How Much Do Podcasters Make in 2024

How much do podcasters make

The podcast industry is skyrocketing. Each year more and more people integrate podcasts into the content they consume from the internet, and therefore, this industry is managing more and more money every day. With the rise of podcasts across various genres, many aspiring creators wonder, “How much do podcasters make?” 

The answer to how much money podcasters earn varies greatly, as there are plenty of variables and ways of monetizing content that influence the earnings. Some podcasters make a comfortable living through it, while others pursue it as a hobby. Factors like audience size, sponsorships, and monetization strategies all play a role in determining how podcasters make money in 2024. 

Whether you’re curious about starting your own podcast or simply wondering how much money do podcasters make, in this article, I’ll explore the answer by diving into the world of podcasting and the different ways podcasters make money, the potential earnings range, and what it takes to build a successful podcast in 2024. 

Estimated Earnings per Episode

Direct podcast monetization often revolves around sponsorships and advertising

Ads

If you run your podcast on platforms that display ads, you’ll most likely get a percentage of the ad money. For example, if you are part of Spotify for Podcasters, you’ll earn 50% of the ad revenue that is generated by ads run on your podcast episodes. In the case of Apple Podcasts, you can set a subscription rate, the platform will take 30% of that money and then all the ad money will be 100% yours.   

The earning rates for ad revenue will depend exclusively on the amount of listeners you can get and the conditions of the platform you use. However, there are some standards that would let you estimate the earnings of your podcasts based on the number of listens you have, and the type of ad that is displayed (pre-roll, mid-roll or post-roll). 

Jake Jorgovan, a podcast expert, shared information on more or less how much an ad can cost depending on the number of listeners of an episode. 

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In short, pre-roll ads are the ones that show up before the podcast starts, mid-roll ads appear throughout the episode and post-roll ads at the end. The different costs of each type of ad have to do with the likeliness of people to listen all the way through the ad and the impact it has on the content of the podcast episode itself. With these numbers you can start to predict how your podcast with specific metrics would perform financially. 

Sponsors

Earnings are tied to the number of downloads per episode. Sponsors typically pay a certain amount per 1,000 downloads, known as the cost per mille (CPM). These sponsors are not displayed automatically by the platform where people listen to you. You have to negotiate with brands and companies how much it would cost to place an ad directly in your episode (pre recorded or delivered by the host).

For podcast episodes, the average CPM ranges from $18 to $50, meaning a podcaster can earn between $18 and $50 per episode for every 1,000 downloads. However, popular podcasts with large audiences can command much higher rates, sometimes reaching $100 CPM or more. 

To put this into perspective, a podcast episode with 10,000 downloads could generate anywhere from $180 to $500 in ad revenue, while a hit podcast with 100,000 downloads per episode might earn $1,800 to $5,000 or more from a single sponsor. Keep in mind that to reach these numbers you need to captivate a lot of people and work very hard on your podcast.

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Earnings by Listener Count

As mentioned before, your earning depends greatly on how many people consistently listen to your podcast. Let’s break it down. 

Beginner Podcasters (100-1,000 listeners)

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Beginner podcasters typically earn very little income from their podcasts. At this stage, most podcasters are focused on creating quality content, building their brand, and growing their listener base. With a smaller audience, it can be challenging to attract sponsors or generate significant revenue through other monetization methods.

However, even with a modest audience, beginner podcasters can still earn some money if you apply monetization strategies. Platforms like Patreon allow listeners to support their favorite podcasters through monthly donations. So, for example, if just 1-2% of a beginner podcaster’s audience contributes $5 per month, they could earn $50-$100 monthly. 

Additionally, by promoting relevant products or services through affiliate links, beginner podcasters may generate a small income stream, although earnings at this stage will most likely be small.

Growing Podcasts (1,000-10,000 listeners)

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As a podcast’s audience grows, the potential for earning money increases. Podcasters in this range can expect to earn $100-$1,000 per month through a combination of sponsorships, affiliate marketing, and listener support. Once again, the exact number depends on many factors, including the strategies you use and the platform where you run your podcast. 

