A podcast is an audio show or series which can be downloaded or listened to online on websites such as Buzzsprout, PodBean and Simplecast. The podcasting market has seen exponential growth in recent years with approximately 150 million listeners each month in popular topics such as business, comedy and health.
Producing a podcast and growing a listener base requires a lot of time and effort but can be a super fun and exciting way to make money. Investing in the right equipment is crucial to producing a professional podcast. The minimum you need is a high-end external microphone, a computer and audio editing software. You can get all this for as little as £50.
Next, find your niche. Such a saturated market means a lot of competition. Make sure it’s a sustainable topic so that you can grow your frequent listener base and retain customers. Upload your podcast to as many platforms as possible. Bigger sites like Apple Podcasts and Spotify attract the most traffic but tend to take more significant cuts in commission.
Once you’ve established your podcast, there are several ways to make good money. If you’ve got a lot of listeners, sponsored podcasts are the most lucrative option. Brands will pay you to mention or endorse their products or services, based on the number of sales, downloads or visits that you generate. Selling tickets to live-recorded podcasts can also boost your revenue as well as listener engagement.