How Can My Podcast Make Money?
Firstly, you should ask yourself the question - 'Am I doing this podcast for fun, or to make money?', as it may very well affect your approach to the whole thing.
Yes, there are certainly ways to try and monetise your podcast, but you shouldn't try to walk before you run. To make money, you have to be popular, and to be popular takes some doing, so it is best to approach this with a sensible hat on, rather than a balaclava.
Sponsorship deals for podcasts are a particularly popular option when it comes to any monetisation strategy.
Before you get carried away with this idea, do bear in mind that new laws have recently been announced that mean you must make it clear if you are promoting a product, rather than trying to drop it into the conversation in a subtle way.
You may like to try and make money through your website through banner advertising from GoogleAds (AdSense), or by selling some merchandise to your fan base.
Another way to make some dosh is to go down the YouTube route, where adverts are displayed on your videos. However, before you begin planning your retirement, you will need to have many millions of views on YouTube for you to start making a noticeable income.
Fan Funding is a new feature that is being launched on YouTube, where your followers can donate a little money to say thanks for going to the trouble of entertaining them for free.
Making yourself an app has never been easier and many podcasts like to accompany themselves with gleaming apps, to allow listeners to easily listen to their podcasts and interact with them. Adverts on the Apps and a charge to download them may be worth investigating, although be careful that you don't put people off before they've even tuned in.
Paid Downloads and Donations
You could, of course, get people to pay to listen to your podcast, although that will immediately put people off, and if you are listed on iTunes, these downloads will always be completely free. Some podcasters get round this by offering the first part of their podcast for free, and charging if you want to listen to the second chunk.
A better way of approaching this whole charging idea might be to have a donations button on your website, in case anyone wishes to donate to your 'good cause'.
And once you are a podcasting expert or a YouTube sensation, why not write a book, or offer consultancy services? Whatever you decide, before you can make any money, you will need an audience.