Are podcasters secretly making millions?
Have you considered starting podcasting? The big question on everyone’s mind is whether you can actually make money creating a podcast. I looked into this topic, gathering insights from some of the industry’s biggest names, and got stories and numbers. Then I found a few surprising truths. So this isn’t just a Medium article; it’s a reality check and a roadmap to podcast monetisation for you. Let’s get into it.
First off, it’s easy to assume that success is all about downloads. More downloads, more money, right? Not so fast. Steven Bartlett, from Diary of a CEO, pulls in over $1.2 million annually, and while downloads play a role, it’s not the sole factor; we’d get into more details on this soon.
Jordan Harbinger, for example, makes consistent income with fewer downloads by leveraging platforms like Anchor. You can start small and still earn with podcasting.
Bartlett’s strategy? Direct sponsorships. Rather than using ad networks that take a cut, he reaches out directly to brands that resonate with his audience, like Huel and Fiverr. It’s not about landing the biggest brands but connecting with those who understand your listeners’ needs.
Pat Flynn, a podcast monetisation guru, reveals ways to earn beyond sponsorships. Affiliate marketing, where you earn commissions for product recommendations, is a top choice. Then there’s selling your own products or services, letting you create a direct value exchange with listeners. But Flynn takes it a step further with working in public, a strategy where you involve your audience in the product creation process. By sharing behind-the-scenes glimpses, you build trust and excitement, making listeners more likely to support you when the product launches.
Bartlett also thinks consistency is key. Treat your podcast as a habit you’re building with listeners; they should know when to expect new episodes, like a favourite TV show. He’s so committed to quality that he deletes episodes that don’t meet his standards — this speaks of his level of dedication. Mike Vestal’s idea of owning real estate in your listeners’ minds fits right in. Podcasts allow for in-depth, one-on-one conversations that build lasting loyalty, unlike the fleeting interactions on social media.
Monetization is not a transaction, it’s a relationship.
Podcasting’s unexpected perk is the relationships you build. Bartlett shares how he’s developed genuine friendships with guests through open, real conversations. It’s a reminder that podcasting is as much about building true connections as it is about making money.
Crowdfunding platforms like Patreon allow you to invite loyal listeners to support your work directly in exchange for exclusive content and perks. It’s about building a community and giving your biggest fans a VIP experience.
In today’s world full of content, you need to give people a reason to choose your podcast. Quality over quantity is the golden rule here. Bartlett and Flynn both emphasise crafting episodes that deliver value. Ultimately, it’s about creating something people genuinely want to listen to.
At its core, podcasting gives you the room to make an impact. Maybe you want to spark conversations, amplify marginalised voices, or raise awareness on important issues. Success isn’t just about dollars; it’s about creating an alignment between passion and purpose.
So, can you make money podcasting?
Absolutely, but it’s not an overnight success story. Building a successful podcast takes time, commitment, and a proactive mindset. Start by defining what success looks like for you. Is it building a small, loyal community, earning side income, or creating a life-changing platform?
Yes, podcasting can be lucrative, but the rewards go beyond financial. From helping you grow personally to community building, this medium gives you the opportunity to connect and inspire. So, grab that microphone, find your niche, and start building. The world is waiting to hear from you.
