Making Money With Podcasts

Plenty of people start their own podcasts without expecting to see a dime in revenue, but that's not the case for one-time radio superstar and current podcast king Adam Carolla. Fast Company magazine has a fascinating profile of his podcasting juggernaut— and how to turn avid listeners into cold, hard cash.

Perhaps more important, however, is the chart that accompanies it. It details four major revenue models for successful podcasters, including sponsorships and ads, donations, live shows, and subscriptions.

It's a smart chart, but I'd add two other components that I've seen successful podcasters use: merchandise (you can see this model with Jesse Thorn's Maximum Fun Store) and premium non-audio content (like Brian Preston's Money Guy member site, which includes plenty of charts, newsletters, and financial geekery).

If there's one thing all of these revenue models have in common, though, it's building a passionate group of listeners. Ad buyers love it, and perhaps more importantly, listeners don't mind paying for value. People will pay if they love who you are and what you represent. Devoted listeners alone won't guarantee financial success. But you can't have financial success without them.

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50% Useful, 100% Free

I've been using the new podcast tools from the iPhone upgrade, and I have to say that I'm most smitten by the 200% listening speed that's now available. It's fantastic for information-based podcasts, and you don't get the Chipmunks-style voice you might otherwise expect.

But the half-speed? I haven't used it once, and I can't imaging how it'd be useful to anyone. It's echo-y and annoying, and I'd love to hear about someone who's found it beneficial.

I'd also like to point out that Chris Anderson has posted Free, his book about the price of the new economy, as a series of podcasts which can be downloaded for the low, low price of zero. How do I love the Freeconomy? Let me count the ways.

Patenting Podcasts

What does it mean that VoloMedia's been granted a patent for the process of podcasting?

It's explained by Marketplace's Jill Barshay here.

It's interesting reading, but here's one of the key quotes by VoloMedia's founders, Murgesh Navar:

I can tell you categorically we are not trying to stop anybody from creating a podcast or distributing a podcast.

Some are wary, however. I don't think it'll affect an end user like me, but I sure hope it doesn't scare off any of the podcasters I love.

New Tools

It was tough to miss the iPhone software update, but the podcast-listening updates were a bit under the radar: e-mail a podcast, scrubbing, and listening speeds that range from 50 percent to 200 percent of normal.

I wish there were some finer gradations for the listening speeds and I still would like to see bookmarking. But overall, it was a win for podcast listeners.

Q+A: Brian Preston, Money Guy

When it comes to money, it's hard to know who to trust these days—just spend a couple of uncomfortable minutes watching Jon Stewart take down Jim Cramer if you need a reminder.

I've often turned to sources like the Wall Street Journal, Kiplinger's, and the New York Times to figure out how to spend, save, and invest my money. But for deep, detailed stories on important but often complex financial issues that almost all of us have to deal with (insurance, buying a house, saving for college), there's no better podcast source than Brian Preston's Money Guy Show.

I've raved before about his dead-on, incredibly nuanced advice before (you can read my review here), and he's been gracious enough to answer a few question for Atomic Podcasts.

Read on to find out what he's got to say about the "Wild West" of podcasting days, the silver linings of this financial crisis, and the important financial topics the media still aren't covering, despite their unending discussions about money and the economy.

When and why did you start podcasting?
I started podcasting in January 2006. I owned an iPod and had the same feeling about it as I did when I purchased my first DVR/Tivo unit. I knew this technology would revolutionize the way we listen to music and talk radio on-the-go. No longer would we be tied to listening to our favorite radio personality from 9 a.m. to 12 p.m. daily. We could now listen when we had an open spot in our schedule. During the same period, my firm was growing and I noticed many of the people that called asking about my firm's services were not a good fit. However, I knew that good, honest, and objective advice was really needed and the podcast medium seemed like a natural fit. At the time it was much like the Wild West with only mom and pop broadcasters like me creating content. It has only been in the last 18 months that corporate America has taken over the podcast arena.

By most podcasting standards, you've been hugely successful—particularly considering that you're not affiliated with a big media corporation. What do you attribute that to, and what advice do you have for aspiring podcasters who just getting started?
Content, content, and more content. As you noted in your review of The Money Guy Show, our graphics are not exactly cutting edge (the apple in the cover shot), and we do not have the marketing arm of a corporation. However, the love, research, and content we put into each show somehow connects with our listeners. There are quite a few podcasts that look better than ours, but they do not have the staying power because the passion for the content is not there. I truly love discussing personal finance, and I am just happy that I found a career that allows me to get paid to discuss how to save money and make good financial decisions. For any aspiring podcasters, I would tell them to make sure they have a passion for their content, and that they are willing to have the patience for a loyal audience to grow. Grassroots podcasting is not for those looking for immediate attention and feedback. It is a long slow process that can be very fulfilling.

