So, you and a buddy have been horsing around on the mic and you’ve noticed your listeners have been growing daily. Did you know you could get paid for your podcast? Revenue comes in two different forms: sponsors who pay for advertisement spots and listeners who pay for fee-based content. Here are three tips to get paid for your podcast:
Content Is Key
Your audience must be engaged with your podcast before anyone is willing to pay. The content should be quality, unique and serve a purpose. Using an experienced moderator, appropriate equipment and staying consistent can make a world of difference.
Sponsorships Must Be Strategic
If your podcast is about gaining media sales and you choose a sponsor called “We Hate Media Sales,” the partnership probably isn’t going to work out. Do your research and know your audience.
Sponsors Don’t Play Around
There are two main types of payment for sponsors. One option is cost per thousand (CPM). We know what you’re thinking. “What?! What does the M stand for!?” It stands for ‘mille’, a latin term for thousand. The other option is cost per acquisition (CPA). In other words, they’ll pay per click, sale, form submission, and so on. If you have less than a thousand engaged listeners, it’s going to be difficult finding sponsors.
Keep in mind, Podcast Insights found that there are 550,000 shows out there. Listeners have an abundance of options to choose from. No one wants to listen to 20 minutes of ads for 40 minutes of content and no one wants to pay for mediocre listening when they could hear better for free. If you think you’ve got an idea worth paying for, check out our podcast series that goes through an introduction to podcast, getting started equipment, and getting it to the world.