(By Matty Staudt) If you recently lost your job, you may be hoping you can create a podcast that will make you a decent living. That sounds great, but I want to caution you to really do your homework first. Here are a few tips that will make it easier for you to actually have a chance at making money in the world of podcasting.
Remember you are no longer playing with the house money. That means, you need to keep your budget low to start. Having a podcast with all the folks from your old morning show is probably not going to work if they all want a paycheck. Your most important asset for this venture is going to be a good producer who understands podcast content and can also help you navigate the world of RSS feeds and keep your social media platforms hot.
Think about how you can bring in your old audience as fast as you can so they don’t find something new. If you’ve already been doing a podcast and have great social media outreach than you should be able to do this much easier than those who don’t.
Think about a model of free plus subscription. Subscription is a great way to make money out of the gate by charging the fans that can’t get enough of you and are willing to pay a couple of bucks a month to do it. There are two companies I suggest, Patreon, and a new company that I really like, Supercast. No matter what, you must also offer free content to get new people in the door.
Put a lot of time thinking about your content. The things that work on the radio, do not always work on podcasts. Think of how you can take your best bits and tone them down for a podcast audience who wants their content delivered at a slower pace.
Hit up all your old sponsors. Most likely they will be thinking about podcasts and are not sure how to get into placing ads on them. They will also be familiar with your show, your listeners, and how you deliver for them.
Speaking of ads, understand how dynamic insertion works and in general how podcast advertising works. You need to be informed, so you understand the economics of podcasting and how to make the most money possible.
Matty Staudt is the former Director of Content at Stitcher, Radio’s first VP of Podcast Programming with iHeartRadio, and is now the President of Jam Street Media. Contact Matty at [email protected]