Earn Money by Podcasting

With the traditional radio industry decreasing (excepted to drop from a $21 billion>$15billion / year industry), there's been a steady rise in online podcasting. According to Edison Media Research, podcasting has grown at a steady rate in the last three years. From 2007 to 2008, Americans who had downloaded and listened to a podcast grew from 13% to 18%. Up from 11% in 2006. I am looking forward to the stats released for 2009...with even larger growth expected. This also tells me...the industry has not arrived - and will only continue to grow. Count on it.

What does this mean for you?
Podcasting is another medium you can either, leverage your existing audiance to create income, or, create an original brand from scratch to make money.

If you have an existing podcast...Congratulations. I hope you are making some type of "dough" with it. If not, keep reading and you'll find out how. For the ones who have no idea what podcasting is, or you just don't have one...also keep reading, and visit a site like Voices.com to find out all the ends and outs of getting started.

Right now I want to talk about making money with your existing podcast.
First, I want to say creating your own online podcasts is an awesome hobby to have. You can be opinionated, express your own views, and capture an audience...WITHOUT anyone looking over your shoulder. Well, Mark Twain (i.e Samuel Clemens) once said, "the goal is to make your vocation your vacation." In other words: have fun and get paid doing it.

Let us explore how:
# 1 - Join a Network: Just like capitalizing on traffic from your traditional site or blog, there are companies specializing in monetizing your podcast audience. A company like PodTrac will, "match up your unique content with equally unique advertising from your audience." You can also check out networks like, Mevio or Wizard Media , which specialize in the same thing.

# 2 - Build Up Sponsors: Instead of relying on a network to match advertisers with your audience...just do it yourself. It really does not matter what the subject is...there are sponsors willing to shell out good money to get in front of the right listeners. Here is a successful podcast I found called Pregtastic (they use Wizard Media)...hosted by pregnant woman; for pregnant woman. Folks, it can be doing. This is probably an example of a larger niche market...just like e-books....as podcasting grows, there will be one for everything. If a company is willing to throw out an ad on radio to target a general audience, they would be more willing to do the same for a more targeted market.

# 3 - Everyone Loves Free Stuff: If you charge for podcasts...I guarantee, if visitors could get a free "sneek peek," just to wet their appetite...they would be more apt to join. Pick one week or unit a month and do not charge. Offer a test drive of the show. Give something away free...a book, ipod, vacation (if you can afford it.) Then, let the visitor know you do the same thing on regular shows. Anything to entice listeners - even though your great content should do this.

# 4 - Just Flat Out Charge: You have the best podcast...and the world knows it. If this is true...dang it, make em pay. $19.95 / month, episode, year...it really does not matter. You got the goods? Charge an entry fee. I would not use the DeBeers model of creating product scarcity...however, the key is to not undervalue and practically giving it away. Know your audience and find out how much they are willing to pay.

# 5 - When All Else Fails...Beg: Just like NPR and religious stations, ask for pledges and donations. You have to pay the bills right? Well, there is nothing better than making your users feel guilty. I would not recommend doing this all the time. However, set up a PayPal donate link and watch the money roll in. Give a compelling story about how your show alleviates world hunger or saves the whales and you will be surprised how generous people can be. Just make sure you show really does those things. (Might wanna throw in a FTC disclaimer too.)

As I said before, this is a growing industry...you can be sure there will be more articles. Maybe even a podcast or two. Stay tuned!