If you’re a lover of podcasts, there’s a good chance you’ll have wondered ‘Should I start my own podcast!?’ It’s estimated that there are over 3 million podcasts out in the world in 2023, so you’re not the only person to experience that feeling of having something to say. Starting a podcast can be very rewarding and can even open doors to new opportunities, but is it right for you? If you’re considering starting a podcast as a side hustle, here are some important things to consider before you hit record.
Can you make money from a podcast?
The short answer is yes. Podcasts can make money in a few ways. Firstly, you can sell advertising spots to sponsors who want to get in front of your listeners. Secondly, you can crowdfund your podcast by charging an optional small fee for listeners who enjoy your show. You can then choose to provide bonus content for this fee if you want to add extra value to your paying listeners.
Podcasts can also make money indirectly by acting as a funnel to other paid products you offer. Some smaller podcasts don’t make money directly but serve as a marketing tool for a business’ products or services. New customers find the show, enjoy the content, and then later purchase a paid product from the show’s creators.
Okay, but what’s the long answer?
While there’s money to be made with a successful podcast, most require an established listenership, which can take time and resources to build — and unfortunately, there are no guarantees. Even if you do monetize a podcast, it will likely have cost you a lot of time and resources to get to that point.
Is it expensive to start your own podcast?
Making money from a podcast needs to be a balance of input and output. You’ll need to be able to cover your time and expenses that relate to the podcast before you’re technically making a profit.
Setup costs for your podcast can vary depending on the quality of equipment you choose to invest in, and how you plan to produce the show. On the one hand, you can start your podcast for almost nothing by recording on your phone with a low-cost microphone. But your audio quality will be lower than someone using more advanced equipment. And great audio is part of what keeps listeners coming back for more.
You also need to consider where you’ll host your podcast. There is often a monthly fee for your podcast host — that’s the server that pushes your show out to major players like Apple Podcasts and Spotify.
Then, editing. You can edit your show yourself in programs like Garageband or Audacity, or using online services like Anchor. But it can take time to develop the skills and efficiencies required to keep up with creating your show regularly.
At the very least, your show will cost you time to produce. If you have plenty of free time and tons to say week after week, this might not be an issue. But consider whether you have the resources available to either self-produce your show week after week, or pay someone else to help you.
The bottom line: What do you want your podcast to achieve?
When it comes to podcasting as a side hustle, there may be money to be made, but it’s by no means instant, consistent, or without risk. Growing and maintaining a podcast listenership can be difficult, and that can mean putting in a lot of effort without an obvious reward for quite some time.
Ask yourself what you want your podcast to achieve outside of just money-making. Could it help you in your career? Do you have a product or service to sell? Is it something you’re really passionate about? Is there an impact you want to have on the world? Do you have connections that can help you grow and commercialize your show?
Ultimately, there are so many benefits to having a podcast, but it’s not a way to make a quick buck!
Emma Edwards is a finance copywriter and blogger, on a mission to humanize the financial services industry by creating meaningful content that’s accessible and empowering. You’ll find her penning money tips at her blog, The Broke Generation, sharing financial insights on Instagram, or injecting life into content for her business clients.
FAQs
While there's money to be made with a successful podcast, most require an established listenership, which can take time and resources to build — and unfortunately, there are no guarantees. Even if you do monetize a podcast, it will likely have cost you a lot of time and resources to get to that point.
Is podcasting a good side hustle? ›
Is a podcast a good side hustle? Podcasting can be a good side hustle, but you may have to hustle for a while before having a moneymaking podcast. Podcasts with good listenership can command thousands of dollars a month in advertising revenue, but most podcasts require some time to grow to that point.
Can you make good money with a podcast? ›
The amount of money you make from a successful podcast can vary, from $100 to more than $10,000 per month, depending on the size of your audience, the number of monetization channels you have, the effectiveness of your marketing, and the cost of producing your podcast.
