Is Podcasting Profitable 2024?

Perhaps you like talking too much or hold immense knowledge on a subject, or you simply want to have fun and find out the A to Z of podcasting, especially: Is Podcasting profitable?

No matter why the thought of starting a podcast has entered your mind, getting into this field can be fun, creative, and lucrative.

So keep on reading as we break down what a podcast is, how much you can make from it, how you can get started, and more.

Is Podcasting Profitable

What is a Podcast & Why Start One?

A Podcast refers to audio-only episodes wherein the host of the show talks about a certain subject or a topic.

This could be done to share immense knowledge about something, it could be interviewing people, etc. Podcasts range from a variety of topics, from current affairs to literature to crime, etc.

Here are some reasons to start a podcast:

  • You want to share your knowledge with the world.
  • You want to build a network or a community.
  • You want to create an additional source of income.
  • You want to simply have fun.

How Do Podcasters Make Money?

How Do Podcasters Make Money

Podcasters make money most commonly from ads based on the total number of people who have listened to the episode. This can be calculated by cost per thousand impressions or CPM rate, which ideally ranges from $20 CPM to $100 CPM and is calculated at a dollar per 1,000 listeners.

For example, if your podcast has 100,000 downloads per episode and you are being paid $25 CPM for the ad campaign you were running on that podcast episode. Then your total earnings would be 25 x 100 = $2,500 per episode.

How Much Do Podcasters Make on Average?

The thing about podcasting is that you need a ton of listners/downloads to make a considerable amount. For example, a podcaster with 10,000 downloads makes only $500-$900.

Here’s a table showing you how much podcasters make on different platforms with different number of downloads:

Hosting Platform1,000 Downloads5,000 Downloads10,000 Downloads
Castos$745/month$4,925/ month$13,450/month
BuzzSproutLess than $100/month$100+/month$1,000+/month
Captivate fmN/A$1,250/monthN/A
Riverside FmN/AN/A$500-$900/month

As you can see, relying on the total number of listeners and downloads will not make you that much money.

However, the good news is there are multiple ways to monetize your Podcast channel and increase your revenue. Keep on reading this guide to find out our top ways to make money from podcasting.

Is Podcasting Profitable 2024?

Is Podcasting lucrative

The short answer to this question is YES. But the longer one is a bit complicated.

First, it takes a lot of time and patience to build a podcast channel from scratch. However, if you are already popular, say, on Instagram, TikTok, etc., then it might be easy for you to gather listeners.

Secondly, if you are relying just on ads, then you will earn just a couple of hundred to a thousand dollars a month, which is not that impressive. You will need to build an audience first and then maximize your earnings in different ways, as shared in the article below.

So Podcasting is profitable, but it requires hard work and multiple marketing strategies for the best returns.

How Much Do Top Podcasters Make Anually?

We have seen how much money average podcasters make. Let us now look at the kind of money top podcasters make annually.

Podcaster NameYears of PodcastingAnnual Earnings
Joe Rogan14 years30 million
Karen Kilgariff & Georgia Hardstark9 years15 Million
Dax Randall5 years9 Million
Bill Simmons16 years7 Million
Chapo Trap Network7 years2 Million

As you can see, sky is the limit when it comes to making money from podcasting. However, you must also note that the top-earning podcasters have been in the business for years, and most were famous before starting their podcast channels.

Top 11 Ways to Make Money From Podcasting

If you want to start a podcast channel for making money, then here are some ways in which you can achieve this:

1. Join an Advertising Network

Join an Advertising Network

This is the easiest way to monetize your podcast channel. You can join an advertising network for podcasts such as WebFx, Midroll, RichAds, etc.

Such advertising networks connect you with potential brands and sponsors and save you from the hard work of finding them yourself.

2. Listener Support/Donations

This is another easy way to earn money from your podcast. You can ask your listeners to make any amount of donation for the hard work you put into creating content for them.

You can add your PayPal, Stripe or Patreon account to receive money for the same.

And if you are running your podcast on Spotify, which can be very profitable, then there is this Listener Support feature on the app that’s available in the U.S. Using that, your subscribers can make easy donations, and the best part is you don’t need to have a certain number of subscribers for it.

