Three Ways to Fund Your Podcast
Just like any hobby, podcasting may require a significant financial investment— but you don’t have to do it alone.
For a lot of people, podcasting is a hobby. And like most hobbies, it can be as expensive or as cheap as you want it to be.
Many people I talk to aren’t looking to get rich off their podcast, but they do want to at least break even. “Where do I get money for this?” is one of the most frequent questions I hear in those conversations. In my time producing independent podcasts, I’ve seen three strategies work.
But before we dive into those, take a moment to figure out how much money you need to make an MVP-- a minimum viable product. What’s the least you need to make something that doesn’t suck? Do you have to buy a fancy microphone, or can you record on an iPhone in your closet? Do you need an elaborate Squarespace site, or can you use Anchor? Do you want to hire a producer to edit it for you, or can you teach yourself GarageBand with some YouTube videos? The trade-offs, of course, are time and money-- and there’s no wrong combination of efforts here.
Once you’ve got that list of expenses, you’ve got an idea of a budget, and from there you can figure out the most effective way to raise those funds.
Ask your listeners, or potential listeners, to support the show with their dollars. Maybe you’ve already got a built-in audience of clients or colleagues, and you know your podcast will be valuable to them. It can be as simple as sharing your Venmo or utilizing the “donate” button on Anchor. You can also try a subscription platform like Glow.fm (tell them I sent you).
In your ask, be specific. If you need $500 to buy a nice mic and a website, say that. If you need $5000 for a producer and original music, say that! Being transparent with your costs and goals helps supporters feel like they’re making a tangible difference with their dollars.
2. Find a business to partner with you for a season. I’m a firm believer in limited-run seasons over a weekly release schedule. Knowing you’ve only got to make 8 or 10 or 12 episodes before you can catch your breath and regroup will keep you from getting burnt out, and it allows you time to plan for improvement in the next season. And a season is a straightforward way to approach a business for a sponsorship.
Think about the ideal audience for your podcast-- what kind of business would want to speak to them, too? Ask them if they’ll sponsor your whole season for top billing, like “ABC Podcast, brought to you by XYZ Bank.” See if they want to offer an incentive to listeners, like a discount code. It’s beneficial for both of you!
3. Sell ads. This is what most people think of when they think about making money off a podcast. But honestly, this is the most difficult one to pull off. Most major advertisers won’t give you the time of day unless you’re hitting 20,000+ downloads per episode. On average, a new podcast by a normal person (like, not a celebrity) will see 100 downloads total in the first month. It’s a steep hill to climb!
That doesn’t mean you can’t try. There are marketing agencies that specialize in placing ads in podcasts. You could try to DIY it and approach local businesses with plans for pre-rolls (the ad that starts the show) and mid-rolls (the ads in the middle)-- these are usually 30-45 seconds long. The DIY approach will, of course, take you a lot more time to pull off, which could result in a more expensive podcast!
This list is not exhaustive-- you could apply for grants, sell merch, or carve out space in your personal budget. If you’ve got a creative fundraising solution or inspiring success story, I want to hear about it!
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