The podcast discusses the potential for making money through podcasting, including sponsorship and membership sites like Patreon. They highlight the success of a podcaster who turned their show into a business. The hosts also explore different methods of monetization and the value of co-hosting. They recommend two podcast shows, one about writing and another with an intriguing interview featuring a pickpocket.
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Quick takeaways
Making money in podcasting requires treating it as a business and investing time and resources into it.
Selecting relevant sponsors or advertisers is crucial for monetizing podcasts successfully, as seen with Tim Ferriss and Cal Newport.
Deep dives
The Challenges of Making Money in Podcasting
In this podcast episode, the host discusses the question of whether there is money to be made in podcasting. The answer, as she explains, is that there is money in podcasting, but not necessarily for everyone. Unless you are already famous or able to dedicate significant time and effort to your show, the direct income from podcasting itself is minimal. The host shares her personal experience of earning income indirectly through sponsorships and collaborations, as well as gaining clients through her podcast as part of content marketing. She emphasizes that making significant money in podcasting requires treating it as a business and investing time and resources into it, similar to any other entrepreneurial endeavor.
Sponsorships and Advertising Opportunities
The host discusses different approaches to sponsorships and advertising as a way for podcasters to generate income. She emphasizes the importance of relevance when selecting sponsors or advertisers, suggesting that aligning the products or services with the podcast's niche audience is crucial. She shares her own experiences with sponsorship offers, including some collaborations that worked well and others that didn't due to a lack of fit or excessive demands. The host also mentions podcasters who successfully monetize their shows through advertising, such as Tim Ferriss and Cal Newport, who attract advertisers due to their large and dedicated audiences.
Using Patreon for Income Generation
The host explores the use of Patreon as a way for podcasters to generate income. Patreon is a platform where artists, including podcasters, can set up memberships with different tiers of support from their fans. In return, podcasters offer special perks or content for their patrons. The host highlights Joanna Penn from the Creative Penn as an example of someone who effectively utilizes Patreon to engage with her audience and provide additional value beyond the podcast episodes. She notes that while Patreon may seem old-fashioned, it remains a viable option for creators who prioritize building a dedicated fan base and offering exclusive content to their patrons.
Today's show is all about, yes, whether you can make money through podcasting. Pilar has made a bit, but not proper money. She mentions Entrepreneurs on Fire, as the first show she heard was turned into a business. Do you remember that?
Sponsorship is also a common way for shows to bring in some cash, as well as through membership sites like Patreon. You can hear past guest Matt Gilhooly talk about how he uses Patreon in episode 35.
Recommended podcasts for today: The Creative Penn with Joanna Penn. It's a must listen for indie authors, but also interesting for any podcaster to hear the rapport that Joanna has with her audience during her solo sections. The Tim Ferriss Show, in particular this episode: https://tim.blog/2023/10/19/apollo-robbins/