Here are the 13 best methods to make money from Spotify Podcast. We have explained the entire process in this step-by-step guide.
Can You Earn Money From Spotify Podcast? You can earn money from Spotify Podcasts by sponsorships, advertisements, selling your products and courses, services, virtual events, and business leads. You can make around $10,000 to $15,000 if you have thousands of downloads per episode.
Spotify is a digital media services platform and provides an immense library of music, video, and podcast streaming.
Can You Earn Money From Spotify Podcast?
Spotify is the number one choice of podcasters and helps them to establish a successful online earning career. Podcasters can earn from Spotify through their monetization policy for the exclusive content creators.
In this article, we have added 13 proven techniques that will help you monetize your Spotify journey.
Sponsorships and Advertisements
Whether you are working as a full-time professional or have started your new career in this field, the best way to make good value through sponsorships. The sponsorships will be decided based on CPM and CPA.
CPM is a cost per mile, whereas CPA is a cost per acquisition. CPM is the amount that the sponsors will pay you per one thousand downloads of your audio episode.
CPA is the number of sales; businesses win as a result of your ad campaign.
Sponsorships are also based on your niche. Suppose your audio series is related to a favorite topic, and there is a massive demand for products related to that niche.
In that case, there are more chances to avail of sponsorship from an advertising company.
If you have established a known webcast, there is no need to worry about sponsorships because they usually target such content creators themselves, so the chances to succeed are multiplied.
Another source of income is through affiliate marketing. The affiliate marketing model is based on your commissions when a potential buyer purchases a product through your affiliate marketing link.
You should mention the product’s details in your audio episode.
When the audience clicks on the link and buys the product, your job is done.
The commission in your pocket and this commission is not only for the first time you will get the commission whenever you generate a sale.
Audible has a famous affiliate program, and many are using it. When someone purchases through a link, you get a commission of around $15 to $20 depending on the price of the item. You can make decent money by using Snapchat Filters.
Sell your Products
If you have a business having your products, you can also make value by selling them through your broadcast.
Some use different platforms where you can customize your products and will only be printed when someone buys the product. So an initial investment is not required to create the product.
You need to interview people of a particular niche who have plenty of experience and have so much to tell about their journey and success.
To access those people is never too easy; one must have good relationships with people within his network.
Some think that they need to interview those who have high status, but they do not focus on their niche.
The best idea is to keep your niche in mind and interview those who have specific field experience.
You have to prepare a high-value content for your webinar so that people engage with you and like your content. Simultaneously, you can also generate another income stream just by putting up some more extra effort.
What you convey through your telecast can also be obtained through a book, which is a fabulous idea.
Shortlist the key points discussed in your interview, add some more brief explanation, and you can sell this content in the form of a book.
If you are not a good writer, then you can also make an audiobook. You need to be a good communicator or a storyteller, have some good recording skills, and share your views in an audiobook. You can get also make a decent amount from using the Facebook groups.
When you get experience in a particular subject by doing interviews, you can share that knowledge through your program.
Online courses are a great source of learning these days where you get the best information in easy to follow steps and acquire the desired result.
You can create an email list to inform your audience about your course and your webcast series. You can share these on your LinkedIn profile and you can start making money from LinkedIn also.
Speaking is a great way to interact with your audience and improve your authority. If people like to hear you in an audio webcast, they will also like to hear you in a meeting or a conference.
Again, you can charge a speaking fee, ranging from a few hundred dollars to six figures. You can do the same on TikTok, people are getting good income from TikTok live.
Many telecasts related to entertainment can be monetized in this way. Patreon is a platform for accepting donations and helps you to get help from the audience in the form of undertaking.
You can start a series of exclusive episodes that will be available only to those willing to pay. These paid subscriptions will eventually generate a healthy source of income.
To reach that landmark, you must establish a good status of yourself in front of people, and your audience should be loyal to you.
The listeners must be crazy about your content and should be willing to pay for the premium episodes.
The paid subscriptions can be divided into different packages, i.e., weekly, monthly, and annual. The people will subscribe to the package which suits them the best.
The viewer can also be encouraged for the premium content by offering a one-month money-back guarantee. So that people are sure that they will not lose if they didn’t like the content.
Generate Business Leads
For example, suppose you run an audio webinar related to basketball, and your viewers also know that you run an online business about basketball accessories.
In that case, there are bright chances that your listeners will buy from you when they need to buy anything related to basketball.
It is another good idea to start making some cash; and many businesses are working on this business model, and they are quite successful.
Services can also be provided related to the content of your audio webinar.
If you are an expert in a particular field and are also running an audio series on that topic, you can again ask the audience to consult with you if they need any assistance.
You can tell people about content writing; you can also inform the people that they can contact you if they want your writing services for themselves.
This way, when your clients already know that you are an expert in that subject, it becomes easier to convert the listeners into clients.
This idea applies to many different industries. So you will create another source of income in parallel to your audio webinar series.
Coaching is another profitable way of using your audio series. When people are convinced with your expert level abilities, they can approach you for consulting.
Coaches or consultants in many fields like teaching, business, health care, fashion, pets, etc.
People will bring upon their queries, and you have to hear them and help them with the best possible solution. These coaching services will be paid, and you will charge a handsome fee from your clients.
Simple audio broadcasts can be changed into a great business opportunity through virtual events.
Many content makers have used their relationships and networking abilities to engage with experts in various industries and came up with worldwide digital conferences.
They host a webinar series featuring 40 or 50 guest speakers, and this way, they create a significant impact on their listeners.
Big names are coming on this platform every day, and you should also. So this is high time to create your own Spotify podcast and make a difference.