What’s one of the best ways to monetize my podcast? That’s the everlasting million-dollar query.
Or a minimum of the full-time revenue query.
I’m certain I don’t have to inform you there are many choices for earning profits out of your podcast, from advert sponsorship to internet online affiliate marketing. However one monetization choice that’s hovering in recognition with each listeners and podcasters is podcast subscriptions.
On this article, I’ll stroll you thru why podcast subscription is taking off proper now, easy methods to assess what subscription might do on your present, and easy methods to get began with constructing your personal podcast subscription program.
What Is a Podcast Subscription Program?
A podcast subscription program takes premium audio content material and places it behind a paywall. To entry that content material, listeners pay a price—normally a month-to-month recurring price.
While you’ve already finished the exhausting work of build up a present that folks worth, subscription lets you monetize your true followers and give them extra of what they love.
Your free present continues to be your advertising and marketing engine, serving to new listeners uncover you.
The variety of individuals listening to podcasts continues to develop, together with the variety of people who find themselves keen to pay for additional content material.
Near twenty million People pay for podcasts proper now, and 25 p.c of those that have by no means subscribed stated they’re probably to take action within the subsequent 12 months.
We see the proof of subscription’s recognition daily at Supercast, with podcasts starting from information exhibits and well being podcasts, to popular culture critiques and children tales, all constructing thriving companies on promoting additional content material to their listeners.
What Are the Benefits of a Podcast Subscription Program?
Out of all of the methods you can also make cash out of your podcast, subscription has a variety of vital benefits.
- You don’t want an enormous viewers to get began. We’ll dig into viable numbers within the subsequent two sections, however in comparison with promoting, you’ll be able to undoubtedly get began with subscription sooner.
- You don’t want a gross sales staff or to be continuously pounding the pavement for advertisers. “I like my [subscription] income. It’s a lot much less of a problem,” says Michael Brandon, creator of the Get Sleepy podcast. “Coping with advert gross sales is an actual slog.”
- It’s dependable, recurring income, so planning for your online business (and your life!) is far simpler.
- Subscription helps you construct a deeper relationship along with your viewers when you’re incomes income.
- Subscription can simply be mixed with different monetization methods to diversify your income—or it will possibly help you totally by itself.
When Does a Podcast Subscription Program Not Make Sense?
We’ve already established that you simply don’t want big viewers numbers for subscription to make sense, however you do want some listeners. In case your present is kind of new and the viewers very small, it’s most likely not the precise time to supply a premium program.
What’s too small? It varies relying on the subject and the viewers engagement, however an excellent rule of thumb is to have a minimum of 1,000 distinctive listeners for each episode earlier than you take a look at including subscription. See the subsequent part on how a lot cash you’ll be able to earn for element on why.
How A lot Can You Make With a Podcast Subscription Program?
As with all query about revenue potential, the reply to how a lot you can also make is an enormous “it relies upon.” There are three important issues it is dependent upon:
- The dimensions of your viewers
For the very best concept of your podcast viewers dimension, take a look at the variety of downloads you get per episode within the first thirty days of the episode’s launch. Even higher is that if the info could be filtered to distinctive downloads—some podcast hosts present this quantity.
- Your conversion fee
Your conversion fee displays how effectively you’ll be able to convert free listeners to paid subscribers. We’ve discovered that the majority podcasts can count on a conversion fee between 2 and seven p.c. The place you fall in that vary is influenced by how engaged your viewers is. Avid followers who’re interacting with you and asking for extra content material will land you on the larger finish of the size.
- The value of your plans
Clearly, your plan value issues tremendously. It’s going to take a very long time to achieve sustainable revenue at $1 or $2 per 30 days per subscriber. Nearly everybody struggles with asking for larger costs—however it may be finished. Give attention to the worth you’re delivering and cost accordingly.
Now that we all know the three numbers we’re working with, a tough calculation of how a lot your podcast would possibly earn with a subscription program is fairly simple:
Viewers size x conversion fee x plan value = potential income
Let’s say you could have an viewers of 5,000 free listeners. You choose a 4 p.c conversion fee as a result of it’s proper in the course of the vary. And also you suppose you’ll value your preliminary plan at $10 per 30 days. Your calculation would seem like this:
5,000 x 4% x $10 = $2,000
On this estimate, you’d be making $2,000 per 30 days from subscriptions. Not too shabby—and it involves you each month.
However Isn’t a Subscription Program a Lot of Work?
Many individuals imagine that operating a podcast subscription program is time-consuming and onerous. The reality is, it may be—nevertheless it doesn’t need to be.
It’s all about being sensible with what you provide, and discovering a stability between what your listeners need and what you’ll be able to fairly produce.
Listed below are just a few examples of low-cost, low-lift bonus content material that add tons of worth for a supporter:
- Early entry to common episodes
- Advert-free episodes
- Outtakes, bloopers, and “off the mic” chatter
- Supporter shoutouts
- Ask Me Something episodes
Podcasts Making Full-Time Income for Their Creators
The Get Sleepy podcast affords meditations and calming tales to ship you into slumber. Creator Michael Brandon and his staff have chosen to maintain subscription easy: They affords one plan, with choices to pay $5.99 month-to-month or $49.99 yearly.
