Wondering how to monetize your internet radio station? Whether your station is big or small, there are many ways to create income streams and start getting paid.
First it is important to understand the value your stream has. By capturing peoples attention and growing your listeners, the value of your station resides in that traffic.
Here are a few ways to convert that traffic into money:
Monetize your Internet Radio Station
1. Sell ad slots between shows
This has been the main revenue stream for radio stations since the beginning of time but it does not change the fact that it works and creates good income.
Things to consider when looking for advertisers:
Before anyone offers you money to advertise, you need to prove that they can benefit from your platform, It helps to have a highly-targeted audience to identify what type of products or businesses appeal to your followers.
For example, if you have a local station you may be able to find a local business that wants to advertise in that area/region. OR if you have specialty shows about specific topics such as games, investing, religion, etc. You may be able to find something within that niche.
Also remember that information/data is important to advertisers, so the more information you can collect about your listeners when you make contact with them should be saved.
2. Become an affiliate
If you are having trouble finding advertisers to pay you for time slots on your shows you can use this interesting alternative. Almost every business or product online have affiliate programs that allow you to make a commission on sales that you refer.
There are small companies that would love to have the chance to work with anyone that can bring some attention to their business and may have some interesting propositions to work together.
If you already know what type of products can be strong sellers with your listener base then you can look into affiliate programs with some of the major online outlets such as Amazon.
3. Get a title sponsorship
Tying into the first 2 points, you can monetize your internet radio station by securing a title sponsorship for your popular shows, promos, or even a partnership for your station as a whole.
The title sponsor typically provides financial support in return for specific rewards as outlined in your sponsorship agreement. This often means you’ll need to mention their name a number of times throughout your show.
You should have a plan in place when approaching companies with this type of offer and when you are just starting out, try not to be greedy, you are better to make a little less money and have a sponsor then have none at all. As you grow this income stream, you may have some bigger payouts later on.
4. Monetize your website
Keeping within the realm of selling advertising, you may want to keep an eye on the traffic your website is generating. This can be another form of advertising you can offer a sponsor, sell the empty space, or sing up for a service such as Google Adsense, that pays you either per click or mentions.
5. Subscription radio
Let’s change the subject about selling advertising and discuss a different approach to monetize your internet radio station. You can sell your radio station with a subscription fee therefore get paid for the number of clients you can get like you regular brick and mortar shop.
This is a very different radio model as paying clients will expect more value from your station. You will need to ensure they feel yours fees are worth it.
5. Loyal Listener club
This allows for a more broad approach but you will need to be more creative with the added benefits for being a member of your station. This can be for extras such as: Merchandise discounts, behind the scenes access, automatic registrations to upcoming contests.
6. Sell merchandise
As mentioned above, you can also sell your stations branded merchandise (which is also a good way to be seen by more people) or on affiliate products you are selling.
Keep in mind, making your own merchandise can be a lot more work like keeping inventory and everything that comes with retail businesses.
Where can you sell your merchandise?
You will mostly have your products listed on your stations website or through your social media outlets. You can always try to find stores to hold your products, this specially works if you are a local station.
Many stations survive off the donations brought in by their community and listeners. You can hold fundraising events or promote a donation button on your website. If you produce quality material that people enjoy, they will reach out to help.
You can also find alternate funding sources such as crowdfunding sites. Get listed and try to draw in some investors. This may help to grow big enough to make enough off advertising revenue to no longer need the additional funding.
8. Make use of air time
You may have some periods where you can allow other DJ’s that want to be on your station. There is value for them to grow their show across many stations to grow a larger following.
In turn, you can also sell your popular shows. Other stations may not have enough material to fill their air time and would be willing to pay for some good content that can potentially bring in more listeners.
You can monetize your internet radio station in many different ways. You may be best to rank the ones that suit you best so you can start with the low hanging fruit.
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