How to Make Money Podcasting in 2024 and Build a Lifestyle Business

Reading Time: 27 minutes

I love podcasting! What a fantastically fun way to get your message out, interview some super cool people, or simply stroke your own ego! (And why not!)

image of walrus in front of a microphone meme

However, the question remains. How do you actually make money podcasting?

If you want to break into podcasting to earn a bit of extra money as a side hustle or you already have a podcast you’d like to monetize to build your lifestyle business, then you’re in the right place.

This article will discuss the best routes to make money podcasting and how to use your podcast to fund your lifestyle business.

Quick Takeaways:

  • Diverse Monetization Strategies: Explore various ways to monetize your podcast, including sponsorships, selling products, and affiliate marketing, to build a lucrative lifestyle business.
  • Building Relationships for Growth: Utilize your podcast to forge profitable relationships and networks, enhancing your credibility and opening doors to new opportunities.
  • Leveraging Your Expertise: Use your podcast as a platform to showcase your expertise or services, attracting and engaging listeners who can become potential customers.
  • Effective Use of Affiliate Marketing: Incorporate affiliate marketing by endorsing products you believe in, earning a commission through listener purchases via unique codes or URLs.
  • Promotion and Audience Engagement: Focus on creative promotion strategies like social media sharing and guest appearances on other podcasts to grow and engage your audience effectively.

The 7 Best Ways to Make Money Podcasting

As it turns out, there are several ways to make money podcasting. The most popular methods are:

  1. Sponsorships and advertising
  2. Selling a physical product
  3. Advertise your course or services
  4. Build profitable relationships
  5. Affiliate marketing
  6. Direct crowdfunding
  7. Influencer Status

You don’t have to choose just one of these methods, and you may in time combine a good number of them.

Some will be worth more to you than others based on the niche (like rock climbing) and audience of your podcast. But it’s worth trying them all out at some point to see what works for you.

In the meantime, let’s look a bit closer at each method;

Sponsorships and Advertising

I’m sure you’ll have heard (sometimes annoyingly so) at the beginning of many podcasts, a 3-5 minute ad read for some product or another.

If you download Joe Rogan’s podcast in the audio format, for example, there is always an ad read from a company that he endorses, co-owns, or highly recommends.

Sponsorship values will vary based on the size and reach of your podcast but can become very lucrative as your audience grows.

How your sponsorship deal pays will also vary as well. You’ll most likely be paid on a CPM deal (Cost Per Mille, where a mille equals 1000). This means per 1000 downloads you’ll be paid a fee.

Usually, a higher fee will be paid if the ad read is a mid-roll ad that interrupts the podcast. One of these deals can go for around $20-50 CPM based on the deal and the size of your podcast.

A small reaching podcast with around 5000 listeners may be on the lower end of that scale, whereas someone with 50,000 plus viewers will be attracting deals on the higher end.

You can also upload your podcast to a monetizable platform such as Youtube, and generate income from Adsense or other third-party ads.

Man in fron of a microphone -roosterteeth podcast ad example
Popular gaming/animation company Roosterteeth always has an ad read at the beginning of their podcasts. Such sponsorships extend beyond their podcast but when they often have hundreds of thousands of views you can imagine just how much such deals can be worth.

Source: Youtube

2. Selling a Physical Product

For many up-and-coming podcast influencers, physical merchandising seems the next logical step to make money with their podcasts.

T-shirts, mugs, baseball caps, and more have cropped up over the years as a consistent income stream for many podcasters.

But you don’t have to wait for the podcast to become well-known enough to sell a product.

What if you decide to build a podcast around something you already have? Many people have started podcasts alongside an already established store and brand to help spread the word over multiple platforms.

screenshot of podcast merch example
A selection of podcasts that sell merchandise such as hoodies, mugs and more through a dedicated website. Fans love to support and represent their favourite shows.

Source: Podcast Merch

If you already have an established brand or product then a podcast can be a fairly low-cost way of providing extra advertising for your business. Try not to be too “salesy” though.

Using your podcast to try and shove a product down people’s throats can have the opposite effect of what you’re trying to achieve.

