One of the most common questions we receive after, "How do I launch my podcast?" is usually along the lines of, “How do I monetize my podcast?”

We get it. It's the common "next step" after you've got your show up and running. Besides the pure satisfaction and joy you experience from hosting your show, you want to know what comes next. You want to know if podcasts actually can generate money. And then, you want to know how podcasts generate money.

We can help you with answers to both of these questions. (We're pretty cool like that! 😜)

Because 1. Yes! You definitely can make money from a podcast.

And 2, as for the how, we cover 6 main ways podcasters can successfully monetize their podcast in this post: How Do Podcasts Generate Money?​

Check it out, and let's get that (money)ball rolling! 💰

But because we always want to set you up for success, we've got even more to offer you on the topic! Check out today's edition of The Founder's Corner, 👇 where Carli dishes up some expert, actionable, podcast monetization advice! 🤩 We've always got your back!

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Newsworthy

Some of our favorite reads this week...

Quick Links

• Congratulations are in order! 🎉 SquadCast joins Descript!
• Easily a Top 5 read from Tom Webster, Making a Podcast People Hate. 🫢
• Music and podcasts collide🎶 Evergreen Podcasts Partners With Osiris Media, Amplifying Music Storytelling Through Podcasts.
• And finally, YIKES! Audacy takes $10 million hit to leave ‘onerous’ podcasting deal with APM. 😳

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Founder's Corner

As promised, we're diving deeper into podcast monetization! But prepare for some real talk! Because, if there’s something I’ve learned over the last 8 years, it’s that if you are getting into podcasting just to make money, then you are making the wrong choice.

The simple fact is, many podcasters don’t actually monetize their shows in the traditional sense. Sure, there are of course many cases when individuals with pre-existing large followings launch a show and are hugely successful at monetizing. But that’s not the case for everyone.

So what are you not being told about podcast monetization?

Well, like anything worth doing, creating and growing a successful show takes time, dedication, and hard work! And if you’re willing to commit to the grind, then monetizing your podcast is certainly an attainable goal for the future of your show.

Let’s look at three elements for successful monetization.

1. Diversify Your Revenue Streams

This is a classic “don’t put all your eggs in one basket” scenario. Just because podcast ads and sponsorships are the most common ways to monetize your podcast, does not mean that your potential stops there. Definitely aim to explore other revenue streams.

These can include anything from merchandise sales, offering premium content subscriptions, hosting live events, crowdfunding through platforms like Patreon, and even offering exclusive content or early access to episodes for a fee.

And don’t forget to build your email list along the way so that you can create yet another avenue to explore.

2. Prioritize Audience Engagement

If you ask me on any given day what the most important aspect of your podcast is my answer will always be the same… your audience! As a podcast host, that is exactly why you are here; to create valuable and engaging content for your wonderful listeners.

Now, when it comes to monetization, really getting to know your audience can help optimize your strategy. Once you’ve built a strong community around your podcast it can lead to higher conversion rates for various monetization methods. Your loyal and engaged audience will become your secret weapon to success!

So get out there, and engage with your listeners through social media, your email newsletter, and even exclusive online groups where you can foster that sense of community and truly make an impact.

3. Broaden Your Horizons

Often times as podcasters we can get stuck in a box, labeling ourselves as just that - “a podcast host”. But I’m here to tell you to broaden those horizons! You are so much more than just a voice behind a microphone.

Extend your podcast’s reach and monetization potential by exploring trans-media strategies. So what does that look like?

This involves things like repurposing your podcast content into different formats, such as eBooks, online courses, workshops, or even collaborating with other podcasters or creators to create new and unique products for your respective audiences.

This approach allows you to tap into different audience segments and expand your income sources while continuing to build the brand image that is your podcast … You!

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Until next week...

Happy podcasting! 🎧

The Team at We Edit Podcasts