Getting value from this course?
Make a ContributionGetting value from this course?
Make a Contribution
We will cover how to effectively monetize your podcasts with Paid Subscriptions or Premium Communities
Steps for Skill Mastery:
Another option to create revenue, and in this case recurring revenue, from a podcast is through Patreon. This platform allows your audience to sign up for a monthly donation for podcasts they may love. You can check out more on Patreon and see if it is a good fit for you.
You can also create a higher end community called a mastermind.
A Mastermind is a premium place for your podcast listeners to come together and interact with one another and receive more value from you by going deeper into your content.
For most podcasters, books are just another way to offer free value. For instance, giving away ebooks can nurture relationships with your listeners and help you develop a loyal following.
There are 3 levels of masterminds you can create:
A membership site is an entire website of premium content. Membership groups allow listeners to become more deeply engaged in your community. Don McAllister of ScreenCastsOnline.com has been running his podcast and membership site since 2005. He offers detailed advice and tutorials about Mac and iOS applications. The vast majority of traffic to ScreenCastsOnline’s membership site comes from his podcast. Don charges $8/month if you pay monthly, or $72 for a yearly subscription.
Hosting a live event is a great way to bring together your listeners and help build a tight-knit community. You’re going to need to wait until you’re well-established and have a large loyal following. Live events are costly and time consuming to put together but can pay big dividends should you undertake the feat. Michael Stelzner of the Social Media Marketing podcast hosts the world largest social media marketing conference every year and uses his podcast to promote it all year long.
Premium masterminds can fetch a high price, often between $10k-$50k for annual memberships. You need to build up a solid audience and email list first before you can hope to make a high-end mastermind successful. It takes a lot of trust to invest that much money. An example of this is James Wedmore of the Mind Your Business Podcast who charges $25k/year for membership to his high-level mastermind called The Inner Circle.
Answer the following questions to get started:
Always remember to decide if this is the best way to monetize your podcast
Demonstrate mastery of the knowledge and skills presented in this lesson by applying it to the above activity. If, and only if, you have a full understanding and have mastered the knowledge and skills presented in this lesson, select the next lesson in the navigation.
Has this course helped you and added value to your life? Consider making a contribution.
We believe access to education should be free, so every course at Plato University is available to you free of charge.
However, if you get any value from our courses, they help you solve a problem in your life, or if you just believe in what we are doing, consider making a contribution equal to the value we have given you.