By: Oba Adeoye
Podcasting has become a popular medium for sharing information and entertainment, and it can also be a great way to make money, especially for Nigerian Journalists at a point like this when traditional media employers struggle to pay salaries regularly. In this article, we will discuss how you can start podcasting, some strategies for monetizing your podcast, including sponsorships, affiliate marketing, and selling products or services as well as share some tips on how to create your podcast studio without tearing your pocket.
Let us start with ways you can monetize your podcasts but before then, what is podcasting? Put it as simply as possible exactly the way The PodcastHost put it, a podcast is a series of spoken word, audio episodes, all focused on a particular topic or theme, like politics, life in Lagos, Nigerian foods, local sports like the NPFL, celebrity gossips, teaching Yoruba language and even teaching how to do podcasting itself etc etc
According to this Reuters Digital News Report, South Africa and Kenya recorded that around 40% of the highly educated people are monthly podcast users. Smartphones, combined with headsets or headphones, are increasing the number of listeners in Africa through mobile Apps, while data on Spotify shows Nigeria has over 2.9 million podcast titles available to Spotify listeners in the country, though listening to a mixture of local and foreign podcasts.
So, expending energy, time on other resources to create podcasts should not just be for the fun of it, not at a time of Nigeria’s economic fog like this. What is the koko gangan? The koko (i.e crux of the matter) is that you can make some passive income from podcasting and here are some of those ways to achieve that:
Nigeria has over 2.9 million podcast titlesSpotify
One of the most common ways to make money from podcasting is through sponsorships. Podcast sponsorships involve a company paying you to mention their product or service on your show. The amount of money you can make from sponsorships will vary depending on the size of your audience and how targeted your audience is to the sponsor’s product or service.
To get sponsorships, you will need to build a large, engaged audience. One way to do this is by consistently producing high-quality content that is relevant to your target audience. You should also actively promote your podcast on social media and through other marketing channels.
Once you have built a sizable audience, you can reach out to companies that are relevant to your content and offer to feature their product or service on your show. You can also use a podcast sponsorship platform such as Midroll, or Podcast Advertiser to connect with potential sponsors.
The Oxford Dictionary defines affiliate marketing as a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals. So, here, once you have a huge followers base, you’re good to make some money from affiliate marketing through your podcasts since it is a type of performance-based marketing where you earn a commission for promoting a product or service. To get started with affiliate marketing, you will need to find products or services that are relevant to your audience. You can then sign up for an affiliate program and promote the product or service on your show.
When promoting an affiliate product or service, be sure to disclose that you are an affiliate, and provide a unique affiliate link for your listeners to use.
You may also like to read this: These top free audio recording software are great for podcasting
Selling products or services
You can also make money from podcasting by selling products or services directly to your audience. Here you’re no selling other people’s products but your own products and/or services! This can include digital products such as e-books or online courses, or physical products such as t-shirts or mugs. To sell products or services, you will need to build a relationship with your audience and provide them with valuable content. Once you have established trust with your audience, you can promote your products or services on your show. In order to sell your products or services, you need to have a website or online store where your listeners can purchase them. Our team of web designers at FULL MEDIA SERVICES (publishers of JournalismNg) can help you design and manage an e-commerce website for this purpose. Talk to us on WhatsApp: 09077667940
Once you have a huge followers base, you’re good to make some money from affiliate marketing through your podcasts
Podcasting can be a great way to make money if you have a large, engaged audience and utilizing your deep knowledge of a beat as a journalist or simply your passion. Sponsorships, affiliate marketing, and selling products or services are all effective ways to monetize your podcast. To get started, focus on building a large audience and consistently producing high-quality content. Then, explore the different monetization options available to you and find the one that works best for your audience.
How to start and sustain podcasting
Starting a podcast can be difficult to know where to begin. Here are some steps to help you start and sustain your podcast:
Determine your niche: Before you begin, it’s important to determine what your podcast will be about. Choose a topic that you are passionate about and that has a dedicated audience. One simple way for journalists is to consider the beat they cover or have covered which they think has an audience already and then create a podcast series round that. For instance, someone who covers health as a beat may start a podcast on alternative medicine for Nigerians. A Journalists who is covering the business beat can start something about personal finance or top business secrets in Nigeria where you discuss the latest business ideas, hottest investments and other money-making ideas around Nigeria. What about Agriculture? Sports? Entertainment? Politics? Maritime? etc etc etc… All of these already have an audience and you as a Journalist already have some level of insider-information about these beats, which you may not even be permitted to include in your daily reportage and writings for your employers.
