Podcasting can be an amazing tool to add value to your Nigerian business and grow your brand in the process. It’s also enjoyable and easy to do!
However, the question we all should be asking ourselves is, is podcasting profitable in Nigeria? There has been so much buzz about it, and there have been debates as to whether it’s profitable or not.
We all know how social media has taken over the world, and one of the commonest tools being used in this sector has been podcasting.
It’s currently the biggest trend in social media, and everyone wants to jump on the bandwagon, but let’s make sure that we find out if podcasting is profitable in Nigeria or not before we go into a full-scale attack.
What is a Podcast?
A podcast is a digital audio file (MP3, AAC, WAV, or FLAC) containing an episodic series of audio programs you can listen to using your computer, tablet, or mobile phone.
You’ll find podcasts in most genres: comedy, talk radio, sports, etc.
The best part? There are thousands of free podcasts out there for you to enjoy!
To listen to a podcast, you need a software called a podcatcher or podcatching client.
This software allows you to subscribe and manage your subscriptions; it also lets you download new episodes so that they will be available even when you don’t have an internet connection.
The most popular podcatchers are Apple’s iTunes (Mac & iOS), Google Play Music (Android), and Overcast (iOS). There are many others, but these three are the most used.
Some podcasts can be streamed directly from their websites using embedded players, but if you want to make sure you never miss an episode, installing a podcatcher is highly recommended.
Recording podcasts primarily for entertainment, such as comedy or music, is a great way to monetize your podcast.
However, some people start with an educational format in mind and transition into entertainment if they find their first audience through word of mouth and interest.
Both types of podcasts can be quite profitable with time and effort put into them. The key is finding your niche.
For example, you could create a podcast about dating advice geared toward young adults or one about how to make money blogging.
You could also have two separate podcasts: one about dating advice geared toward young adults and another about how to make money blogging.
The possibilities are endless!
Is Podcasting Profitable In Nigeria?
Many people that want to go into podcasting in Nigeria have always asked questions such as, is podcasting a good business in Nigeria?
Yes! Podcasts can be very profitable to start a podcast in Nigeria.
It is not that common, but it is a growing industry.
If you are interested in starting a podcast, here are some tips:
- Research: Research what others have done with their podcasts and find out how you can do better.
- Content: You will need to come up with content that will attract listeners and keep them coming back for more.
- Brand name: The audience needs to know who you are, so having a great site name and design is also essential.
- Build an Audience: Nothing will happen if no one knows about your podcast or isn’t subscribed to your feed or iTunes (if they want to listen on their phone).
The best way to get listeners is to give them something they can’t find anywhere else. For example, you could have a show that only reviews movies in a specific genre or gives them updates from someone close to them who lives in another country.
Another way to build an audience is by providing value for free at first and then charging for premium content later on down the road once people are hooked into what you have to offer.
How To Start Podcasting In Nigeria.
Are you looking forward to starting a podcast in Nigeria, but you lack the know-how to start?
Below is a guide to help you get started.
- Find a niche
Whatever you want to do, there’s an existing audience looking for podcasts on it. That’s an excellent place to start.
Any successful niche business begins with identifying your market. What are people in your city talking about? What needs do they have that aren’t being met right now? Consider creating a podcast to answer those questions.
Even if it doesn’t turn a profit at first, you may be able to use it as an effective marketing tool in your future endeavors. As long as you can get listeners interested in what you have to say, there’s money to be made.
- Make Great Contents
To be making money out of podcasting, you will have to put a lot of effort and loads of time into it.
Once your contents are ready, promote them online through your social media platforms. You can also talk about them on several other digital platforms like YouTube.
Don’t just concentrate on promoting your content online only and offline by talking to people directly who will give an ear to you.
The more you tell others about your podcasts, the more chances that they will listen to them and spread their word around too.
People love free things, so if they hear something interesting from someone they know or trust, they won’t hesitate to listen.