The economy and personal finance issues are hot topics in the media these days, but is there anything you feel that is not being covered sufficiently?
Most of the business networks only discuss trading patterns of individual stocks and recent market trends. It would be nice if more emphasis was put on good personal finance decision making. For example, how do you shop for insurance, cars, and making good cash flow decisions? You also do not see too many positive stories about who is doing the right thing in these difficult times. Currently, it is hard to be a financial professional in these volatile times.

You're working in one of the gloomiest economic times in decades. Are there any silver linings you see right now for investors or consumers?
It is nice to see that basic financial concepts are becoming the norm again. For example, to buy a house you now have to make a down payment, and having savings in the bank is once again a necessity. With so many companies struggling to find buyers, there are some incredible consumer deals for those looking for about anything (homes, cars, stocks, and retail items).

What podcasts do you listen to when you're not working or creating your own?
PIMCO Investment Outlook with Bill Gross. Bill Gross is the Warren Buffett of the bond marketplace. The content can be very dry, but it is outstanding. Great Speeches in History. I know that I am a dork, but many things can be learned from history. ESPN: The Masters. last year ESPN did a video podcast series before the 2008 Masters Golf Tournament. Hopefully, they will continue that series in 2009.

Anything else you think readers should know?
We are completely redesigning the website as we speak. We finally found a consultant that understood the unique needs of a podcast website. The new site will continue to include unbiased, free, quality content on complex financial matters in a very easy to understand format. We are also introducing a Premium Content section that will allow members to develop asset allocation models based upon their personal risk profiles, access to current and past issues of the Wealth Report Newsletter, financial research with graphs, special podcasts with handouts, and educational videos. I know that it sounds ambitious, but I really do want our website and podcast to be a tremendous resource for anyone that is interested in personal finance.

Thanks, Brian.

Fortune's The Best Advice I Ever Got Review: Audio Successories

I know that Successories has plenty of haters, but I must confess: I can't get enough of them. The photos of bald eagles soaring through blue skies, rowers slicing through still waters at dawn, the aphorisms beneath powerful nouns like "leadership" and "teamwork"—love them all.

It probably helps that I don't work in an office environment, so the wide gulf between what the posters encourage what actually happens doesn't seem so exasperating. Certainly, that would help explain the popularity of Despair.com—one of my favorite posters of theirs is "You can't spell failure without a U R A.

But I digress. The reason I bring it up is that there was never really a podcast that epitomized the Successories mindset—until now. Fortune magazine's The Best Advice I Ever Got podcast very nearly fits the bill.

The bite-sized podcasts—usually about a minute or so—feature execs sharing pithy sayings about how they got to where they are today, usually along the lines of working harder, believing in others, or focusing on their strengths. It's fairly slickly produced, and has improved in recent episodes, with a few career highlights displayed before the speaker enters the scene.

To be sure, the insights shared here are not so detailed and profound that you'll be able to draw a straight line between your crummy cubicle and the corner office. But they're easy to watch, there's a catchy intro, and it's a fun concept. Other business publications might want to take their cue from Fortune and include some lighter fare on their podcast menus.

If you're looking for the tiny burst of motivation to finish up that last TPS report, The Best Advice I Ever Got may be the jump start you need.

Starter Podcasts: At the Airport Gate

Picking the right podcast in a given situation is as delicate a task as choosing the right music for a party. And while waiting for your flight at the airport is the ideal time to burn through a few episodes, don't bother lining up your iTunes U philosophy class podcast or that hour-long show on refinancing your house.

Nope, at the airport gate you need something that will entertain you, that will distract you from all the annoying people you're sitting next to, and that won't engross you so much that you miss your boarding call. It's got to be something short so you can finish watching it before you get on the plane and have to turn off your electronic devices. And it's best if the podcasts are timeless. That way, you can download a good 20 or 30 episodes and watch them now—or a couple weeks later—without feeling like it's just old news.

Here are five that always make my list when I'm headed on a trip.

1. The Onion Radio News (audio) [My review here.]
   
2. The New Yorker Animated Cartoons (video) [My review here]. 
3. Best of YouTube (video) [My review here.]
4. 60-Second Psych (audio) [My review here.]
   
5. Dilbert Animated Cartoons (video) [Tragically unreviewed. It's rad, though. Trust me.]
   

Are there any podcasts you download specifically for traveling?