Be sure to find the informative, educational or entertaining side of your product business to attract new listeners, many of whom over time will become customers.

3. Advertize Your Course or Services

Alongside a physical product, you can use your podcast as a platform to advertize your expertise and knowledge on a particular subject. This, in turn, can be monetized by selling your services as an SME or instructor on the subject.

For example, if you become well known in the digital marketing niche and already sell a few products or services relating to it, a digital marketing podcast will reinforce your knowledge and skills to your audience.

This gives listeners a free and engaging method of getting to know you before pursuing any kind of business with you.

screenshot of daily mind medicine podcast
Daily Mind Medicine is part of the Traffic And Funnels sales training. It’s aimed at boosting your mind and improving your way of thinking to gear you up for success. Short 5-10 minutes monologues have helped boost credibility in their approach to sales and self-improvement.

Source: Traffic and Funnels

4. Build Profitable Relationships

Building relationships with the right people takes strategy, time, credibility, authority and at times can feel unobtainable. However, the right network can directly affect your net worth!

There is a reason people with well-connected networks are so highly valued.

Your podcast gives you a route to building highly profitable relationships, especially if you are on the higher end of the listener scale.

Probably one of the most well known examples of this is Joe Rogan. The Joe Rogan Experience (which averages millions of views on Youtube and even more in downloads) has some of the biggest names in comedy, politics, science, martial arts, TV, sports, and more every week.

Presidential candidates, award-winning movie stars, and champion MMA fighters appear regularly on the JRE, with many now approaching Joe Rogan to star on his show and not the other way around.

While they technically aren’t worth any money directly, having presidential candidates as friends opens many doors I’m sure!

screenshot of joe rogan  video vlog on his youtube channel
Look at this line up from the JRE: Patton Oswald, Tony Hawk, Kevin Hart. Those are some serious names to be working with. And this doesn’t even scratch the surface.

Source: Youtube

Of course, we’re not all Joe Rogan, but everyone has to start somewhere!

Just by putting yourself out there, you’ll start to build connections which will lead to more connections which will lead to more, and so it goes.

Actively seek out people who you believe working with could be mutually beneficial. Build your podcast network and offer value TO them instead of just seeking it FROM them. Give, don’t take. It will all come your way eventually.

5. Affiliate Marketing

Affiliate marketing is a popular way for a business to supplement its income by endorsing other people’s products.

The same is true for podcasting. In the same vein as an ad-read, you can use affiliate marketing to endorse products that you believe in.

The difference being, that instead of being paid using the CPM model, you will be given a code or direct URL that your listeners need to use to purchase the product or service. Once they do, you’ll receive a cut of their spending or an agreed fixed fee.

Once your podcast is edited and exported to your computer, you simply head over to the anchor platform, log in, and click ‘New Episode’.

screenshot of my profile in anchor website

Then drag your audio into the box on the right.

screenshot of sign up page

Once the audio is uploaded, simply ‘Save Episode’.

If you want to, you can add an intro & outro to your audio. Either when recording the podcast episode or you can record them separately and upload them so they’re in your library to use at any time.

This is particularly handy when using the mobile app.

I recorded my intro and outro by creating the script, finding a short piece of music, (I use Audio Jungle and then recording my voice speaking as the music is playing.

The beauty with the Anchor app is they already have a bunch of short music pieces in the app, so you can do the same using their app and their music. You gotta love these tech gods making our lives so easy!

So, if you have recorded your intro & outro separately simply upload as you would your main audio, and then every time you upload a new episode, click on Library, navigate to where your intro & outro are saved and click the ‘+’ button to add them to your episode.

screenshot of Anchor create your episode page arrow pointing uploading video

Then if you want to, you can head to ‘transitions’ and add a small sound or piece of music which links all your segments together. You drag and drop to make sure everything is in the right order and then click ‘save episode’.

screenshot of how to sign up to podcast player anchor

On saving the episode you’ll be taken to the page to add the title of the episode, the description, the publishing date (you can save as a draft or schedule to be published), and the episode number, etc.

screenshot of anchor podcast player signup

And that my friends is that.