So, all in all, work hard on creating great content for your podcasts and make sure that people get to know about it too.
- Building Relationship
Many podcasters do not realize how important it is to grow a relationship with your audience before starting your show.
This includes letting them know what your podcast is about, asking for their ideas, and building trust with them.
When they like you and feel like they can trust you, they will be more willing to listen. So, make sure that you have built some relationships before starting your podcast.
It would help if you also built relationships with other podcasters to get more listeners and create partnerships where you can cross-promote each other’s podcasts or give each other shoutouts on social media.
It’s also a good idea to reach out to bloggers in your niche and ask if they would be interested in writing an episode review for one of your episodes or guest blogging on one of your episodes.
If you can help them with something in return, such as promoting their business on your podcast or giving them a shoutout on social media, then they will likely agree.
Another way to build relationships is by attending events related to your niche and meeting people there.
If you are trying to meet people from different niches than yours, then go ahead and attend events related to those niches. Most people tend to attend events around topics that interest them rather than specific niches.
- Create the best podcast possible
Whether you’re just getting started or have a well-established podcast, it’s important to keep in mind that although there’s no blueprint for being a good podcaster, there are some fundamental things to consider when making your show.
You’ll want to invest time and energy into making sure that it sounds excellent — perhaps even better than your peers — because with excellent sound quality comes a more enjoyable listening experience for those who tune in.
Your content should be engaging and exciting and focused on providing value to listeners, so they continue tuning in week after week.
And lastly, consistency is key; if you’re going to make an effort to produce a high-quality podcast episode every week (or every other week), then do it!
5) Virtual submit
When submitting your podcast to directories, make sure you virtual submit them. Virtual submissions mean that you submit a show’s transcript and a short description rather than a link to an actual episode.
This saves your bandwidth and is an important step in helping Google (and other search engines) find you.
How To Make Money From Podcast In Nigeria
You can earn money from podcasting in one of two ways: selling ads or getting sponsors.
Advertisers will give you a per-impression (or sometimes per-click) fee based on how many times your podcast was downloaded. Sponsors will pay you to say something nice about their company on your show—but only if they’re satisfied with your work. This is called an endorsement deal, and it pays much better than advertising.
It’s also harder to get. The best way to make money from podcasting is by building an audience that loves what you do and trusts what you say, then leveraging that trust into endorsements and other deals. So make sure your content is excellent before trying to monetize it!
Also, there are other few steps you can take to leverage your earnings from the podcast. Below are a few that you can consider.
Sponsorship is a great way to make money as a podcaster, but it’s not always easy to get.
If you’re just starting out and haven’t put in much time and effort into your show, chances are you won’t have any takers.
Even if you don’t have an audience and are just starting out podcasting, consider sponsorship as a way to make money.
If nothing else, it can help validate your podcast idea.
When approaching potential sponsors, look for businesses that match your audience and offer them a benefit—they should find more value in sponsoring your show than in spending ad dollars elsewhere.
You can also approach companies directly with offers of free promotion, but have it in mind that not all companies would grant you approval; hence Don’t take it personally; just move on to another sponsor until someone says yes.
Focus on content that’s relevant to your sponsor: This is non-negotiable. No matter how well you know or like someone, if they don’t see value in sponsoring your podcast, they won’t do it. Start by creating a list of companies or brands whose products or services might be relevant to your audience. Then approach them one at a time.
- Affiliate Marketing
One of the most popular ways to make money from podcasts is affiliate marketing.
It allows you to promote someone else’s product and service, but if a customer buys, you get paid a commission for that sale.
It’s free to sign up for many affiliate programs, so it’s definitely worth checking out.
I recommend Commission Junction as one of my favorite affiliate networks and have used them for quite some time now.
They have thousands of products from which to choose. Once you are signed up with CJ, you can start promoting their products!
Make sure, though, that you read through their terms and conditions before signing up because they do state what percentage of your purchase price will be given back to you.