How much does the average podcaster make? ›
On average, podcasters can expect to make between $500 and $900 for every 10,000 downloads. Some podcasters with smaller, more engaged audiences might make a few hundred dollars per month, while top podcasters can earn millions annually through ads, sponsorships, and other revenue streams.
Are small podcasts profitable? ›
Podcasts with an engaged audience, even if it's small: The sheer size of your audience isn't everything. Engagement matters as well—if your audience is enthusiastic, you can start making money with a smaller following. It all depends on how you choose to turn a profit.
Which podcast pays the most? ›
Renowned comedian turned UFC commentator, Joe Rogan's podcast, The Joe Rogan Experience, exclusively on Spotify since December 2020, rakes in a staggering $30 million annually. With a massive following and a unique format, Rogan has solidified his position as the top earner.
How many listeners does a podcast need to be profitable? ›
There's no specific listener count to guarantee income as a podcaster. To start making money with your podcast, focus on growing your listener base. A larger audience improves your earning potential. Focus on enhancing your podcast's quality and employ effective promotion strategies.
Is starting a podcast worth it? ›
Starting a podcast could be a fabulous way to explore your interests together, and potentially even make some money along the way. If you choose to start a podcast with friends, here a few things to consider: Who will be listed as the show hosts? You could list multiple hosts, or just one “main” host.
How long does it take for a podcast to make money? ›
Relying on the experience of Marc Clair, a podcast host, and producer, it may take as long as 18 months before you start seeing results. That's if you produce a show weekly. In his words, things can be faster than stated if you have luck, a marketing budget, and irresistible content.
Who is the highest paid podcast host? ›
Who is the highest paying podcaster? Joe Rogan is the highest paying podcaster. His exclusive deal with Spotify for “The Joe Rogan Experience” is reportedly worth at least $200 million, per Forbes. That sets him way ahead in the podcasting earnings league.
Here's a few metrics you should track:
- # of subscribers.
- # of listens/downloads.
- # of social media mentions and engagement (shares, comments, likes, etc.)
- # of verbal mentions to sales and customer success team members (tracked via CRM, customer service portal, or internal spreadsheet)
- # of podcast merchandise purchases.
How to start a podcast with no audience
- Spend time planning & conceptualizing. ...
- Invest in branding. ...
- Invite high-profile guests. ...
- Record (and edit) high-quality content. ...
- Consistent output & publish widely. ...
- Design an effective marketing strategy. ...
- Don't underestimate the importance of editing. ...
- Riverside's key features:
With it comes more monetization opportunities for online creators. Although it requires hard work and dedication, it's definitely possible to start a podcast and make money from it. With the right strategies and dedication, you can even turn your podcasting hobby into a lucrative source of income.
What is too short for a podcast? ›
There isn't a specific rule that dictates how long your podcast should be. An hour-long podcast show can be as successful as one that's under 20 minutes. You don't have to constrain your content to fit into a specific time length.
Is podcasting still profitable? ›
Podcasting can definitely serve as a good way to make money. Some of the most well-known podcasters make millions of dollars each year. Although, this is not the case for everyone. It takes a lot of hard work and not everyone is able to turn podcasting into their main income.
Is podcasting a high income skill? ›
With the growth of podcasting, the field is only becoming more profitable. In fact, it's expected to become a $4 billion industry this year. Salary range: $56,000 to $74,500 (video producer); $51,000 to $88,000 (audio producer).
How many podcast streams do you need to make money? ›
There's no specific listener count to guarantee income as a podcaster. To start making money with your podcast, focus on growing your listener base. A larger audience improves your earning potential. Focus on enhancing your podcast's quality and employ effective promotion strategies.
What podcasting pays now? ›
Overall, median hourly earnings for podcasters clusters between $30-44/hour (corresponding to $55K to $80K as an annual salary). New York and Los Angeles employers offer the best rates, the remaining top ten media market cities come in slightly lower, and podcasters elsewhere come in significantly lower.
