Podcasting is booming. According to a Research and Markets report, the global podcasting market size is expected to reach USD 94.88 billion by 2028. Podcasting along with podcast transcription services has emerged as an effective way for a business to reach its customers and build authority and credibility in its industry.
Podcasting on a regular basis can help build familiarity with your audience. The podcasting format is highly flexible and a cost-effective option for digital marketing. Google indexes podcasts. So posting transcripts along with your audio content will help the search engine crawl the information more easily, which can bring in more traffic to your site.
Benefits of Adding Transcripts to your Podcasts
There are many benefits to adding transcripts to your podcasts:
- Transcripts make it easier for viewers to catch and understand what is being said instead of having to rewinding and listening to the audio repeatedly.
- Text helps people who have hearing impairments or are deaf, and also those who may be familiar with your accent or whose first language is not English.
- With transcripts, you can understand audience feedback better. Just refer to the transcript of the show to know what portion of the episode a listener referred to.
- Transcripts increase the value of the content for people who want use your podcast material as a resource or backlink.
- With podcast transcripts, it is easier for authoritative sites to link to your site.
Once you have a dedicated audience, you can take steps to earn money from your podcast transcripts. Posting great content can help you build a show that earns money.
Strategies to Monetize Podcast Transcripts
Here are some great strategies to monetize podcast transcripts and get the most out of them for your business:
- Post a clean, accurate transcript: There are various tools for video/audio to text transcription such as Sonix, Otter.ai, Trint, Temi, GoTranscript, Descript, and Castos. These user-friendly tools provide automated transcription quickly.
- Set up a dedicated website for your podcast: Having a dedicated website for your podcasts will provide you with a platform for promoting and monetizing your content. Adding transcripts will help you build engagement with your audience and get the most out of each podcast episode. You can build pages where you can post short messages, and publish reasonably long show notes and full transcripts for attracting traffic from search engines. You increase the number of pages as your website grows and use your transcripts to create content on a wide variety of topics which will increase the value of the site and get you more organic traffic. Having a dedicated podcast website will also allow you to host display ads and generate more income. If you already have a website and find that some evergreen content is not performing well, adding a transcript can make it work better for you.
- Optimize your transcripts for SEO: This involves various steps –
- Do research to find out which keywords you want content to rank for and if your site is already ranking for these keywords. For your podcast episodes to show up in search, optimize them by including the right keywords in your title, your metadata, image alt tags, H1 tag, and throughout the content. Using relevant keywords will tell Google what your content is about, making it easy for it to show up at the right time in response to a search.
- Check competitor activity to see if they are ranking for those keywords. This will provide insight into what works and help you create content that is better and stronger.
- Go into the Google Search Console to monitor the health of your podcast site and how it is performing. If there any issues, reach out to an SEO company to fix them.
Besides including transcripts, there are various other ways to monetize your podcast. Here are some ideas:
- If you are a good host and have an established audience, you can get a podcast Sponsors will pay you to advertise their product/service on your podcast.
- Another way is to sign up for affiliate Affiliate marketing involves promoting a product/service under an affiliate link. When podcast listeners click on the link and make a purchase, the podcast host will earn a commission from the sale.
- Charging subscription fees for unique content is a popular strategy to monetize podcasts. Remember that you should provide high quality paid and free content for audience engagement and retention.
- Sell complementary products such as online courses, consulting services merchandise, courses, books, or access to live shows.
So how much money do podcasts earn? That depends on how many patrons they have and what podcast owners spend in relation to what they make. Here are some examples of high earning shows from Podcast hosting platform Castos:
- Joe Rogan Experience – about $800,000 per episode
- Chapo Trap House – $147,262 per month
- Last Podcast On The Left – $53,958 per month
- Tiny Meat Gang – $51,199 per month
While you can transcribe your podcast episodes using automated tools, this can be a challenge if you have a lot of files. Also, one of the main problems of using the software is that the algorithm’s accuracy depends on the quality of the audio or video recording. Moreover, some tools support only a limited number of audio and video file formats. The best way to get clean, accurate transcripts is to hire a professional transcription service.
General transcription companies can handle all types of video and audio files and also provide services such as captioning, subtitling, and time stamping/time coding to improve content access and visibility. They also provide audio-to-text documentation at affordable rates.