3. Sell Ads or Do Sponsorships

Do Sponsorships

This one works only when you have a large number of listeners. It should not be hard for someone with a large niche audience to secure a sponsorship deal.

But what does it mean to sell an ad on a podcast? This simply involves placing an ad before, mid, or after your podcast ends.

Mid-placement of ads is usually the most expensive because listeners are less likely to leave midway, and post-roll is the least effective in the same vein.

Even in this, there are two kinds of ads:

  • Pre-recorded: In this, the company that wants you to do an provides you with a pre-recorded ad; all you need to do is play it.
  • Host Promotion: In this case, the host of the show promotes the product by following the pre-decided ad script.

The amount you make from sponsors depends on the amount of downloads your episodes get. The rates usually range from $18 to $50 CPM. However, fairly popular podcasts can earn way more.

4. Offer Paid Memberships

Again, you might need a set number of listeners for this. For example, Spotify allows you to offer paid memberships after you have reached a minimum of 100 subscribers. So, depending on the platform you are using, this could vary.

Your loyal listers might be willing to opt for a paid membership for exclusive, premium, or personal content. This is a great way for you to monetize your podcast channel.

5. Create and Sell a Paid Course

sell e course

If your podcast channel offers something educational, then you can take this a step further and monetize your knowledge through your podcast channel.

For this, you can simply record and create a useful course, tell your subscribers about it, and sell it. If you have a YouTube or Instagram channel as well, then you can promote this course there to maximize your earnings.

E-courses typically sell for anywhere between $50 to $5,000. You don’t need a lot of buyers for your course. Simply a handful of them will make a noticeable difference to your revenue..

6. Syndicate your show to YouTube

You can also publish your podcast on Youtube by simply adding a cover image and adding the podcast audio as background. If you can add an animated or a well-recorded video related to the topic, then that could be a plus.

7. Repurpose your Content

Repurpose your Content

Repurposing means utilizing your existing content and making something new out of it. For this, you can share short clips of certain sections of the podcast for your listeners.

Or you can even transcribe a particularly amazing section of your podcast on a niche topic and pitch it to publications.

8. Affiliate Marketing

Affiliate Marketing is a form of marketing where a business offers commission or rewards to an affiliate for bringing customers to them. In this, the business only pays when the customer completes an agreed-upon action. This could be making a purchase, clicking a link, downloading, etc.

If you run a podcast where you might have the opportunity to persuade your listeners to purchase the product from the links shared, then that could be a great way for you to make money.

For example, if your podcast talks about books, then you can share your individual affiliate book links.

Similarly, a brand you have partnered with may ask you to share affiliate links to their product or service as well.

Some popular affiliate marketing places are:

9. Sell Merchandise

sell merchandise

Based on your podcast brand and logo, you can design different kinds of merchandise and sell them to your listeners.

For example, if you talk about self-growth, motivation, etc., then designing and selling a planner might be a good idea. The easiest way to do this without spending tons is via a Print-on-demand distribution model.

In this, you simply create an account on a print-on-demand platform like SPOD, Printful, Printify, etc. & upload your designs. Your subscribers can place an order for your merch, and a third party will print and ship the merch to your subscribers.

Utilizing Print-on-demand for this is a great way to automate your merchandise store without working on it full-time.

10. Offer One-on-One Consultation

If the kind of information you offer on your podcast can particularly help some people, then you may start offering one-on-one consultations for a good price. For example, if your podcast is about the stock market, then you can offer consultation services and make some good money.

11. Host Live Events For Tips

live events

Regardless of how big your audience is, you can do live events online and collect tips. And the best part is that live events can be attended by anyone living anywhere in the world.

So you can stream live on YouTube, Twitch, Facebook, etc. Some of these platforms, such as YouTube and Instagram, offer a tool to collect tips. Just make sure to offers something in return to your subscribers.

How To Start a Podcast?

Here are six simple steps in which you can start a podcast easily.