No tagging, copying & pasting, or bundles of RSS feeds.

After you have published your first episode, Anchor will start to distribute your podcast for you and within a few days, you’ll be on Apple, Spotify, and all over the place!

But there is an even easier way!

How to Create a Podcast on Your Phone

No recording equipment or fancy stuff required.

This is the fastest and easiest and most efficient way to get started podcasting right now!

Firstly download the app to your phone.

Then have a look at Matt here from Greatness Every Day as he explains exactly how to record a podcast directly to the app on your phone.

Also as I said above I have already uploaded my intro & outro, so on the mobile app, I can just add them from the library into the episode.

But if you haven’t yet recorded them, you can do straight into the phone, add some background music and save them to your library for next time! It’s so easy, the sound quality is pretty good, and right now, it gets you off the starting line.

I’ll talk a bit more about equipment shortly, but first…


Learning how to promote your show effectively is essential when exploring how to make money podcasting. If you can’t market effectively, then you’ll struggle to make money in the long run.

Where to Promote Your Podcast

Before you rush off to spend your hard-earned cash on ads, there are plenty of free promotion options available to you including;

  • Social media sharing
  • Word of mouth
  • Submit it to aggregators and hosts
  • Email links to relevant parties
  • Appear as a guest on other podcasts

Social media sharing

Images, videos & audio are infinitely more engaging and shareable than text-based posts.

That’s why apps like Wavve and are so popular.

Simply use an engaging image behind a short, 30 sec – 1-minute sound-bite of your podcast, and boom, you have yourself a cool little video to post!

Do this for all of your episodes to start with and your more highly downloaded episodes as you grow.

These sound bites can be uploaded directly to your social media accounts and shared online for all to see. In the attached caption, include links to where people can find you and relevant links to guests.

Encourage people to share your content online and make a point of interacting with people where possible. The more people like you as a podcast host and as a person, the more likely they are to share your posts.

When sharing to sites such as Instagram or Twitter, remember to use relevant Hashtags.

Word of mouth

Just like social media, word of mouth is free. Tell everyone and anyone that you are now running a podcast and ask them to give you a try.

Encourage your friends and family to pass the word around that you’ve started your podcast. Let your email subscribers know, Facebook groups, and any communities you belong to! The more people you can get listening early on, the better.

Submit to aggregators and hosts

If you are manually hosting your podcasts and don’t yet have a delivery mechanism set up to share with all primary podcast hosts, make it a point to share each episode with as many streaming services as possible.

This includes iTunes, Google, Spotify, Youtube, and so many more. The more your podcast is in the wild, the better chance you have of someone listening to it.

Almost every popular podcast is on all of the major streaming platforms. There’s a good reason for this. It works.

If you use as demonstrated above it automatically distributes your podcast to all the major platforms without you lifting a finger.

screenshot of anchor distribution where to listen example

However, for your information, here is a comprehensive list of all the podcast hosts online today!

iTunes and Spotify alone account for billions of streams of hundreds if not thousands of podcasts. Why wouldn’t you want a piece of that action?

Do you know someone in the podcast game that may be able to share your podcast? Or do you already have an email list of people who subscribe to your business?

Then utilize that list!

Send your podcast, with a nice hand-crafted email, of course, to your entire email list, as well as a few choice big names. Let them know what your podcast is about, and ask them for their opinions.

If you can reach the inbox of a few people with considerably more reach than you, then you may be able to leverage this as a potentially beneficial future relationship.

If you’ve adopted the interview-style podcast then remember to ask all your guests to please email the link out to the interview to their subscribers.

Appear as a guest on other podcasts

If you have the opportunity to appear as a guest on another podcast, grab it with both hands.

I can’t tell you how many times I have added a new podcast to my watch list because I heard someone on another one.

This works even better if you are featured on the podcast of someone with significantly more social clout than you. Notice how we are using our relationships here again?

The reverse is true here as well. The chances are guests on your podcast will share the podcast and spread your name across their social media pages.