Sponsors may start to take notice of growing podcasts, particularly if they have a niche audience that aligns with their target market. A podcast with 10,000 downloads per episode could charge around $500-$900 for a sponsored ad spot. 

However, securing sponsorships at this stage can still be challenging, as many sponsors prefer to work with more established podcasts. Affiliate marketing and listener support through platforms like Patreon can help supplement income for growing podcasts.

Established Podcasts (10,000-100,000 listeners)

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Established podcasts have a much higher earning potential. At this level, podcasters can expect to earn $1,000-$5,000 per month from their shows. Sponsorships become a more viable income stream, with many established podcasts securing long-term deals with brands that align with their content and audience.

In addition to sponsorships, established podcasts can generate significant income through affiliate marketing, particularly if they have a loyal and engaged audience. Selling merchandise or offering exclusive content through platforms like Patreon are other ways established podcasters can monetize their expertise and audience.

Top Podcasts (100,000+ listeners)

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For the most popular podcasts, the sky’s the limit when it comes to earning potential. These shows can command high rates for sponsorships, often securing exclusive deals with major brands. For example, Joe Rogan’s podcast, “The Joe Rogan Experience,” signed a multi-year deal with Spotify worth $250 million.

Top podcasts can also generate substantial income through direct listener support, merchandise sales, live events, and even book deals. With a large and dedicated audience, these podcasters have the opportunity to build a strong brand and diversify their income streams. While only a small percentage of podcasts reach this level of success, it’s an aspirational goal for many podcasters. 

Case Study: Earnings of “Entrepreneurs on Fire”

Let’s take a look at the earnings of John Lee Dumas, the host of the popular podcast “Entrepreneurs on Fire.” In his monthly income reports, Dumas breaks down his various income streams and shares insights into how he monetizes his podcast.

Dumas posts his monthly income reports on his website, breaking down a lot of valuable information on how he gets to earn what he earns. In this year, he has made more than $100.000 each month! That is an outstanding statistic that demonstrates the profitability of podcasts.

His primary revenue streams include sponsorships, affiliate marketing, and premium content. Dumas has successfully monetized his podcast by focusing on a specific niche and consistently delivering value to his listeners. He uses affiliate links to recommend products and services he believes in, and he offers exclusive content like online courses. 

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Dumas is one of the many proofs that with dedication and strategic monetization, podcasters can turn their passion into a profitable venture. By diversifying his income streams and providing valuable content, Dumas has built a thriving business around his podcast.

Top Earning Podcasts

Now let’s explore the most popular podcasts as of today and analyze their estimated earnings!

Joe Rogan Experience

The Joe Rogan Experience, hosted by comedian and UFC commentator Joe Rogan, is one of the most popular and lucrative podcasts in the world. With an estimated 11 million listeners per episode, Rogan’s podcast covers a wide range of topics, from comedy and sports to politics and science. As mentioned before, he managed to seal a multi-million deal with Spotify.

Rogan’s success can be attributed to his diverse revenue streams, including sponsorships, ad revenue, and his deal with Spotify. His podcast generates an estimated $30 million per year from sponsorships alone, with advertisers paying top dollar to reach his massive audience. Additionally, Rogan’s YouTube channel, which features clips from his podcast, earns millions in ad revenue each year.

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Armchair Expert

Armchair Expert, hosted by Dax Shepard, is a popular interview podcast that features intimate conversations with celebrities, experts, and public figures. In July 2024, the podcast signed an exclusive $80 million deal with Amazon’s podcast division, Wondery, covering distribution, ad sales, and the creation of new shows. This multi-year partnership positions “Armchair Expert” as one of the highest-earning podcasts, reportedly earning $9 million per year.

The podcast’s success can be attributed to its engaging content, loyal listener base, and diverse revenue streams, including sponsorships, merchandise sales, and live events. With an estimated monthly audience of 20 million, “Armchair Expert” has attracted major advertisers As part of the Wondery deal, the podcast will explore new monetization opportunities, such as exclusive content for Wondery+ subscribers and the development of additional shows under the Armchair Umbrella Network.

