Podcasts have broad appeal and many people are making money from them using a variety of different income streams. In order to monetize your podcasts, you first need to build an audience. By using the right approach, it’s totally possible to start making income and building it over time. Here are five ways to make money through podcasts.

1. Sponsorship

Sponsorship is a popular way of monetizing a podcast. One of the difficulties is that many companies focus on high listener numbers. However, there are smaller shows that can make money from sponsorship by building a show for a very specific audience and then finding a sponsor who wants to reach that audience.

Sponsors will need to see how they can generate conversions for their sponsorship. You may be able to find several sponsors or just one who is very relevant to your topic and audience so that you could develop a lucrative and valuable relationship over time.

It’s easy to start and host a podcast with Melon. Its leading podcast software allows you to create professional podcasts for free. If your computer comes with a microphone and a camera and you have internet access, you’re good to go.

2. Affiliate income

When you mention certain products or services, your listeners may be interested in buying them. This is an opportunity to earn affiliate income where you receive a commission on the products you sell.

You can sign up for the Amazon affiliate program in just a few minutes and start providing links to products. The advantage of this is that you don’t have to create products and can earn a passive income from your affiliate links.

Make sure you share products or services you use and trust yourself and integrate them as part of a solution to problems your listeners may have. Affiliate marketing works best when you’ve built trust with your audience. Affiliate links should appear in your show notes or transcripts.

3. Coaching/Consulting

One-on-one coaching could work for you if you like to talk people through processes and teach them live. All you need is a booking form and a way to schedule times and accept payments.

You can mention to your audience on your podcast that you have some extra hours and are willing to offer coaching. You can grow your business by keeping the needs of your clients in mind. As you help others through your coaching services, they are likely to share your podcast because they have come to know you on a deeper level.

4. Books and audiobooks

As a podcaster, you spend time creating content that you give away for free. People can tune in, receive advice, and apply it in their lives. Repurposing your audio content can provide you with a way to make money.

To write a book, you could simply use some of the takeaways from interviews that you hosted on your podcast and combine them with some new content. You could also easily use your recording skills to create an audiobook.

5. Premium content

Selling premium content is another way to monetize your podcast. This type of content is usually more in-depth, such as another episode that isn’t available on your regular feed. You could create two podcasts a week – one free one and one for premium members.

If you frequently see certain questions in the comments, you could create a guide with in-depth answers to them. If your industry is more technical, you could create tutorials where you show people how to do a specific task.