads. You can charge roughly $20 CPM for advertisements.
The amount of money you can make with 5000 downloads are
- $500 per month in Patreon donations.
- Affiliate sales of $700 each month.
- $1200/month in ads.
- course revenues of $2475 per month.
After calculation, the whole amount will arrive at $4,925/per month.
How To Start A Podcast For Free And Make Money
There are so many various methods to make money from your podcast. They’re:
1. Become a member of a podcast ad network
Yes, even though professional podcasters employ this strategy, if you’re just starting up and attempting to stand out in a sea of popular podcasts, you should consider strengthening your DIY efforts with assistance from an ad network. Examples of such efforts include postings on social media and bulletin blasts. This can assist you in fast reaching your target market.
2. Request for contributions
Asking your listeners for contributions is likely the most straightforward approach to monetizing your podcast as a beginner podcaster. Through websites like Patreon or PayPal, loyal and helpful listeners can make contributions to promote your podcast.
3. Promoting content upgrades
A quick and free approach to making money from your podcast is by offering content upgrades like a printable cheat sheet or a special asset. The content upgrade must be relevant to the episode’s subject matter and enhance the listening experience.
For instance, if the topic of your podcast episode was “how to stop procrastinating,” you may provide a checklist or a practical plan of action to assist your listeners in putting your advice into practice.
4. Publish your podcast on YouTube
When you publish your podcast to YouTube, you turn it into a video and post it. You shouldn’t get worried if you can’t record a video as a beginner. You can just share the audio from your podcast with the video using the image from your podcast cover art.
5. Sell refurbished content
Ensure you get the most out of the time and effort you invested in making your informative and worthwhile podcast. To reuse your podcast episodes, try having a podcast transcription. Once you have your podcast transcription, you can convert it into an article and submit it for consideration to well-known media that can cater to your target audience.
Best Nigeria Podcast To Listen
Today, Nigerian Spotify users have access to m2 million of podcast titles. However, some podcasts specialize in portraying relevant yet humorous dialogues.
Some of the best Nigerian podcasts are listed below:
1. I said what I said
This Lagos-based podcast explores the experiences of the city’s youngsters. It is hosted by F. K. Abudu and Jola Jollz Ayeye. You can be sure that whatever is being discussed will attract your interest. It’s a fantastic way to relax after a long day while still keeping yourself with the daily happenings in Lagos.
2. Red Card
Dolly Akitoye is the owner of this podcast. The focus of the program is helping its listeners manage their interpersonal relationships. When appropriate, Dolly doesn’t hesitate to utilize her personal experiences to describe the complexity of love. Since its debut in January 2020, has covered a wide range of issues about dating and relationships, including how to spot problematic partners, grounds on why people should terminate relationships, and symptoms of toxic partnerships.
3. Cousins in America
Nemeze, who was born in Nigeria, and Ugo Omero, who was born in America, offer their perspectives on what it’s like to be caught between American integration, Nigerian culture, and adult perplexity at the age of “twenty-something”.
4. Naija Girl
The “Naija Girl” podcast is a Podcast show that presents the lifestyle, ecstasy, and difficulties of Nigerian-American women.
5. Under the Mango Tree
The Nigerian podcast “Under the Mango Tree” covers a wide range of topics, including relationships, sex, money, and other relevant topics. Furthermore, the information in this podcast is always accurate, and the show makes its listeners even more curious.
6. Mum’s Worst Day
Nicole Chikwe’s podcast show “Mum’s Worst Day” gives mothers a platform to express their experiences, things that didn’t go exactly as planned, and the fascinating tribulations that come with being a mother.
7. Road To 30 The Podcast
Dolly & Isaac from Lagos are the hosts of the podcast “Road to 30 The Podcast,” where they talk about the difficulties and thrills young people face.
How to create a podcast
Creating a new podcast is easy. To record an audio file, you’ll need to get the following podcasting tools
A Podcast microphone
To record audio, you’ll have to get a USB microphone. They are inexpensive and simple to use. You can also use the laptop’s built-in microphone if you have one. You should also take into account professional-grade recording tools, since your aim is to create a Podcast with high-quality audio.
For recording and storing audio, many smartphones have free audio recording programs, like Apple’s Voice Memos app.As said earlier, you can use the Free audio recording software Audacity. The app s compatible with desktop versions of Microsoft Windows, Apple macOS, and Linux. The features of recording app is seen in it’s ability to export audio files and use editing software.
After getting a recording app, the next thing is to get a hosting site. The allow you to publish your podcast. You can publish and distribute a podcast with the aid of platforms like Podbean, Spreaker and Podcast Websites.
Top seven richest Podcasters in the World
It’s essential to note that because podcasters’ earnings are private, nobody can ever be certain of how much they make. You can only learn about professional podcasters from what they reveal. Only the owners of the podcasts know how much money the make. Additionally, podcasts have expenditures just like any other business. It is impossible to tell how much podcast presenters pay to maintain their programs. The profit, which is the number that users worry about most, is therefore difficult to calculate.
Even while podcast A theoretically makes more money if it makes $10,000 per month and has $2,000 in monthly bills and podcast B earns $12,000 per month and has $8,000 in monthly expenses, their financial positions couldn’t be more different. It is important to break out their profit (the amount that the podcasters/hosts actually keep for themselves).
Here are some statistics regarding some of the highest-paid podcasters .
1. Joe Rogan Experience
The “Joe Rogan Experience” is the richest podcast in the world.Each episode of “The Joe Rogan Experience” brings in around $800,000. His show, which is programmed to run at 3 episodes per week, generates $9.6 million per month. On YouTube, Joe Rogan earns an extra $16,500 to $264,00 each month.
2. Chapo Trap House
“Chapo Trap House” has 32,874 downloads each month. The podcast makes $147,262 in revenue.
3. Pat Flynn’ Smart
Pat Flynn Smart, the podcaster, has two podcasts. Although his most well-known podcast doesn’t have any commercials, the two of them together bring in more than $100,000 each month in affiliate income.
4. Last Podcast On The Left
“Last Podcast On The Left” has about 11, 290 listeners. No wonder the Podcast is able to make a make a monthly average amount of $53,958.
5. Tiny Meat Gang
The “Tiny Meat Gang” has 10, 638 listeners. The Podcast makes $51, 199 per month.
6. H3 Podcast
The “H3 Podcast”makes around $500,000 per month in revenue via commercials, YouTube, and Twitch.
7. The Ringer
“The Ringer” is the 7th richest podcast in the world. The Podcast makes over $15 million from adverts.
Making money in 2023 from podcasting isn’t a big deal. If you’re not still sure on how to make money from podcast, it is advised you look into and imitate the methods pro podcasters do their own. Moreso, don’t expect to make money from podcasting immediately. It takes time, your dedication, consistency, and availability of relevant equipments.
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