How to Make Money Podcasting Through Premium Content
Harnessing premium and user-generated podcast content is one of the proven strategies for monetizing your show. It’s a foolproof process that enables hosts to produce additional, exclusive content, or leverage excellent content submitted by users, which paves the to make money podcasting.
The majority of high earning podcasts have utilized this model to increase profitability and ensure a consistent stream of revenue. The following post explores the value of premium and user-generated content, and different ways they can be used to help you generate income.
✴ What is Premium Content?
In essence, premium podcast content refers to content that isn't found in your regular podcasting schedule. Instead, listeners have to pay to gain access to it.
As such, it's wise to promote it in a way that makes it stand out from your regular episodes. This is because if it is held in the same light as free episodes, people will be less inclined to spend their hard-earned money on it.
Premium content and traditional sponsorships are two money-making methods that are more or less on opposite ends of the spectrum. Rather than exposing listeners to third party ads, which sponsors and advertisers pay for, podcasters receive money from listeners directly through exclusive content.
✴ Various Types of Premium Content
Premium content can come in a number of formats. Some podcasters like to try alternative methods and others choose to stick to the norm. A few of these formats are listed below.
✴ Behind the Scenes
Producing premium content that gives your audience a peek behind the action is an excellent way to build a stronger relationship with your listeners. It allows people to see the human side of your show, which gives you a more relatable, down-to-earth persona that followers will pay money to see.
✴ Videos
Offering podcast episodes for free in an audio format and the adding video versions behind a pay wall can be an effective way to make money podcasting. Followers often want to see what's going on behind the mic, especially for shows that regularly feature guests.
Video also works well for informative and educational shows that can be supported by visual explanations.
✴ Early Releases
You can also offer listeners the chance to hear your episode days or even weeks before anyone else. This is especially effective for two-part episodes that end on a cliffhanger. You might be surprised how many people would rather pay a fee than bear the anxiety of having to wait until your next release.
✴ What is User-Generated Content?
User-generated content is created and usually published by contributors who aren’t paid for their content. It is truly a gold-mine of passive revenue.
By finding and sharing interesting ideas and opinions around your subject area or wider market, you can facilitate a valuable discussion that can enhance the quality of content shared in your show.
Additionally, there is the potential to bring on knowledgeable or interesting contributors as guests during select episodes. This allows you to add an extra layer of intrigue to your content, without the heftier interview fees you’re likely to pay the likes of an industry leader or similar.
✴ Blending User-Generated Content and Premium Content
Creating premium content that incorporates user-generated content helps to enhance the perception of your show and can make your audience feel like an integral part of the podcast.
This is commonly achieved through premium ‘Ask Me Anything’ episodes wherein hosts answer questions posed by audience members on various social channels and interactive platforms.
It gives your listeners greater insight into you as an individual, your motivations, where you’ve come from, your future prospects, and your ethos. This helps to build trust, which is a key factor in purchasing habits for 81% of consumers.
✴ When Should You Offer Premium and User-Generated Content?
For hosts who are taking their first steps into the world of podcasting, premium content may not be the best approach right out of the gate. Both premium and user-generated content are better suited to hosts with an established voice and audience-base.
Podcast loyalists are likely to become paying customers but this has to be earned through the consistent delivery of high-quality content that is freely available. Once your listener numbers are steady and your audience is thoroughly engaged, many would be willing to pay money for exclusive access to your premium content and possibly even contribute to the show through user-generated content.
✴ How Much Should You Charge?
If you want to make money podcasting, careful consideration should be applied to your pricing structure. In the case of premium content, less is often more. If your price point is too high then subscriptions are going to be low. Understand who your audience is and then set your prices accordingly to give as many of your listeners as possible the chance to access your premium content.
For more insight into generating premium content to make money podcasting, grab our free growth guide here.
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