As many podcasters know, it’s possible to live off your passion—if you have the revenue!
As your podcast gains popularity, it’s only a matter of time before the fruits of your labor start to show. Seeing that most—if not all—high-level podcasts generate money, chances are you have one question in mind: How do I start making money with my podcast?
While there are many different ways to answer this question, finding brand sponsors is one avenue that’s well worth considering above all else. As it turns out, getting paid to podcast is hard. The money tends to be minor, and sponsorships are uncommon, especially for new shows.
That’s why we’ve come to the rescue. Keep reading to find out how you can get sponsors for your podcast.
1. Podcasting: a Growing Industry
Podcasts are the new radio. They have a remarkable ability to grow brand awareness for a business, and they’ve got great engagement. The podcast industry is projected to grow into a billion-dollar industry in 2022 and shows no signs of slowing down.
Podcast consumption has nearly doubled in five years. In 2016, only 21% of the population listened to podcasts. According to the Infinite Dial 2021 survey by Edison Research, 41% of the U.S. population aged 12 and over listen to podcasts monthly. This group averages about five different shows per week.
2. Why Should You Get Sponsors?
Podcasters of all varieties have found success by attracting brand sponsors. Many of today’s most popular podcasters have multiple sponsors. You can make a profit with your passion by having a sponsor, whether it is a political podcast, a cooking podcast, or whatever topic is your favorite.
Sponsoring a podcast is the most effective way to build brand awareness and generate revenue for podcasters. It’s a win-win situation for both parties! Podcast sponsors can help you monetize your show and turn your podcast business into a scalable, profitable venture in the long run.
Tip: Although sponsorships are great, limit your ads to no more than two sponsors per show. Too many of them may frustrate your audience and encourage them to turn off.
3. A Step-by-Step Guide for Getting Started
Admittedly, finding brand sponsors for your podcast can be quite daunting because of how much goes on during the growth phase (and long after). If you want to accelerate your success, here’s an easy-to-follow guide that will get you sponsors and traction ASAP.
Step #1: Put a List of Prospective Sponsors Together
Before you start daydreaming about having a set of sponsors backing your passion, you’ll need to put together a list of likely financial supporters.
When you are looking for potential backers to help take your show to new heights, it is helpful to be diverse and seek out support from a wide range of sources. Searching with a different approach means spreading out.
Reach out to small players, as they are easier to convince. But also go to medium-to-large businesses: They are harder to get, but they can offer you more resources.
Step #2: Create a Presentation Brief to Convince Your Potential Patrons
Now that you have an idea of who you want your potential sponsor to be, it’s time to prepare a compelling and convincing presentation. That will get you closer to making the deal.
When finding a brand sponsor, presentations and briefs are often the bread and butter of successful efforts. They help lay out all the cards on the table and shed light on what your podcast is all about (and what it seeks to achieve).
Through well-prepared pitch documents, you can make your show stand out well enough that your prospects will have no choice but to say yes!
Step #3: Start Reaching Out
1. Reach Out to Sponsors Directly:
It is time to put plans into action by starting your outreach efforts. By messaging your potential connections or emailing them your pitch materials, you’ll be able to start seeing returns on your efforts and watch growth opportunities come in!
More businesses are looking to cash in on podcasts as part of their marketing strategy, but that doesn’t necessarily mean you have the upper hand. When a brand partner says yes, you’ll need to act fast to seal the deal before they change their mind.
Thankfully, you can quickly cash in on fleeting opportunities by getting a ready-made, straightforward, and trustworthy contract from Creators Legal! Just fill in the blanks and we’ll do the rest.
2. Partner With a Hosting Service
Podcast hosting services provide your podcast with a home on the internet, letting you create and manage your podcast and monetize it. Here are some examples:
A podcast hosting service is like your podcast’s home on the Internet. It allows you to create, manage and monetize your podcast. Here are some examples:
- Anchor: Anchor Sponsorships give you control over ad placement and the types of ads you run. This platform is free and an excellent option for new podcasters.
- Buzz Sprout: The Buzz Sprout Affiliate Marketplace helps you find and connect with potential sponsors. It’s a good option if you’re keen on trying affiliate marketing.
- Transistor: For a monthly fee, you can create and manage multiple podcasts, which could boost your chance of finding (and securing) sponsors.
3. Join a Podcast Network
Some networks like Gimlet Media, Wondery, Earwolf, and Radiotopia, let you post your show on their platform, sometimes even for free. Potential sponsors browse these platforms and reach out to the shows they’re interested in working with.
But if you’re a niche podcast or still building an audience, it may be less effective than other methods. Keep in mind that some networks will be hard to join. Besides, they often expect a cut in commission for pairing you with a brand.
With the promise of making an income from your podcast, you’ll definitely need to start doubling down on your efforts to maximize your profit. By strategically finding brand sponsors for your podcast the right way, you won’t have to waste time grinding out your episodes without any financial benefit. Follow the steps and you’ll be good to go!
And don’t forget to get your podcast sponsorship agreement to cover all the bases and leave worries behind. It will free up some space in your head for creativity. Pick from our catalog the one that fits you the most.
Creators Legal is the first and only legal platform for content creators. It is designed just for content creators to craft simple, straightforward, and trustworthy contracts in a fast, easy-to-use platform. With a powerful form builder, a secure e-signature system, and your own personalized dashboard to store and organize all your contracts, you can get yourself protected in minutes without the need for expensive entertainment lawyers!