One simple way for journalists is to consider the beat they cover or have covered which they think has an audience already
Choose a format: Podcasts come in many different formats, such as solo shows, interviews, and panel discussions. Decide on a format that will work best for your content and audience. I always advise Journalists to have a blend of these, so as to anticipate days there wont be enough contents (which you cannot rule out). You might have recorded an interview that wont get stale easily and keep it somewhere to wait for the right time to use them. In terms of music and instrumentals, be sure you own the copyright to them or use ONLY royalty-free sounds which are in their millions online. A website called INCOMPETECH is a rich reservoir of that!
Purchase equipment: You will need a good quality microphone, headphones, and a computer with audio editing software to record and edit your podcast. These comes at a cost but I will give you some tips on how to assemble all these on a shoestring budget, right in this article. Just keep reading.
Record and edit your episodes: Once you have your equipment, you can start recording and editing your episodes. Be sure to practice and test your equipment before recording to ensure the best sound quality. There are free and paid audio editing software. If you are in Lagos, a visit to the Computer Village in Ikeja will help you a great deal in choosing what you want but if you want free but good software, i will recommend Audacity. You can download it and its free to use. Very user-friendly!
Publish and distribute your podcast: After you have recorded and edited your episodes, it’s time to publish them. You can use a hosting service such as Soundcloud, Podbean, or Buzzsprout to upload your episodes. Once your episodes are published, you can distribute them to platforms such as Apple Podcasts, Spotify, and Google Podcasts.
Promote your podcast: To grow your audience, you will need to promote your podcast. This can be done through social media, email, and other marketing channels. Create customized twitter, Facebook and Instagram handles for your podcast. In order to sustain your podcast, it’s important to consistently produce high-quality content and to actively promote your show.
Be patient: Building an audience takes time and patience. Keep in mind that it takes time for your podcast to gain traction, but with consistency and persistence, you can grow your audience and make your podcast a success.
In terms of music and instrumentals, be sure you own the copyright to them or use ONLY royalty-free sounds which are in their millions online
Now, let’s talk about another koko...
Setting up a podcast studio on shoestring budget
Many aspiring podcasters are discouraged by the high cost of equipment and studio rentals. Fortunately, it is possible to set up a podcast studio on a shoestring budget. First, determine what type of equipment you will need. The most important piece of equipment is a good quality microphone. You can find affordable options such as the Audio-Technica ATR2100 or the Blue Yeti that will provide good sound quality. You will also need headphones and a computer with audio editing software, such as Audacity or GarageBand, to record and edit your episodes.
Next, consider the location of your studio. You can create a studio space in your own home, using a spare room or even a closet. You can also use a soundproofing foam or a blanket to reduce echo and outside noise. When it comes to editing and producing the podcast, you can use online tools like Auphonic, which can help you to balance the audio levels, remove background noise and even add music to your podcast.
Another way to save money is to use a hosting service, such as Soundcloud, Podbean or Buzzsprout, which will allow you to upload your episodes and distribute them to platforms such as Apple Podcasts, Spotify, and Google Podcasts. These platforms also provide analytics which can help you to track the performance of your podcast and adjust your content accordingly.
You can create a studio space in your own home, using a spare room or even a closet. You can also use a soundproofing foam or a blanket to reduce echo and outside noise.
Lastly, don’t forget the importance of promoting your podcast. Utilizing social media platforms such as Twitter, Instagram, and Facebook to reach out to your potential audience. You can also reach out to other podcasters in your niche and ask to be a guest on their show.
You may also like to read this: These top free audio recording software are great for podcasting
In conclusion, starting a podcast studio on a shoestring budget is possible. With a little creativity, you can create a professional-sounding podcast without breaking the bank. By being mindful of your equipment, location, editing, hosting and promotion, you can create a successful podcast without a large investment.
If you need any help or want more clarification, reach out to me: firstname.lastname@example.org or use the WhatsApp number in the article above.
ABOUT THE AUTHOR
Oba Adeoye is a multiplatform journalist and media strategist.
An alumnus of the University of Lagos, Olabisi Onabanjo University Ago Iwoye and International Business Management Institute (IBMI), Berlin, Adeoye is a senior member of the International Professional Managers Association, United Kingdom (UK), Fellow, Institute of Corporate Administration of Nigeria, Associate Member of the Nigeria Institute of Public Relations and Fellow, the institute of mass communication and information management of Nigeria (IMIM) among others.
Oba was the host of Nigeria’s hottest debate show on TV, -The Big Issue which was a flagship on TVC before his appointment by erstwhile governor of Lagos State, Mr Akinwunmi Ambode to join the team at Lagos Television (LTV) as Director of News and later Director of Programmes.
He is the Lead Editor of JournalismNG