How This Company Is Turning Downloads to Dollars and Making Podcasters Bank
It’s safe to say podcasts are here to stay. As of November 2020, there are over 1 million active podcasts and more than 30 million podcast episodes available in more than 100 different languages across Apple Podcasts, Spotify, Stitcher, and more. But despite the stiff competition, when done right, podcasting can become a very lucrative side hustle that allows you to pursue your passion while making a profit.
So what’s the secret to turning podcast downloads into dollars and cents? According to Lizzy Pollott, the Global VP of Brand at Acast and the host of the TV and film podcast, “After School Culture Club,” it’s all about growing your listenership and building an engaged audience. “The creators who flourish the fastest are those who enter podcasting with the right attitude and a real love of their subject area,” she tells Create & Cultivate. “If you’re looking to create a passion project, or find and share your voice around something you really care about, or simply want a creative outlet, then you’re in the right place. If you build it, they will come!”
Ahead, Pollott fills us in on what it takes to stand out from the competition, why 25 minutes is the ideal episode length for newcomers to the medium, and how to turn a podcast into a revenue stream by leveraging Acast and the platform’s new partnership with Patreon.
CREATE & CULTIVATE: Why did you choose to launch a podcast side-hustle in addition to your career as Global VP of Brand at ACAST?
LIZZY POLLOTT: As a complete podcast addict (and fan of talking), I had always had ideas for podcasts I’d like to make but until I joined Acast nearly three years ago, I didn’t really know where to start. As soon as my eyes were opened to all the behind-the-scenes magic that Acast puts into podcasting, I decided I’d jump in feet first. The origin story sounds like something from a Kate Hudson rom-com from the 2000s. I had been struggling to map out an idea for my podcast and it came to me like a vision during the “find yourself” track in a candle-lit spin class… who do I think I am?
What are the first steps people should take when mapping out a podcast strategy and what are the most common things people often overlook?
It might sound obvious, but the very first thing to nail is your idea. “Shooting the breeze with my friends” simply won’t cut it unless you actually are, say, Chrissy Teigen. Reports show that there are more than 1.5 million podcasts out there in the world today. You need a hook, a reason why people should listen to yours above all others, and therefore an easy one-line way to sell it and draw people in.
For example, the hit show “Forever 35” talks about being “a podcast about the things we do to take care of ourselves. We’re not experts but we are two friends who like to talk about serums.” Or the brilliant “90 Day Gays:” “Jake Anthony and Matt Marr are two Southern Queens who absolutely love TLC's 90 Day Fiancé. If you've been looking for your gay BFFs to dish this show… well, you're welcome.”
The second is, then, thinking hard about—and testing—a format. Each episode needs a regular and familiar shape. Podcast listeners are creatures of habit and look forward to a regular format each week. So again, rather than thinking, “OK we’ll just talk for half an hour each week and see how it goes,” think about how you might put features, or a structure into it; the same three questions you address each week, or listener feedback, and so on.
Can you share some mistakes you made in those early stages that our audience can learn from today?
Building an engaged audience for your podcast takes time and dedication. There is no silver bullet to grow your listenership, and more often than not, it’s a mix of many different strategies that will help build up those numbers. I certainly had the opposite attitude when I started, “Well, I’ve done all the hard work and this thing is live so come listen everyone!” But it takes regular grinding, thinking about promotion on social, doing your own PR, networking with other like-minded podcasts for guest swaps, and so on.
What advice can you share for newcomers to the podcast medium who want to stand out from the competition? Are there any holes in the marketplace? What content is the podcast space missing? Where can you fit in?
The good news is that podcast listening is booming. More and more people are turning to podcasts (especially during the pandemic) as a source of education, entertainment, or distraction. And with that comes even more opportunity for new podcasts to find their voice, and create shows which speak to an even broader section of society.
What’s even more exciting is we’re seeing new formats being born and becoming really popular. Scripted audio is one, essentially an audio drama, comedy, or similar in podcast form. And there’s no doubt that as the pressures of 2020 have hit home, people are turning more and more to wellness shows with things like guided meditation becoming a rich vein of content. But the best advice we can give is: find a genre that you really care about, and it will be far easier to create a show you’re proud of.
What’s your advice on podcast length? Is there a magic number that works best?
