I listen to a lot of podcasts. A few are well known, professionally produced and backed by marketing & support from the NYTimes, Vox, Spotify, Amazon, Apple, etc. Others are less popular, but still somewhat mainstream and supported by ads and/or subscriptions. And finally, I often search for niche podcasts that cater to topics like frugality, minimalism, single living, drawing, elderly care, or whatever else I’m focused on at the moment.
The big name podcasters do fine. We’re all familiar with their names and huge contracts. To me, these podcasters are similar to famous athletes, tech wunderkind billionaires, and famous actors. Through a combination of luck, wealth, family connections, timing, and perhaps some skill and work effort, they struck gold.
The mid-tier group of podcasters is filled with wannabees who are hoping to strike it rich like the big name podcasters. They bring a level of expertise and public recognition from their current (or previous) careers in media, entertainment, sports, writing, etc. My speculation is that their podcasts are self sustaining and provide some level of income that’s acceptable, but not life changing.
The final group are the dreamers. Some of them are podcasting for the pure joy of talking about their hobbies and interests with no intention of monetizing it (like my blogging). But many others openly state they are “pursuing their passion” with their podcasts. They talk about quitting their day jobs, struggling to find sponsors, and beg for patreon donations or subscriptions. They openly say their intention is to “help people” and “earn a living” from the podcast without being tied to a job.
Good luck with that.
They remind me of all the people who jumped on the blogging bandwagon 15 years ago in the hopes of striking it rich by spending a few hours a day putzing around on their laptops while living a nomadic lifestyle visiting exotic locations
Or, all of the life coaches, who left their corporate gigs (or barista jobs), who declared themselves a life coach and pitched e-books, courses and coaching services.
Here’s what is similar to me:
- All of these have low barriers to entry
- All have a few examples of rockstars who struck it rich
- All of the wannabees have not developed appreciable expertise or public recognition for their work
Most will fail to earn a living from their podcasts because they failed a basic principle in sales – offer something that enough people are willing to buy.
Millions of people, like me, will listen free podcasts for insight and entertainment. A teeny, tiny percentage of those will pony up even $5 a month for one.
As for advertisers, they follow the money. You need a huge audience to make and real money from them.
There’s only a handful of Joe Rogans, Megyn Kellys, Smartless and Barstool Sports podcasts. All of them begin with money and an existing business, skillset, audience, public persona and reputation.
As for the dreamers, my recommendation is don’t quit your day job until your podcast profits have exceeded your salary.
I feel for you. I get it. I’ve always dreamt of running my own business. I launched 3. Two generated decent side income for a few years. One never earned a cent. None enabled me to make enough to support my family’s modest expenses.
It wasn’t due to lack of effort, persistence, enthusiasm or desire. It was because I was selling something that not enough people were willing to buy.