Building and leveraging a network so you can perform this kind of cross-promotion is a vital part of growing your audience and reaching new people.

Start a video podcast

You’ve likely heard or read how powerful video is.

Just google video stats 2021 and you’ll be hit by a million infographics extolling the virtue of video. We’re undoubtedly and unashamedly, deeply immersed in the video revolution!

So why miss out on this powerful medium. If you’re recording podcasts anyway, why not connect your phone to a tripod. Press the record button and create a video at the same time as you record the audio.

All of a sudden you’re building a community on YouTube, TikTok, Insta, FB, wherever it is you choose to host your videos and a percentage of that community will likely subscribe to your podcast channel also.

Win win!

screenshot of authority hacker video podcast
One of my favorite video podcasts, Mark Webster & Gael Breton of Authority Hacker

Monetizing Your Podcast

At the top of this article we walked through the 7 best ways to make money podcasting ;

  1. Sponsorships and advertising
  2. Selling a physical product
  3. Advertise your course or services
  4. Build profitable relationships
  5. Affiliate marketing
  6. Direct crowdfunding
  7. Influencer Status

Now you know the 7 best ways to make money podcasting which one will you focus on?

You may want to incorporate multiple streams of income and I wholly encourage it, but to get started it’s always better to focus on one as this will influence the strategy you choose.

For example, if you decide to go down the ad or sponsorship route, listenership and downloads are crucial. Your entire goal will be to get the very best guests who attract large audiences and who can help you to grow fast!

If you’re going to be selling your own products whether physical or digital, you won’t need to grow as fast and may well be using your podcast as the educational arm of your business.

If you use crowdfunding, you’ll likely start earning from Day 1.

So go back through the methods in Part One of this article and choose which monetization strategy you want to start with and focus on this until you achieve it!

I can’t emphasize enough the importance of focusing on one goal until you’ve mastered it and then diversifying to expand. Too many people try to diversify too early and end up pedaling fast going nowhere.

As an old mentor of mine used to say;

choose two rabbits quote

What equipment do I need to start a podcast?

If you choose to go down the route, you need a phone and nothing more.

Literally. We’ve gone from the days of full-on recording studios to being able to pick up a phone and record an episode. These days you can make it as complicated and unwieldy or as simple as you prefer!

However, as audio is, without doubt, the most important element of a podcast it will reap dividends if you’re prepared to take that extra step and get yourself a decent microphone.

Headset or Desktop Microphone

As I said above, I use a Sennheiser Lapel Mic which plugs straight into my iphone and I’ve used that for both audio & video.

screenshot of sennheiser mic for phone recording for sale on Amazon

If you want to take it up a notch, however, then a decent USB headset connected to your computer will do the trick.

I’ve used a logitech usb H390 for years and years and the sound is fantastic!

screenshot of logitech headset for podcasting for sale on Amazon

(I can hear all the expert podcasters calling me a heathen right now)

If you truly want to go to town and aren’t planning a life on the road, a desktop microphone is your next level up.

I have a Blue Yeti, which I’ve used for FB lives and some videos. But to get decent sound you will need to ensure you’re not in an echoey room.

screenshot of blue yeti mic for podcasting for sale on Amazon

Popular podcaster (20+ million downloads) Jenna Kutcher host of GoalDigger, records her podcasts in a closet!

Recording & Editing Software

Free recording software is built into our computers/phones these days and again if you use you can record straight into the application.

However other free options for recording and editing are Garageband and Audacity.

screenshot of audacity recording software for podcasting
Audacity is entirely free and is a powerful tool for any podcaster.

Source: Audacity

If you’re planning on hosting multiple guests, whether with audio, video or both you can also use Zoom or an FB Live platform like Streamyard.

screenshot of zoom recording software for podcasting
Zoom has become famous the world over in recent times. It’s free, and you can use it to record your video calls. Excellent if you are uploading to Youtube.

Source: Zoom

Just fire the platforms up, hit record, and let the tech do the rest. You can then take the audio file and edit it in Garageband or Audacity if you’re used to using one of those platforms.

