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Ways To Make Real Money In Podcasting Without Selling Your Soul [S3E89]
Episode 894th March 2021 • Podcast Pontifications • Evo Terra
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Taxes.

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Stimulus checks.

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And whatever the hell NFTs are.

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Today, there are more monetization options - ways for podcasters

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to get paid - than ever before.

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Which are right for your podcasting empire?

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Hello, and welcome to another Podcast Pontifications with me, Evo Terra.

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My mind is on my money and my money is on my mind, as a wise philosopher once said.

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Of course, by my money I mean, monetization in podcasting.

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And like all of us, yep, I'm thinking about that.

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Because of taxes.

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Because stimulus checks.

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But also because of, you know, I read, started hearing a few days ago about these

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things called NFTs, Non-Fungible Tokens.

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Look, most of cryptocurrency is way out of my league and I

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barely understand these NFTs.

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So I'm not about to try and tell you what they're all about.

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Suffice to say that NFTs are a new method by which creators of

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digital content are getting paid.

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They're used by digital artists, mostly visual and audio.

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People are making content and then selling them, if you will, using

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an NFT, which is part crypto, and again, that's enough of that.

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It's got a bunch of cool features with it.

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Again, most of which I do not understand, but what I am terribly

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excited about is NFTs give the creators an option to get paid when

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that digital asset changes hands, which means you get some resale take.

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If I sell you something in an NFT and you turn around and sell that to someone

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else, I get a portion of that sale.

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That's interesting.

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And how we're going to adapt that into podcasting is also quite interesting.

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I was asking some questions yesterday on Twitter about this.

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As I was asking them, I think I'd asked the question, who's

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doing NFTs in podcasting?

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Brian McCullough from Techmeme Ride Home was publishing an

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episode, which he released with an NFT option to buy it that way.

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So, okay.

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That's one possible way to get there, actually selling an episode.

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But monetization is not, and never has been, at least for podcasters,

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a one-size-fits-all thing.

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Like I have said many times on this program over the four hundred-ish

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episodes I've put out thus far, advertising is where people flock

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to immediately, but you don't make really deep, meaningful money running

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advertisements on your podcast.

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I don't care what the other ones say.

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You won't make real money doing that until you're at the tens of thousands

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or hundreds of thousands of listeners.

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You're just not going to make, you know, you're not going to be

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able to quit your job until you get to that particular level.

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Now, however, having said that, I got to recognize the fact that

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again, not a one-size-fits-all thing.

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It's a blanket statement, and a lot of people buck that trend.

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Especially, if you're selling your own inventory, if you're not relying

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on an agency or a rep to go do it for you, you can make at least some money

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selling ads because you know your audience better than anybody else.

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So there is an option.

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I don't want to say don't do it.

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It just takes some work.

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But it's not enough on its own.

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Most likely.

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That's why we have things like listener support models.

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Right?

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We have Patrion.

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We have Buy Me A Coffee.

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The service that I use, buymeacoffee.com/evoterra.

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Listeners will just kick in because they want to kick in.

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Or sometimes you do give them other additional bonus

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content, you don't have to.

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But listener support totally works.

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There are premium feeds from Glow or Supercast or lots of other

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providers if you want to have an ad-supported podcast that goes

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out, but also an ad-free podcast.

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There's an option.

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Newsletters are huge.

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Once again, I'm a big fan of using Substack.

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You can do those also in a premium model, Substack has the ability to

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tick a box and I could suddenly start charging people to access my content,

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which I haven't done, but newsletters are ways to bring in additional funding.

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Even if you want to just run ads in your newsletter, you can charge for that.

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There's affiliate sales, right?

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Cause we are podcasters.

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We're talking about particular products and topics.

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Mine happens to be podcasting.

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I could, I don't, I could work with an affiliate partner.

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You could do the exact same thing.

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Speaking fees.

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If you go to conferences, because it's almost time for that, once again, hurray

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we'll be able to go to conferences.

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Maybe you can get someone to say, sure, I will fly you out and pay you a stipend

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to come speak on stage about whatever it is that your podcast topic covers.

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Consulting fees?

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Sure.

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Why not?

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People want to know what you need to do.

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Package services, other podcasters who want to know the way you do something is

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great and you figured out a nice process.

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You can turn it around.

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You can sell merchandise.

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You know, if you make, if you think about those things, I think I just

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rattled off like nine things there.

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If you are able to make a couple hundred bucks on average at each

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one of those, which I know is not easy, but it's aspirational.

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But if you can make a couple hundred bucks on each of those on average every month,

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hey, that's starting to get to the real and meaningful revenue reality thing.

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That's that basic level income stuff we're talking about.

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Might even become viable if you can grow it beyond that.

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Now, the trick here is making money without alienating listeners or

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turning off would-be listeners.

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That keeps a lot of podcasters, me included, from thinking about

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monetizing our content, because we really don't want to run that risk.

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But here's the realization no one's going to get mad.

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None of your listeners will get mad at you if you start selling t-shirts.

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I suppose you could oversell the t-shirts on your show, but no one's going to

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begrudge you the ability to make a little bit of cash selling a t-shirt.

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I don't think you're going to lose any listeners whatsoever if you

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start packaging up some of the services that you do and offering

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them to other people to utilize.

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And I'm relatively certain that that if you did a for-fee webinar on a topic of

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interest to your particular content, no potential listeners are going to be upset

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by that because they're not going to know.

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I think we can make some real money in podcasting if, in fact,

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we're able - without selling our soul, by the way, if in fact we

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think about it on a multi-faceted, multi-pronged, multiple revenue

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streams, whatever you want to call it.

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Those can, and oftentimes do, work in podcasts.

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We just have to be creative and creativity is perhaps our most

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valuable skill as podcasters.

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So let's be creative about the way we bring in cash into our show to

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help fund the things that we do.

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I want to keep this conversation going tomorrow.

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Friday I don't put out a regular show, but I want to make it a true conversation.

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I want to hear back from you tomorrow.

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So at eleven o'clock Phoenix time, that's ten in the morning if you're in Los

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Angeles, and it's 1:00 PM if you're in New York City, on Friday, March the fifth,

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I'll be going on Clubhouse, once again.

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Yes, I know Clubhouse has issues.

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I've been experimenting with Twitter Spaces.

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I want to try that next time, but I can't schedule things yet.

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So again, tomorrow on Clubhouse we're going to talk about and open the

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microphones and let you talk back to me with your phone, no microphones, you just

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pick up your phone and dial in - you're not dialing in, you're just clicking

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a link and joining the conversation.

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Let's talk about the ways that you and other podcasts make money.

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Let's just share.

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Let's dump some things on the table.

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So if you just want to sit and listen, you can do that, but

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hopefully you'll come along and share your experiences with us as well.

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There'll be a link to the Clubhouse room in the episode details, and yes, again, I

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know Clubhouse doesn't work for everyone.

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I get it.

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I get it.

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I get it.

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But we're still, we're going to try out for this one to

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at least have a conversation.

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Cause I like to try new things.

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Okay.

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Also last thing, buymeacoffee.com/evoterra, if

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you want to support the program.

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And that's it.

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See you on Clubhouse tomorrow, back again on Monday with yet

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another Podcast Pontifications.