All right.
So today we're going to talk about how you can actually
make money with podcasting.
We know that podcasting is getting more and more competitive.
We know that Spotify and apple are going at each other's throats.
Right now.
You have apple getting subscriptions.
Spotify is as well.
They've been spending hundreds of millions of dollars
on buying other podcasts.
Amazon just bought Wondery.
So the space is heating up.
That means a lot more podcasts are popping up right now.
It is a blue ocean right now.
And I can tell you that, you know, we make a good chunk
of money from our podcasting.
If you watch one of our videos talking about how we make the close
to a million dollars in advertising, just from our two podcasts on
marketing school and leveling up.
And, uh, I can talk about the other kind of business models
that we have, but first I want to bring your attention to, we have
a section over here from Axios.
So the headline here is podcast businesses booming, but few are
making money projected change in us ad revenue by medium 2015 to 2024.
Okay.
So podcast percent change.
The number of podcasting is increasing 1478% projected
2024 revenue, 1.7 billion.
That pales in comparison to internet 153 billion.
And you look at radio, which is 23.2 billion.
And you look at TV, which is that 71 billion newspaper magazine
that's continuing to go down.
So I think the projected revenue is going to come down on this one.
Radio will probably move over to podcasting more and an out
of home that will probably continue to rise a little bit.
There's still a lot of room for growth when it comes to
when it comes to podcasting.
So that's the first kind of takeaway here, but it's also not easy.
To become a top podcast, top 1% of podcasts get about 35 K downloads
or more that's per episode.
We're not just talking about overall downloads per month.
A lot of people use that metric top 2% get about 20 K or so.
So it's very difficult to be.
At the top and discoverability is not easy to, you can see over here, it
makes it hard for people to go viral.
And I hope someone changes that because I put so much time
and effort into podcasting.
So yeah, that's what it is.
You know, they're talking about dynamic ad insertion.
They're talking about adding subscriptions, things like that.
We can talk about the different monetization models.
From a long-term perspective.
I think a lot of people are not going to have these major podcast, right?
They're not going to have a podcast with 500,000 downloads a month
million, 2 million downloads a month.
Most of us are going to have podcasts or maybe getting a couple
of thousand downloads a month, which is completely fine, which is one
of the first ways of making money.
Right.
If you actually have a business, let's say you're doing
digital marketing consulting or something like that.
And you get, let's say you're targeting luxury real estate agents.
Let's say they have a lot of money and you only have a thousand of those
people listing each and every month, but you are seen as the authority.
And so you can actually get more leads for your business
and you can actually grow more.
And that can be a six, seven, eight figure business
for you, which is great.
The other thing is we kind of mentioned advertising already,
Spotify adding dynamic ad insertion, and I'm sure it'll take
a cut out of that or our podcast marketing school in leveling up.
We have dynamic ad insertion.
We don't.
Necessarily a payout, a cut of our revenues, but it's close to a million
bucks a year for that contract.
That's how we make money.
We charge on a CPM basis or cost per thousand impressions.
And that's another way to do it.
The other thing with our podcasts is that we have an events business
that's tied to marketing school, and this is a peer group that
I partner and I have, and it's called the growth accelerator.
And these are for seven to nine figure entrepreneurs.
And we kept the group at about 75 people or so.
And people are paying five figures for a ticket with the, the event
is basically three times a year in different spots in the world.
So you can actually tie in events.
The other thing you can do too, which we're planning on adding for
our, our podcast would be apple.
Just add a subscriptions and they added the ability to hit
the subscribe button and start paying five, 10, 15, $20 a month.
For your podcast, you can have premium content.
You can gate the content as well.
You have a lot of different options in terms of the playbook
that you want to be deploying.
So I think that's super powerful.
And I do know some people that are doing subscriptions that are
making, we're talking a couple hundred grand a month, which is great
because most of that's going to be profit and sure you end up paying.
30%, which is huge to apple in the first year.
And then it goes down to 15%, but that's what they charge.
That's what it is to be in their ecosystem.
And I can say for our podcasts, 80% of our listeners listen from
an apple device that might change over time because most people in
the world are on Android, but we'll see how that develops building
an audience gives you options.
You don't need to be pigeonholed into running ads or doing
subscriptions necessarily.
You can again, build a business around it.
Once you have an audience, you can drive them to your list.
You can sell them stuff on your side.
You can sell them, you know, different products,
different services too.
I think the world is your oyster.
And if audio is kind of native for you, then podcasting
makes a lot of sense.
I still think it's very much a blue ocean right now, and
it's a good time to contempt to get in there and compete.
So let me know what you think I missed in the comments
and don't forget to hit the subscribe and the bell button
and we'll catch you later.