What is Podcasting?
If you didn't know, podcasts are becoming wildly popular. It seems like everyone is creating one and for good reason. Podcasts are simply recorded audio that can be made available for anyone to stream or download from a podcasting application.
They have grown in popularity for several reasons. Creating one has become much more accessible to anyone and everyone with a phone or computer, easily uploading and distributing through different podcasting applications. Podcasts are also extremely versatile, allowing any podcast creator to develop relevant content to their audience in bite-size chunks or more long-form content.
The genre of podcasts can range from personal finance, business, health, organic eating, books, medicine, science, politics, religion, non-fiction, etc. The style of podcasting can be in an interview format, investigative, story, comedic, or even real-time response with listeners. The possibilities are quite limitless.
They also feel authentic because often the content created is not rehearsed or overly produced. It creates an environment for communities to form. It's like having your own radio station in the palm of your hands. With so many niches, regardless of how many podcast creators there are, it's possible to grow an engaged micro audience for any topic or even large audiences if your topic of choice is relevant to enough people.
How Does it Work?
How Do You Make Money?
Making money with podcasting is similar to making money with a blog; it's about getting people to read or listen to your content. Those eyes on your blog or ears to your podcast are your money makers and will generate income in two ways:
- Marketing other people's products
- Selling your own products or services
Here's how making money by marketing other people's products work:
- Advertising & Sponsorships - Podcasts can make money in and of themselves through sponsorships and advertising. You can charge companies for mentioning their service or products. You can usually have two to three sponsors per episode and the industry standard is a rate based on increments of 1,000 listeners. Fees can range from $15-$25.
- Affiliate Marketing - If a product or service is relevant to your audience and it's appropriate to mention in that episode, you can provide links to affiliate products in your episodes description. If your viewer clicks and buys from the link, you get paid an affiliate fee; basically a fee for driving traffic to a companies products or service.
Podcasts can be their own business or they can be an extension of your marketing strategy to promote your paid products. Here are some products that you can create and sell:
What Are The Pros & Cons?
- You own the content that you create
- Content produces residual income
- Creating a podcast has become easier to do
- Increases your brand awareness
- Improves customer engagement
- Requires creating consistent podcast episodes
- Lots of competing podcasts
- Takes time to build up a sizable audience
- Requires a large audience to make sizable income through sponsorships and advertisement
Estimated Startup Cost
Starting a podcast is relatively cheap but the cost of production can range from practically free to $5,000 if you want to produce high-quality products. Since most people already have a computer, we'll exclude that from estimated start-up costs. In reality, most people can start a podcast for less than $5 a month given that most people have a computer, a headset, and can use free recording and editing software. The only real cost of starting a podcast is hosting service, which can be found for less than $5 a month. However, below, we'll provide start-up costs if you want a high-quality podcast without breaking the bank.
Recording & Editing
Key Activities as an Podcaster
To have a successful podcast, you'll want to create consistent podcast episodes. The bulk of your time will be coming up with new content and recording them. If you're planning to interview guests, you'll also spend a portion of your time reaching out and following up. The rest of your time is spent editing and getting the word out on your podcast. That can be through SEO, social media, blogging, etc.
Below are our recommended programs from trusted providers.
By Colin Gray
Colin Gray is the founder of The Podcast Host and has been writing, podcasting & broadcasting, and teaching others how, for over 10 years.
The Academy is run by Colin Gray, Matthew McLean and the team at the Podcast Host. It's a place to learn the entire art and business of Podcasting. The Academy is here to guide you and help you take action.
In the course, you'll receive 22 in-depth courses, 100's of video lessons, dozens of hours of learning, live support sessions, free theme music, ebooks, checklists, sponsorship $ affiliate catalog, & more!