For example, for every $100 in sales made through your link, they may give back $10 or $15 on average.
That all depends on how much they think their product is worth compared to others like it, though! You just need to be aware of that when deciding whether or not you want to promote something.
If you’re okay with giving away a portion of each sale, go ahead and pick whatever you are interested in.
If not, there are plenty more options out there where you keep up to 50% of each sale (but they may not be as targeted toward your audience).
- Product and services
Creating and selling an online product, such as an ebook or online course, is a popular way to make money from a podcast.
If you have a physical product you are selling, or you have a specific service you offer, you can make use of podcasts to sell it out.
How Much Money Can you Make With a Podcast?
As of 2014, around 3.2 million people in America had listened to a podcast in any given month.
According to Edison Research, which conducts an annual study on podcasting and other forms of digital audio, advertising revenue for podcasts grew from $69 million in 2013 to $101 million in 2014.
That’s a 41% increase year over year. And it looks like 2022 will see even more growth—Edison projects that advertising revenue will reach $118 million by next year. However, If you want to start your own podcast for fun or profit, you should note that,
- It Takes Time To Start Earning Income: While most podcasters won’t be able to quit their day jobs after one episode, it doesn’t mean that you won’t be able to make money with your podcast. Most successful podcasts take time to build up a following.
Just think about TV shows like Game of Thrones or Breaking Bad — they didn’t become popular overnight. But once they did, millions of viewers tuned in every week to watch them. So while it might take a while for your podcast to gain traction, once you do get popular enough to generate significant income, you could potentially earn quite a bit of money each month through sponsorships and advertisements alone.
What Equipment Do I Need To Record A Podcast?
To record a podcast, you’ll need access to a computer with decent specs, such as an Intel i5 processor and 8GB of RAM or more.
You’ll also need a decent microphone—this can be anything from $20 to thousands of dollars! (The most popular mic is probably Blue Yeti, which runs about $100.)
The Blue Yeti isn’t essential; it just records at high quality. You can also opt for a less expensive mic that records at lower quality.
If you want to learn how to edit your audio, check out Audacity. It’s free, easy-to-use software that comes preloaded on many computers.
Here are some other things you might want:
- A pop filter: This helps reduce popping sounds when pronouncing certain letters.
It looks like a bit of web over your mic. Headphones – These will allow you to hear yourself while recording, so you can listen for mistakes or unnecessary noises like keyboard clicks in the background.
- Editing software – You’ll need something that allows you to edit out any mistakes and splice together different audio clips. We recommend Audacity, which is free and easy to use.
It’s also worth mentioning that it’s not essential to record podcasts on a computer—you could always use an external USB microphone connected directly to your phone if you don’t have access to a computer. The quality won’t be as good, but it works!
How Much Does It Cost to Start A Podcast?
There are two routes you can take when starting a podcast. You can spend money, or you can save money. When it comes to podcasting if you’re going to go through with launching a show, spend a little bit of money to get things off on the right foot. If it turns out that podcasting isn’t for you, at least your investment won’t be great.
However, if you want to start a podcast and don’t want to spend any money, I would suggest using some free software like Audacity and then using sites like SoundCloud and Libsyn (both offer free hosting) to host your podcasts. This way, you won’t have any upfront costs but will control how much time and effort is put into each episode.
It also means that you won’t need to worry about buying equipment until later in your podcasting journey. Just remember: It takes money to make money!
It is possible to make money podcasting in Nigeria. Many people are making money from podcasts, some from affiliate marketing, but most from direct product sales.
If you have a passion for what you do and know your audience, nothing stops you from doing podcasting full time.
It all depends on how prepared you are for it and how much time is ready to put into it. The future of podcasting looks bright. With more than 30 million listeners every month and an average revenue per user (ARPU) of $4.21, now is as good a time as any to start a podcast business in Nigeria or anywhere else.