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My Favorite Murder

My Favorite Murder, a true-crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark, has amassed a dedicated following of “Murderinos” since its launch in 2016. The podcast, which features the hosts discussing infamous crimes and personal stories, generates an estimated $15 million per year, making Kilgariff and Hardstark two of the highest-earning podcasters in the industry.

The show’s success has led to a thriving business empire, including a $10 million deal with podcast publisher Stitcher in 2019. “My Favorite Murder” also generates significant revenue through live shows, merchandise sales, and sponsorships. With 35 million downloads per month and a spot as the seventh-most-popular podcast on Apple Podcasts, the show’s influence and earning potential continue to grow.

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The Dave Ramsey Show

The Dave Ramsey Show, a personal finance advice podcast hosted by radio personality Dave Ramsey, is a cornerstone of Ramsey’s financial empire, Ramsey Solutions. The podcast, which is broadcast on more than 600 radio stations and available on various platforms, reaches 13 million listeners every week. The Dave Ramsey Show podcast alone brought in an estimated $10 million annually.

Ramsey’s podcast is part of a larger business that includes books, courses, live events, and financial products. The show’s success has allowed Ramsey to expand his brand, with The Ramsey Podcast Network now featuring seven shows. Ramsey’s no-nonsense approach to personal finance has resonated with listeners, making him one of the most influential and highest-earning figures in the podcasting world.

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The Bill Simmons Podcast

The Bill Simmons Podcast, hosted by sports analyst and founder of The Ringer, Bill Simmons, is a popular sports and pop culture podcast that generates an estimated $7 million per year. In 2020, Spotify acquired The Ringer for over $200 million, with Simmons reportedly earning $82.5 million from the deal.

Simmons’ podcast is part of The Ringer’s larger network, which includes 39 podcasts, a sports news website, and a film unit. The show’s success can be attributed to Simmons’ engaging personality, in-depth analysis, and high-profile guests from the sports and entertainment industries.

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How Podcasters Maximize Earnings

Podcasters employ various monetization strategies to maximize their earnings and turn their passion into a profitable venture. 

  • Sponsorships and advertising. We’ve already talked about it, but as a reminder, by partnering with brands that align with their content and audience, podcasters can earn revenue by promoting products or services during their episodes. It’s the main way to make money podcasting.
  • Affiliate marketing, where the host earns a commission for each sale or signup generated through their unique affiliate link. 
  • Premium content. Many podcasters also offer premium content through platforms like Patreon, where listeners can access exclusive episodes, bonus material, or ad-free content in exchange for a monthly subscription fee. This monetization method allows creators to foster a closer connection with their most dedicated fans while generating a reliable income stream. 
  • Merchandise sales, such as branded t-shirts, mugs, or books, provide another avenue for podcasters to make money while strengthening their brand and engaging with their audience. 
  • Live events and speaking engagements. Another way to monetize for podcasters is to leverage their expertise and popularity to secure paid speaking engagements or live events, further diversifying their income sources. 
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How Much Do Podcasters Make: Final Thoughts

In 2024, the amount of money podcasters make varies greatly depending on factors like audience size, monetization strategies, and content niche. While top successful podcasters can earn millions annually, and a good amount can make a living off of it, many podcasters generate more modest incomes or pursue podcasting as a passion project. 

Yet, podcasts do make money. Building a successful podcast career requires dedication, hard work, and a focus on creating high-quality content that resonates with listeners. Aspiring podcasters should focus on crafting engaging episodes and growing their audience before they expect to make significant money. 

If you decide to podcast and want it to become a good source of income, first focus on creating a creative podcast that you are proud of. The more it resonates with people, the more potential of it making money. 

As the podcasting industry continues to evolve, the key to success remains the same: create compelling content, foster a loyal community, and adapt to new opportunities. With persistence and creativity, podcasters can turn their love for storytelling and conversation into a rewarding and profitable venture.

About Author

Jorge Rey is a driven writer with a passion for exploring the topics of technology, business and creativity. Drawing on his diverse writing background and talent for transforming complex topics into engaging, accessible content, Jorge delivers meticulously researched articles to help readers navigate the worlds of digital entrepreneurship and personal finance. Jorge believes in the power of knowledge to transform lives and is committed to empowering his audience with the trustworthy, actionable insights they need to thrive.

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