Podcast in Nigeria is a new gold mine that content creators have grabbed. Now, by goldmine, it is relative to who and how they utilize their online presence and the content they make. This guide will walk you through how podcasts make money in Nigeria and the process of starting one

So please don’t misquote me and hop on a train that isn’t heading in your direction. However, you grab one or two as regards podcasting and how lucrative it is. Curious about it? Ride with me.

What Is A Podcast?

A podcast is a digital audio show that you can listen to on-demand and at leisure. Please take it to be an upgraded version of your radio. Now, unlike your radios, these audio files are available for download or streaming over the internet and at your leisure without any signal discomfort.

There are various types of podcasts, including narrative, interview, comedy, news, and educational podcasts.

You can listen to podcasts through apps like Spotify or Apple Podcasts, regardless of whether you’re using a Mac, Windows computer, iPhone, or Android device. Spotify is not exclusive to iPhone users! With that being said, if you’re curious about a specific topic, there’s likely a podcast out there waiting for you.

How Much Money Can You Make Doing Podcast in Nigeria?

This is always the big ask. However, you can’t accurately determine how much money you’d make doing certain things, as there are lots of factors that determine the success of that thing.

So, how much money you make doing podcasts is all dependent on you and your content and some other factors like who you have on your show, the skill of talking, how big their presence is, and what they talk about.

In some cases, you don’t need to have big personalities on your show, all you need is great content and controversial topics.

Take for instance, the Saida Boj episode on the Honest Bunch Podcast, where she made a very controversial comment on talking stages and how much a man should be able to spend in that stage. This topic was so controversial, that it blew out of proportion and made her popular.

Now back to the question, How much indeed can you make doing a podcast in Nigeria?

There are a ton of podcasts out here in Nigeria, some of which we will never hear. There are some that we cannot avoid seeing on social media, they pop up in our shorts on YouTube, reels on Instagram and Facebook, and they even run ads, while some other people post them for content.

Established voices like these can command significant sums, while beginners may find financial success more gradual or slow.

Now, this is very important, how much money you can make doing a podcast is based on the following;

1. Several followings. This is an honest and painful truth, you need to have a reasonable and active following on your account. Through some activities, you can get active followers.
2. Sponsorships and Advertisements. This is like the rotor system in a helicopter. It may be the least talked about, but you need money to get money. So, it would be a big plus if you had a sponsor to assist with the major financial aspects and advertisements. When doing anything that involves media, you need publicity, a.k.a, advertisements. These help to increase your audience.
3. Content Quality. I referred to the Saida Boj controversial statement on The Honest Bunch, this statement stemmed from a theme which was strategically defined as the topic of the episode. This is content, knowing what the people would like to hear, whether it attracts negative or positive feedback, the goal is to get listeners/viewers.

If you have all these, then we’ll be seeing your content soon enough. If not, don’t fret, you could get the right content that would trend soon.

You could upload your podcasts on YouTube and get paid on YouTube through their monetization, and also on Spotify and earn per listen.

Spotify pays around $0.003 to $0.005 per 1000 listen

YouTube pays around $0.01 to $0.03 per view

How Podcasts Make Money in Nigeria

This information has been leaked in the previous sub-heading. However, let us explore some more ways to make money doing a podcast in Nigeria.

The country is not smiling, and you have to trust Nigerians to make a way where it seems there is not just enough road. Stay with me as we explore.

1. Sponsorship & Advertising: We already touched on this one in the previous header, but we cannot overemphasize the importance of this. Now you might need sponsorship and ads to run your podcast, on the other side, you can earn through sponsorships and ads.   Once your podcast gains traffic, you can promote other people’s or companies’ products or services through sponsorships and ads. It’s just as simple as that. The way skit makers advertise betting companies and other companies, they get paid for it, that is one of their sources of income.
2. Affiliate Marketing: Integrate affiliate links from businesses into your podcast. This one is like killing two birds with one stone. You can have a marketing business on the side and use your listener base to market whatever. Partner with companies in your niche to share relevant information with your audience.
3. Selling Complementary Products: Consider offering products related to your podcast content. For instance, if you discuss fitness, you could sell workout guides or supplements. Best way to sell or even do real estate if you ask me. Like I said, killing two birds with one stone.
4. Paid Memberships: Create stages of paid membership for exclusive content. Subscribers pay for access to bonus episodes, behind-the-scenes content, or early releases. This is why your following has to be fairly big. You can hardly accomplish this by having 100 listeners a month.
5. Live Performances and Public Speaking: Host live events, workshops, or speaking engagements related to your podcast topic. If you are good enough, you might be called to speak live in order to educate people or share insight. So sell yourself well and talk smart.
6. Merchandise Sales: You could design and sell branded merchandise (e.g., T-shirts, mugs) to your loyal listeners. If you do a good job, you could get a new second hustle.

To mention a few. However, do not forget that podcasting is not a quick money-making scheme, it takes time to build an audience and monetize effectively. But with dedication and quality content, you can turn your passion into profit.

How Much Money Do You Need To Start A Podcast in Nigeria

As a reward for sticking with me, here’s a bonus, “How much do you need to start a podcast.”

The amount you need varies on how big you want it to be based on budget, but there are a few necessities to consider.

1. Basic Recording Equipment: A solid microphone and headphones are vital and can be procured within a budget of ₦20,000 to ₦50,000. This is like a plug in a generator, you need it.
2. Software: There are free to inexpensive recording and editing tools that are available to refine episodes without the need for large upfront costs.
3. Hosting Services: Podcast hosting can range from complimentary to premium services, fitting various budgets and requirements.
4. Website and Platform Investment: A digital home for your podcast can be established with an initial investment that aligns with your podcast’s complexity. What is a man without a home?
5. Marketing Budget: Promotion on social media and other platforms can commence with a reasonable amount earmarked for outreach efforts. Don’t sweat it, work within your budget, it is a slow and steady race.

Conclusion

Well, we have dissected the secrets to how Podcasts make money in Nigeria, and you see, it is not so much of a secret, they were right under your nose.

You enable them and pay them for your content through your jobless swipes on your social media account. But now, you know the secrets (not so much of a secret), go into the ocean of opportunities and be fruitful. Thank you for sticking with me.