The subscription is full of worth together with a weekly bonus episode, prolonged meditations, reductions on merchandise, and extra. Listeners have been snapping them up—and that’s no snooze!
The Nervousness Coaches Podcast
For greater than 5 years, coach and nutritionist Gina Ryan has been serving to individuals handle their nervousness, panic, and PTSD by means of The Nervousness Coaches Podcast.
Gina’s podcast subscription plans vary from $5 per 30 days for ad-free episodes and full entry to her episode archive to $97 per 30 days, which incorporates twice-monthly stay teaching, entry to a personal Fb neighborhood, and extra.
Actuality Cray Cray
Kim and Kyle Cray of Actuality Cray Cray (and its sister podcast, 90 Day Fiancé Cray Cray) have tons of enjoyable every week discussing the wild and wacky happenings on actuality tv.
Followers like it a lot they eagerly plunk down $5 a month to get double-long episodes, unique bonuses, and entry to a personal dialogue group. For $25 a month, “biggee” followers can take part in designing new merch.
Breaking Factors, hosted by Krystal Ball and Saagar Enjeti, is a podcast and YouTube present that delivers information commentary from each side of the political aisle.
Wildly in style with followers, the present was in a position to entice greater than 10,000 paying supporters within the first two days of launching its subscription program.
About 60 p.c of subscribers pay for a $10 month-to-month plan, just below 40 p.c pay yearly, and a pair of p.c have chosen a $1,500 lifetime subscription.
The right way to Select a Podcast Subscription Platform
With regards to organising and managing a podcast subscription program, there are a number of platforms and instruments to select from, together with Apple Podcasts, Spotify, and Supercast. However beware: Not all are created equal, and also you’ll need to dig into the main points earlier than you select one.
Right here are some things to contemplate:
- Does the platform offer you full possession of your subscriber information, together with names and emails? It’s exhausting to construct a relationship with individuals while you don’t know who they’re and might’t talk with them outdoors of your podcast. What’s extra, if the platform is the intermediary in your relationship along with your subscriber, you don’t have any management. The platform can change and even pull the plug in your program, placing your income in danger. Make you certain you’ll be able to export all of your subscriber information out of your chosen platform at any time.
- The place are you able to ship your premium content material? To succeed in the widest attainable viewers, you’ll need to select a platform that enables your listeners to subscribe from no matter podcast participant they use. So be careful for applications that solely work on one participant (ahem, Apple) as a result of at greatest, which means solely 60 p.c of your viewers pays you.
- How a lot flexibility do you could have in constructing subscription plans? What number of subscription tiers are you able to provide? Are you able to cost no matter you need, or do it’s important to select from a preset value listing? Are you able to ship non-audio advantages to your subscribers, like a publication or personal neighborhood? Be sure this system can do what you need it to do earlier than committing.
- Is the signup course of simple? Some platforms ask your listeners to open a brand new account and comply with an arduous multi-step course of to entry your content material. Others provide a faster subscription course of. The better it’s on your listeners to subscribe, the much less friction you create and the extra listeners you’ll have the ability to convert.
- How a lot is the platform taking in charges? Take a look at each the charges for the subscription platform and any fee processing charges. Issue these into your tough income calculations to fine-tune the quantity.
Getting Began With Podcast Subscription
At a excessive degree, the principle steps of implementing a podcast subscription program are easy:
- Resolve what further content material or perks you’ll provide subscribers.
- Make a piece plan to determine what must be finished and when every month to ship on that content material. Be sure it’s sustainable.
- Take into consideration the way you’ll bundle your plans and what value you’ll cost.
- Select your subscription platform and arrange your account.
- Develop a promotional plan that outlines the way you’ll let listeners find out about your new subscription program.
- Launch your gross sales web page and implement your promotional plan.
See Podcast Subscription in Motion
Need to see how a podcast subscription program works for listeners on Supercast?
Our public Supercasters podcast focuses on podcast development methods and easy methods to construct sustainable impartial companies that thrive on a powerful relationship with listeners.
Naturally, we have now a premium providing too—and it’s free. You’ll be able to subscribe to get prolonged interviews, audio recordings of all our weblog posts, and entry to our podcaster peer networking neighborhood.
While you subscribe, you’ll undergo the precise quick-tap course of one in all your listeners would use to subscribe to your present on Supercast. And hey—you get all our nice content material, too.
Subscribe to Supercasters Premium free of charge, and we’ll see you inside.
About Jason Sew Hoy
Jason Sew Hoy is the CEO of Supercast, an audio subscription platform powering thousands and thousands in income for impartial podcasters and content material networks. The highest ten Supercast creators gross over $10 million in annual subscription income.
Supercast is the purpose-built podcast monetization toolkit for podcasters who need to develop wholesome, diversified income. Opening a Supercast account is free. As soon as inside your account, the Getting Began information walks you thru the method of connecting your Stripe account, organising your plans, and launching your program.