Q: How Can I Diversify my Podcast Revenue?

You should always plan for rainy days, right?

What better time than when the sun is shining in August.

There are things you should do now to protect your podcast in case the U.S. economy takes a dip later this year.

Lifeguard tower in North Carolina

Consider these ideas:

• Explore alternative revenue sources beyond advertising. Live events, subscriptions on Apple Podcasts, a membership club on YouTube, merchandise, newsletter, Patreon, and paywalled website. Ask your fans to show up and support you and your show.

• Sock away money so you can pay your staff. You should have a rainy day fund already. Be prepared to tap it.

• Be honest and transparent with your team. Explain things could get rocky the next few months. Will you have to lay off employees? Are you running out of cash as a company?

• Build community. At the end of the day, think of your listeners as evangelists. They will help build your podcast. They will also help you pay the bills.

• Play to the moment. Build your content around what’s happening. Sympathize with people when the unemployment rate rises and listeners start to lose their jobs.

• Hold special live sessions on your YouTube channel. Take questions from your fanbase. Be consistent each week; e.g. We take your questions every Friday at Noon.

• Tie your YouTube live sessions back to your podcast episodes. Talk about previous episodes. Encourage your fans to go listen or watch if they haven’t already.

Got a question?

Drop a note to John@JohnWordockMedia.com and include Hey Woodchuck in the subject line.