1. Select a Niche

Choosing a niche may seem like narrowing. However, this will help you focus on your content and build an audience in the long term. So, pick a topic that is broad enough for you to keep making content for a long time. Here are some points that will help you in picking a niche:

Research existing podcast channels

Before you jump into recording your first episode, do research and see what others are doing in your niche. You should find out if the niche you are eying is already crowded or if there is still a good possibility for you to stand out.

Identify your show’s format

You can be the host of your show; you can host it alongside someone; you can interview or invite different people to your show, etc. There is so much that you can do in terms of the format of the show. So, do your research and think about how you are going to host your podcast channel.

Define your audience 

The most important question to ask yourself before creating a podcast is to find out who this podcast is going to be for. Knowing who your ideal listener will be will help you in setting the tone and message of your podcast. For this, ask these questions:

  • How old are they?
  • What do they do for a living?
  • Where do they reside?
  • What are their problems?
  • What are their interests?
  • What platforms are they most active on?

2. Start Building your Brand

Now that you have chosen your niche, now it’s time to start building a brand. For this, you will have to think of a name for your podcast channel and come up with a poster, logo, or tagline.

You will have to think of how frequently you want to upload episodes, the kind of things you want to share, etc.

Additionally, you should create different social media profiles to attract more listeners and scale your podcast in the near future.

3. Set Up Your Podcast Account

Once you have figured out the above two things, now it’s time for you to choose a podcasting platform and set up your account. The podcasting platform you choose will largely define your audience and your earnings. So make sure you take your time with this and compare all the options.

Some popular podcasting channels include:

  • Spotify
  • Apple (formerly iTunes)
  • Audible
  • Google Podcasts
  • Stitcher
  • iHeartRadio

Once you select your platform, now it’s time for you to create an account and create your podcast page.

4. Get Your Equipment & Software Ready

Now comes the recording part of your podcast. Initially, you can use your phone or computer to record audio and then use good software to edit and improve the voice, tone, etc.

However, if you wish to have better sound clarity, then consider investing in a separate microphone. A microphone can range anywhere between $20 to as much as $10,000.

Audacity and GarageBand are two good options to edit your recording for free if you do not want to spend on software yet. And if you think editing is too much work, then you can hire a freelancer from platforms like Upwork, Fiverr, etc., to get this work done.

5. Recording your First Podcast

Atfer you have figured out your recording needs, now comes the actual task that is of recording. Get a script ready beforehand so that you know what to follow.

Don’t worry if you take a pause in between or make an error; you can always edit that later. After your first episode is ready, come up with a nice description and title to catch the attention of listeners and then upload.

6. Promote

If you think your job is done after uploading, then that’s not the case. How will you find listeners without promoting your show?

Share the news with your friends and family, share the link on social media platforms initially, and let your subscribers grow from there.

You can even run paid ads on Facebook, Instagram, etc., to attract more listeners to your podcast.

Is Podcasting Profitable: Wrap Up

Podcasting is a great way for you to create an extra source of income, and within podcasting, there are also so many ways to maximize your earnings.

However, growing into this field takes time and effort. So make sure you do your research properly and avoid niches that are already crowded.

We hope those who were eager to find out: Is Podcasting Profitable? have found their answer in this guide.

Is Podcasting Profitable: FAQ’s

Who is the richest podcaster in the world?

Joe Rogan is the richest podcaster, and he makes $75,000 to $100,000 per episode from his podcast channel “The Joe Rogan Experience.” Most part of this money comes from an exclusive $200 million deal he signed with Spotify, granting Spotify exclusive rights to his podcast.

Who is the richest female podcaster?

Alexandra Cooper, the host of the popular show “Call Her Daddy,” is the highest earning female podcaster in 2024. A majority of her income comes from a $60 million deal, a three-year Spotify deal.

Can you make money by podcasting on YouTube?

Yes, you can certainly make money by podcasting on YouTube. You can either repurpose your existing podcasts and share them in a different way on YouTube. Or you can create a Podcast channel on YouTube only, but in a video format, and make money from it. YouTube pays creators on the basis of ads that run before and during the show, and the pay usually sits around 39¢ per 1,000 views.

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