How the Money Works
Imagine having a podcast that makes $25,000 per month. For most podcasters, that's a dream come true.
In this issue, I've got a story (and number breakdown) of how one podcaster is bringing in this kind of cash. But I want you to consider something when you read it: there are a lot of ways to make $25,000/month podcasting.
I know plenty of people, not even popular podcasters who use their podcasts to reach the right people and sell training/coaching for that kind of money. And there are certainly authors who are leveraging the podcasts of others to do something similar via book sales.
The point is – you have a lot of options to achieve "podcasting success."
Need help? Here is how you can work with me.
But forget that for now, just keep reading this issue of Big Podcast Insider. And subscribe to the podcast to get the audio version of it. It includes "extras" I don't have room for here.
In the US? Call me at 615-488-4321.
Give Away 99% For Free?! Are You Crazy?!
"Monetize the 1%."
This is what a lot of people say. But is it accurate?
I've been thinking more about this over the last couple of weeks now that Apple has made it possible for podcasters to charge for their podcasts. Jack Rhysider set up paid subscriptions for his podcast, Darknet Diaries, and had 670 within the first 45 days.
After Apple’s 30% cut, he’s earning $2338 per month.
Not bad, but the free version of Darknet Diaries has around 300,000 downloads per episode. Even at a very-low rate of $10 CPM, he still makes more money doing things that way. And he almost certainly has more opportunities for non-advertising revenue, such as in-person appearances, endorsements, or his own products by doing things this way.
Of course, he can do both. And he is. He also has a Patreon account that currently has 5720 people and brings in $19,771 per month.
How much of your content should you give away? Here is what I know for sure...
If you don't have a plan to monetize what you do, it's easy to get caught up in a cycle of "give, give, give" without getting anything to sustain you in return.
That's not to say you need to charge for everything you do. As he says, "If you can’t get people to pay attention to your free work, you aren’t going to be able to get people to pay attention to your paid work."
What is your balance? I'd love to know. Hit me up on Twitter.
Steal these "email" ideas to grow your podcast...
If you're not using email to grow your podcast, you're missing out on a lot of listeners (and subscribers). And tools like SendFox (only $49 for life) have made it cheaper and easier than ever.
This article will show you how to connect with listeners via email, but note that everything mentioned here also applies to connecting with listeners via your podcast. For example, the "superissue" technique that top podcasts like The Jordan Harbinger Show have repurposed to immediately connect with new listeners and get them more engaged.
Also worth looking at: frequency. How often should you publish a new episode?
No time to podcast? Try this...
First of all, you've got the time, you're just not organizing it right. I find lots of "podcasters" with this problem are getting bad advice on Facebook rather than actually doing the work of podcasting.
To help you get organized, I recommend taking a look at Amazing Marvin, a simple (and flexible) task management tool.
For years, I used a program called Things. It's a solid program, but a couple of years ago, I gave Amazing Marvin a shot and I haven't looked back since.
You can try it this month free and, if you use the code TXPODCAST, you'll get October free as well.
Stop Procrastinating NOW! - 5 Small Steps to Take
Seriously, why haven't you started that new podcast you keep saying you want to do?
Obviously, a tool like Amazing Marvin can help you organize and manage your time, but in the end, whether or not you get anything done is 100% on you.
If you're ready to finish out the year strong, you'll find this information helpful in making that happen.
If you're curious about what I do, I've found the combination of an organized to-do list (this is where Amazing Marvin comes in and dedicated time (and timer) for uninterrupted focus on what needs to be done has been extremely beneficial. As an example, as I write this, I'm in a two-hour "cave" with nobody else around, all phones/emails off, and I'm focusing only on newsletter stuff. I do the same process for when I want to outline, record, or edit podcast episodes, work on a book, etc. It's not perfect and, like anybody, I can be distracted, but when that happens, I simply refocus myself on the work and get back at it.
Do you use WordPress? Get Wordpress Hosting for Just $99 (for LIFE)!
If you're like a lot of podcasters, you use WordPress as the backbone for your website.
Some interesting WordPress stats:
- 62% of the Top 100 (Inc 5000) fastest-growing companies in the US use WordPress
- Over 500 new sites are created daily using the free version of WordPress
- 70,000,000 new blog posts are published via WordPress every month
But while WordPress is free to use, you have to pay for hosting. Those costs are coming down considerably though.
Right now, for just $99, you can get WordPress hosting for life. This means that you may once and never have to pay again. It's a smart move if you plan to be podcasting for a while. And even if you keep the site up just a year, you'll still save compared to hosting companies like Host Gator and BlueHost.
The Wrap Up
Like this newsletter? Tell a friend...
My goal is to better empower podcasters to be more successful spreading their messages and make more money with their podcasts.
I'd love it if you'll help me spread the word about this newsletter by sending your podcasting friends to bigpodcast.com/newsletter.