"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.
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?