I’ve been a professional writer for over a decade, and I survived in this business by adapting two things – my management experience in Corporate America and the lessons I learned from Wendy Day.
She helped define the modern music industry by teaching rappers how to survive in the music business. She basically wrote the book on how to create an independent music business, and that’s relevant in today’s creator economy.
Audio creators are the new professional musicians, podcasters, and broadcasters. The audio creator economy may have been sparked by Clubhouse, but it’s by no means the end-all for the industry.
The business of audio was around long before the internet, and audio will likely kill the video star over the next decade. With this new dawn emerging, it’s time to understand podcasting as a business that can sustain the test of time.
Podcasting as a Business
Like I said – I’m a writer. Podcasting is something I’m learning as we speak, and there are plenty of much smarter people than I am about it. But because I adapted music industry rules to build my writing business, I do understand how to apply my knowledge and experience to the audio creator economy.
Today’s video breaks down all the ways to monetize your Clubhouse rooms and podcasts, including:
1. Sponsorships – Brands typically pay $10-$25 for 1000 listens for podcasts. You’ll need stats to prove you get at least this much engagement on Clubhouse/Spaces/Discord for any legitimate brand to take you seriously. You’ll still need recorded podcasts published for every room to reach bigger numbers.
2. Affiliate Programs – Most brands won’t pay you sponsorship money anymore because their influencer marketing programs are full. You’ll need to prove your value through coupon codes and tracked links that drive commissioned sales before you can negotiate a flat rate.
3. Ticket Sales – If your social audio audience is your largest, then put a paywall in front of your podcasts. If your podcast audience is the largest, put a paywall in front of your social audio rooms/stages/spaces. This gives you the opportunity to resell your content through virtual events to your audience in addition to doing live shows (for which there’s no replacement).
4. Crowdfunding – Subscriptions rule the roost in crowdfunding, because they’re recurring payments on autopilot. The direct money you get from selling your art and brand directly to your audience is better than any sponsorship. It indicates a level of trust and love of your content that can’t be bought.
5. Merch Sales – Branded merch is a win-win situation for everyone. You get to sell something to your fans that they love enough to walk around promoting you to their friends. Nothing in marketing is better than the recommendation of a trusted friend or family member, and merch makes your brand real. No NFT will ever replace a vinyl album.
This is not an either/or list – you need to be doing all five things at all times if you want to succeed in this business. Get a solid brand down and start finding ways to get it printed on mugs, shirts, hats, stickers, posters, phone cases, and anything else you can.
Promote your content, and continue delivering consistent quality. If you build it, they will eventually come. But it does take a lot of effort to get there.
Creator Economy Headlines
Snapchat Launches New Holiday Season Guide – Social Media Today
Dozen Central Agencies Authorised to Track Clubhouse Chat Rooms – Kashmire Walla
Corinna Kopf’s OnlyFans Sparks Anger Because Pictures Are From Instagram – Newsweek
Discord Does Not Run Ads, So How Does it Make Money? – MakeUseOf
See Jada Pinkett Smith Steam Her Vagina on Facebook Show – NY Daily News
Cerence and SiriusXM Enter Agreement to Enhance In-Vehicle Entertainment – PR Wire
When Podcasts Go Sour: Can Shows Like Reply All Come Back From Scandal? – The Guardian
How to Use Spotify’s New ‘Only You’ Feature – Bustle
SiriusXM Creates an Audio Ad Powerhouse with SXM Media Rebrand – MediaVillage
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