I myself use ScreenFlow for mac as I’ve used it for video for years and it’s just as easy to use for audio also.

The most important thing is to keep it simple! Don’t get bogged down by the tech. Choose the options which suit your lifestyle the best and start recording!

How To Make Money Podcasting: Summary

As a method of building a lifestyle business or becoming a digital nomad, a podcast is an excellent way to go about it. To continue your podcasting education, make sure to check out the comprehensive article from our friends at Adobe titled How to Start a Podcast in 2023.

However, it isn’t without its trials or tribulations. A podcast takes time, effort, and even some level of financial outlay to get started.

It also isn’t a get-rich-quick scheme. It could take months or years for your podcast to reach a point of autonomous financial freedom, but it will be worth it when it finally does and what a fun journey!

Whether you currently have a business and plan to use a podcast to supplement your content and add an extra stream of revenue to your life, or are starting a podcast to become your main income source, then go for it.

Even if your podcast only brings in $100 a month, that’s still $1200 extra a year to go towards funding your ideal lifestyle!

Don’t be put off by the perceived complexities of starting a successful podcast and just run with it. Once it starts to earn you extra money each year, you’ll be glad you started sooner rather than later. If you need more knowledge, read my podcast platform review on Libsyn vs Buzzsprout.

Good luck!I hope it’s a rip roaring success and I look forward to seeing you at the top of the podcast charts!

How To Make Money Podcasting: FAQs

How much money can you make a podcast?

The amount of money you can make from a podcast varies widely based on factors like ad revenue, listener support, affiliate sales, and sponsorships. Successful podcasts can earn significantly, especially when they leverage a broad marketing channel strategy and utilize monetization methods effectively. Some podcasts also offer ad-free episodes or bonus content through platforms like Apple Podcasts Subscriptions to generate additional income.

Can you earn money from podcasts?

Yes, you can certainly earn money from podcasts. There are various ways to monetize a podcast, including advertising network deals, listener donations, selling merchandise, and affiliate link promotions. The key is to grow as many listeners as possible and provide valuable content to attract potential sponsors and advertisers.

How many viewers do you need to make money on a podcast?

To start making money on a podcast, you don’t necessarily need a huge audience. While having a broader audience can increase ad revenue potential, even podcasts with a modest following can earn through affiliate sales, exclusive content, and listener support. It’s more about how engaged your audience is rather than just how many downloads you have.

Does Spotify pay for podcasts?

Spotify does not directly pay podcast creators for content. However, podcasters can make money on Spotify through ad format placements, sponsorships, and listener support. Spotify has also introduced monetization tools like Spotify for Podcasters, which allows creators to understand their audience better and explore monetization options.

What are the best monetization tools for podcasters?

The best monetization tools for podcasters include advertising networks, which connect podcasts with potential advertisers, and platforms like Apple Podcasts and Spotify, which offer avenues for ad format placements and exclusive content. Additionally, free tools like provide easy access to monetization options like listener support and sponsorships.

How does early access to episodes contribute to podcast monetization?

Offering early access to episodes is a popular monetization method. It works by providing dedicated listeners with exclusive content before the general public, often through a subscription model or as a reward for listener support. This approach can help build a loyal fanbase willing to pay for bonus episodes and additional content.

Are live events a viable way to monetize a podcast?

Yes, live events can be a lucrative way to monetize a podcast. They offer an opportunity for podcasters to connect with their audience in person, often leading to higher engagement and loyalty. Live events can be ticketed, and they also provide a platform for selling merchandise and additional promotional activities.

How can affiliate sales boost a podcast’s revenue?

Affiliate sales boost a podcast’s revenue by allowing podcasters to earn a commission on products or services sold through an affiliate link provided in their episodes. This method works well when the products are relevant to the podcast’s content and audience. It’s a way to provide value to listeners while also making money.

About the author

Disclaimer: Please note this post may contain affiliate links, from which, at no additional cost to you, I may earn a small commission. Also as an Amazon Associate I earn from qualifying purchases. I only recommend products and services I’ve used or would use myself. If you choose to purchase from any of my links, thanks so much for your support! 😊