For a new podcast, we would always recommend that shorter is better. If people are going to invest time in trying out a new show, you want to give them something manageable they can easily get into. Generally, around 25 minutes would be a great starting point. It’s long enough to make something fully fleshed out for people to get into but not so long that you risk losing them too early in your podcast journey. This will also of course depend on the format of your podcast which might actually dictate that you need to start at a bit of a shorter (or longer) length. Editing is your friend. Podcasts should be as long as they need to be, and no longer, so be self-critical when editing and be mindful of making the best use of your listeners' valuable time.
What are some tools that both newcomers and podcasting pros alike can use to generate income?
There are two core ways that people make money from podcasts. One is becoming part of an ad monetization marketplace, just like the one we have at Acast which is now open to creators of all sizes. Here, you’ll have audio ads placed in and around your show, which in turn translate into revenue for you. It sounds obvious, but the bigger your listenership, the more money your show will be likely to generate. Then, once your podcast becomes really established, you might start working with sponsors too, who will pay for live read-style endorsements from you as hosts.
Another way is through membership-led platforms. Podcasts are, of course, free to listen to, but loyal listeners will want to pay for exclusive and additional content, not least because they recognize the time and care that goes into creating it. Patreon is the leading light in this area, giving you the ability to offer exclusive content (and much more) to paying subscribers (“patrons”). We have just launched a brilliant partnership with Patreon which makes it easier than ever to create and share both private and public podcasts with your fans—across every podcast player and app.
What tips and tricks can you share on how to monetize a podcast?
The most valuable advice we can give is to focus first on building up your audience. Once you have loyal listeners, ready to become paid-up members of your show, you can look at starting, say, a Patreon. And then once you reach a significant size of listenership, that can eventually lead to ad revenue.
How did you find brand partners to come on board and advertise on the podcast?
If you join Acast, you will be given the option to join our Marketplace, and this pretty much does all the work for you. We have teams dedicated to bringing advertisers into the Marketplace, and connecting them with suitable shows to run campaigns across. Bear in mind, though, that it might take time to start to see ad revenue come through for your show, again, the more listeners you build up, the more likely that will be.
Be honest, how much work is it to plan, produce, and launch a podcast every week? Tell us about the hustle behind the scenes.
I won’t lie: it takes real dedication and commitment! Putting the effort into firstly getting your show ready for launch, then producing it each week, recording it, editing it, publishing it, and then marketing it can turn into a real full-time side-hustle. Everyone will be slightly different, and the actual time spent making it will also depend on the format of your show.
For example, my TV and film podcast, “After School Culture Club,” relies on watching a film or show first, to talk about. Then the research might be another hour, actual recording another hour, editing nearer 90 minutes, and then marketing can be as much effort as you’re willing to put in. Like any passion project or side hustle, you have to put the hours in to see a return. But if you’ve chosen something you truly love then that won’t matter.
What tools and resources do you rely on to streamline the process? Are there any automated solutions that make your life easier?
I use the free editing software Audacity to edit; it’s simple to use and does the job. My favorite find to make life easy is Levelator, a free program that instantly evens out the volume of your audio which is massively helpful if, say, one person on your show tends to be louder than the other. (Don’t tell my current co-host, my sister, but it’s her.)
On the promotion front, tools like Headliner and our own Snipper tool allow you to quickly and easily make “audiograms,” short videos for social which clip up and make pretty videos from your episodes to encourage people to listen.
Can a podcast’s success helped your brand in other ways? Can you share what and why?
We work with thousands of podcasters at Acast who are creators in other areas at the same time, and often their podcasts really help strengthen their other endeavors, and vice versa. We find, for example, that podcasts make great marketing tools for authors when launching new books. Other examples include people like Nike running coach (and my running coach!) Cory Wharton-Malcolm who launched his podcast “The Tub Hub” on Acast during lockdown, which offers him the chance to connect with his audience on a different level to just exercise each week, as he goes deep into topics including mental health and race with a whole range of inspiring guests.
Anything else to add?
At Acast, we tend to find the creators who flourish the fastest are those who enter podcasting with the right attitude and a real love of their subject area. Birthing a podcast takes time and effort; growing an engaged audience even more so. If you’re thinking of starting simply as a way of generating cash, then you might wind up being disappointed. But if you’re looking to create a passion project, or find and share your voice around something you really care about, or simply want a creative outlet, then you’re in the right place. If you build it, they will come!