Most Africans start their podcasts because they have something to say. We work so hard, putting in blood, sweat, tears, time and money towards creating a great product.
So of course, you’d want the opportunity to monetize your podcast!
Podcast monetization has not been fully developed on the continent, and the rules around how we make money from our podcasts are still being created.
But until then…here are four examples of methods you can try to monetize your podcast today. After reading this post, I am hoping you will feel empowered to start chasing the money for your podcast.
- Podcast advertising/sponsorship
Although the industry around podcast advertising and sponsorship is still evolving, you can still work independently to offer ad rolls (pre,mid,end rolls) for your podcast. To do this, you have to do some work around understanding your audience and ideal listener avatar, while also finding brands that are looking to connect with this audience. That’s some of the work I am going with my company Kali Pods.
(If you’re interested in a future Masterclass about podcast advertising and sponsorship, sign up to receive notifications here)
If your following is strong and loyal, creating podcast merchandise is a way to bring in some money. Some fans will be willing to buy anything you offer if loyalty is high. You can create merchandise with popular sayings, or ideas unique to the show on items such as clothing, paper products and more.
- Offer services and products based on the topic of your podcast
If your podcast is about a specific skill set or information, you can begin offering services or products around it. So, for example, if your podcast explores healthy eating, you can begin teaching courses, or doing 1-on-1 consultation around nutrition and diet. One of the great things about creating a podcast, is that it acts as an extremely strong resume or portfolio of your expertise.
- Live shows
Your audience learns to love you through listening to you. So when there is an opportunity to see you perform live and in-person, many will pay to access that opportunity. Of course, we are in the days of Covid-19, so hosting a live, in-person show will have to be done carefully. But figuring out a way to bring an added-value show to your audience can bring in some money.
So that’s the list! Although the opportunities are similar to countries with developed podcast industries, Africa won’t necessarily follow their exact formula. And that’s the exciting part: Africa has the opportunity to come up with innovative ways to monetize podcasts.
Do note that having a strong following is the precursor to implementing some of these methods. A live show will be a dud if you don’t have a good number of listeners who have been tuning in consistently over time. So keep working on developing that audience.
Are there other ways you are monetizing your podcast here in Africa? Let me know in the comments. And if you’re interested in working with me to monetize your podcast, you can find me here.