Video podcasts can be an effective way to build a strong connection with an audience, facilitate business growth, and reinforce your perceived authority in a specific niche. They can also generate a constant stream of income, especially if you put the right podcast monetization strategies in place.
Eduard Klein posted a list of YouTubers that make decent money and based on that list, a YouTuber can earn an average $2 for every 1000 ad views. That means a YouTuber with a million subscribers on their channel can easily pocket up to $2,000. But how do you make money from your podcasts? You may wonder! This guide will take you through 6 strategies to monetize your video podcast and grow your own video creator business.
1. Seek donations
The easiest way to generate earnings from a video podcast is to seek funds from people. Many fans and followers are willing to give out a few dollars to their preferred podcasters to make sure they’ll keep on getting quality content. This podcast monetization strategy is easy to launch and promote. You can use Patreon or integrate a PayPal button or set up a stripe account and incorporate a donation form into your own channel. Alternatively, you can start a GoFundMe campaign for a straightforward and user-friendly fundraising page.
2. Sell sponsorships
Apart from seeking donations, selling sponsorships is another simple and effective way to monetize a video podcast. The simple reason is that you don’t need to make or sell anything. Instead, you just need to strike a deal with a sponsor. The deal may involve you recognizing a particular company or organization as the sponsor either at the start or at the end of your show. It may also involve you talking about the products and/or services of your sponsor somewhere within your show. Earnings vary based on the number of people your podcast attracts. An increase in the number of listeners will translate into an increase in your revenue.
3. Partner with affiliates
Some video podcasters may find affiliate marketing easier to start than looking for sponsors. When you partner with an affiliate, you may have to promote a product on your show in return for a commission from the affiliate partner on each product sold. But most affiliate partners require podcasters to meet specific audience size requirements to qualify for hard cash. If you’re a beginner, the best you can get from affiliate partners is a store credit to their offerings. So it’s advisable to stay ad-free until your audience has grown to a level that you can secure ads that are not just profitable but also relevant to your audience.
4. Sell your videos online
With the rapid growth of the online video audience, now it’s the perfect time to embrace a video on demand (VOD) business approach. Website builder Wix or Video monetization platforms such as Uscreen allow you to create and start an online video streaming service using a VOD site and OTT applications. This enables you to earn a living by selling videos online and making one for real with a high level of flexibility and without the headaches associated with establishing a video streaming business.
5. Sell books and info-products
Selling books and a variety of info-products that resonate with your video podcast content can be a great way to monetize B2B and B2C podcasts. Since they’re inexpensive offerings, you’ll require a bigger audience to generate any significant earnings with this monetization strategy. The existing episodes of your show can provide valuable information that you can convert into books or info-products. For instance, if 50 keynote speakers have spoken on your show and you’ve assembled tons of actionable business tips, you can put that information into an eBook or even an online course.
Starting a podcast is one thing, but monetizing your video podcasts is a completely different thing. It takes patience, determination, hard work, and the right approach to generate earnings from your shows. The aforementioned five strategies will help you get started on your video monetization on the right foot.