One of the most popular questions that we get asked is 'Can I make money from my podcast?'. It's something that we've covered in another article, but it talks a lot about subscriptions.
In that article we mention a website called Patreon whereby you can create a subscription model for your podcast, where people can gain an incentive to subscribe to your podcast (such as early access, additional content etc) that will bring money into your business.
Well, the idea of the subscription model is no longer the domain of the Patreons of this world.
Spotify already have a subscription service for podcasters - using their podcasting creator hub, Anchor. It allows podcasters to hide their content behind a paywall, which creates an exclusive edge to a podcast. Or that's the hope.
Apple are relative newcomers to the podcast subscriptions model, but theirs seems to be the one that more people are interested in.
For starters, you don't have to be with a specific podcast host. As long as you have an Apple ID, then it's available to you.
So - how does it work, and how quickly can you start making money?
Calm down, calm down - we're getting to that...
Like we said, you need to have an Apple ID - essentially an Apple Account - and have your podcast registered with the Apple Podcast Creators site.
Then, it's a matter of deciding the level of subscription you would like. In the first instance, there are three levels - Free, Freemium and Paid.
Free - your standard podcast. Just like always, you listen to it and no money changes hands
Freemium - like Podcast Plus. So, this is where you will have additional content that is hidden behind the subscription. So, this could be as much or as little as you want - for as much or as little as you want. You decide. The basic podcast episode is still free, though.
Paid - nothing gratis here, I'm afraid. You pay a subscription, or you don't get to listen. It's as simple as that.
So - which level would suit you best? It all depends on what you've got to offer, how much of an audience you've got and what your ambitions for the podcast are.
For instance, if you are starting a brand new podcast for your business - we would recommend against creating a Paid subscription.
You are an unknown, so people aren't that likely to pay out for something that they know very little, if anything, about.
Even the most loyal person in your existing network would probably only subscribe for a short while, so what are the chances that a stranger will?
Freemium is a good place to test the water of podcast subscription, we think. Let's say that your podcast is one that offers business advice for SME owners. Now, there's already about 15-20 minutes of great, valuable content within each episode. So, how about offering an extra 5 minutes to those people who subscribe? That means that the people who DON'T subscribe will notice no difference, but the people who DO subscribe will gain some additional insights into your expertise; some extra value for their business
Of course, there are some things to bear in mind...
- What do you offer to those subscribers?
- How do you make sure that you make the extra content attractive, without excluding those loyal listeners that haven't subscribed
There is nothing worse for a podcast listener than being made to feel like we're out of the loop - or being excluded. So, whilst it is perfectly fine to outline your subscription options during an episode - just make sure you're not pushing the subscriptions down the throats of the unsubscribed listeners (remember what we've said about your business podcast being one big ad?) or making them feel that they're not as valuable to you, just because they've not paid you some money.
We think that, initially, the Paid podcasts will be the refuge of the famous podcasters (Ricky Gervais is already doing it with his Absolutely Mental podcast) but who knows where things will go next?
All we do know is that - we'll be here, right by your side, helping you put out the best content that you can.