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how to monetize a podcast

How to Monetize a Podcast in 2024: 9 Ways to Make Money

One of the most common questions that comes with making a podcast is, “How do podcasts make money?” After all, while it’s entertaining for listeners, it should be profitable for you too, or else you won’t have the time, effort, or funds to keep the show going.

We say the show must go on! That’s why today, we’re helping you learn how to monetize a podcast in 2024 so you can connect with your audience in a way that’s fun and enables you to improve your return on investment (ROI).

Keep reading to learn more about some tried and true ways to monetize a podcast. Plus, get some insights into WebFX’s podcast advertising services that can help you promote your show and attract new listeners.

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9 ways to monetize a podcast in 2024

Podcasting is a great way to connect with your audience and show a different side of your brand that other advertising methods may reflect less. But while podcasts are fun, you need money to continue creating content for your audience.

Learn how to make money from podcasting with these nine tips:

  1. Accept donations
  2. Get sponsorships
  3. Sell ad spaces
  4. Advertise on other podcasts
  5. Start an affiliate partnership
  6. Offer exclusive paid content
  7. Create paid membership tiers
  8. Post your episodes on YouTube
  9. Sell show merch

1. Accept donations

One of the simplest ways to make money from podcasting is to accept listener donations and encourage listeners to show their support. Part of creating a podcast is connecting with your audience, and when you do it well, you’ll be surprised how many people are willing to show their support by donating.

Once you’ve created your podcast, include a link in your description where people can chip in to keep your show running. Drop a quick call to action (CTA) in each episode and ask listeners to donate through those links.

If you feel uncomfortable asking people for money, we get it. However, running podcasts takes time, effort, equipment, and money. Be authentic and transparent in your donation CTAs — let listeners know why you’re asking for donations, whether to keep the podcast ad-free or continue creating content they love!

2. Get sponsorships

Another way to monetize a podcast is to earn sponsorship deals. If you’ve ever listened to a podcast, you’ve likely heard the moment in the show where the host says something like, “This episode is brought to you by…” That’s a sponsorship plug.

Sponsors pay you to promote them on your show. How much they pay you will vary — sponsorship money depends on the advertiser and your show statistics, like the number of listeners. As your audience grows, your sponsorships will produce more money for you.

That’s great, but how do I get sponsors?

Great question! Below are some places you can visit to find sponsorship opportunities:

  • Adopter Media
  • Ad Results Media
  • AdvertiseCast
  • True Native Media

3. Sell ad spaces

Like sponsorships, you can make money from your podcast by selling ad spaces on your show. Ads often play at the beginning and middle of podcast episodes. Where sponsorships imply an ongoing relationship between the podcast and brand, ads are quick breaks in the show where an advertiser promotes their products or services.

If you want to start running ads in your podcast, you can join an advertising network, like Advertise Cast or Adopter Media. Advertising networks do all the heavy lifting, like helping connect you with advertisers, for a small fee. 

Read: 6 Podcast Ad Examples

4. Advertise on other podcasts

Along with getting people to advertise on your show, you can advertise yourself on other people’s shows. Advertising offers an indirect way to make money from podcasting. Invest money in podcast advertising to promote your show and attract more listeners.

Remember, the larger your audience, the more money you can make from sponsorship deals. Knowing how to promote your podcast can make all the difference in the money you make. 

WebFX offers podcast advertising services from digital marketing experts who know how to craft engaging ads that hook listeners. Through AdTechFX, a component of our very own MarketingCloudFX, we can help you secure targeted podcast ad placements that attract your target audience.

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5. Start an affiliate partnership

Affiliate partnerships are when you help sell another brand’s products or services in exchange for a cut of the earnings. Podcasts offer a unique link to the brand that listeners can use to purchase a product. When someone makes a purchase through that affiliate link, you’ll earn a set commission from the sale.

Like sponsorships, affiliate partnerships are a win-win situation for both parties — the advertiser gets air time, and you reap some of the benefits of those promotions.

6. Offer exclusive paid content

Moving away from podcast advertising options, you can monetize your podcast by creating and offering exclusive content that users must pay to access. Paid podcasting content may include:

  • Ad-free episodes
  • Extended episodes
  • Q&A sessions
  • Exclusive interviews
  • Live events

special podcast content; true crime obsessed the jinx

You can leverage this content to earn continued support from your loyal listeners who are eager to hear more from your show. Podcasts typically use platforms like Patreon to create and host this unique content.

7. Create paid membership tiers

Another way podcasters earn money for their show through exclusive content is by offering paid membership tiers. Subscriptions generate continued monthly support from your listeners in exchange for regularly published exclusive content.

Paid memberships are great ways to earn consistent income from your podcast, which is immensely helpful if you want to turn your podcast into a full-time gig. They also help you build a stronger connection with your listeners and increase brand loyalty within your audience.

patreon podcast membership tiers; the watcher

Patreon is a popular platform podcasters use to offer their paid membership tiers for listeners. Once someone subscribes, they get instant access to content available within that membership tier and can listen to new content as it’s released. 

8. Post your episodes on YouTube

While podcasting is an audio-focused medium, you can repurpose your episodes for YouTube and monetize them with YouTube Ads.

Doesn’t posting videos on YouTube defeat the purpose of a podcast?

You may think that, but get this — 33% of Americans used YouTube to access podcasts in 2022, making it the most popular platform for podcast consumption. The music-streaming app Spotify came in second, with 24% of Americans using it to listen to podcasts. Crazy, right?

podcast episodes on youtube; the friendship onion

Whether you post video recordings of your podcast sessions or just the audio, making your content accessible on YouTube gives listeners a new way to interact with your content and share it on other platforms.

9. Sell show merch

Our final tip on how to monetize a podcast is selling show merch. Are your listeners extremely dedicated to your show? Do you have running jokes or popular quotes featured in episodes that listeners love? Create podcast merchandise and let listeners wear their support for your show!

podcast merchandise; morbid

Selling show merch creates a direct revenue line for your podcast and can increase your show’s visibility. Merch allows fans to connect with other listeners, show their loyalty, and act as walking advertisements for your podcast.

Once you’ve created merch, you can link it to your podcast’s page and promote it on social media to garner more attention for your show.

74% of people use social media when making a purchasing decision.

Make their decision easy with a stellar social media presence. See how your brand can level up by requesting a no-obligation proposal today.

One of our experts will be in touch within 24 hours!

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Start advertising your podcast with WebFX

WebFX is an award-winning digital marketing agency with 25+ years of experience helping clients develop custom digital marketing campaigns that drive results that matter. We’ve witnessed the evolution of podcasting and can help you navigate the ins and outs of creating and promoting your podcast.

Ready to start podcasting? Contact us online or give us a call today at 888-601-5359 to learn more about our podcast advertising services.

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