October
24, 2020
8 min read
Opinions expressed by Entrepreneur contributors are their own.
If you’re in a content-centric business — you write books, sell courses, run coaching programs, etc. — it’s worth paying attention to this emerging trend in content monetization. Audio.
Audiobooks and podcasts have taken the content publishing world by storm in recent years and the market’s impressive growth is projected to continue. If you haven’t started monetizing content in audio yet, this article will suggest several great ways to get started, with real-life successful examples for your inspiration. Some of them don’t even require you to create any new content.
But first, why should you create content in audio?
It is popular (and getting more so by the day)
For eight years straight, audiobook sales have experienced revenue growth in the double-digits, with sales totaling $1.2 billion in the U.S. last year. Similarly, the podcast market continues to grow – there are now 100 million monthly listeners in the U.S. alone.
Audio content’s rising popularity can largely be attributed to the fact that we’re all living hectic, on-the-go lifestyles. Multitasking is the new norm, and given that the average American adult spends over four hours per day on their smartphone, mobile-friendly audio content is perfectly suited to capture your audience’s attention.
Related: Why Audio Content Works for Engaging Audiences
The production cost is low
Unlike video, you don’t need makeup, lighting or an expensive cameraperson to make quality audio. All you need to get started is a decent microphone.
Done professionally, the cost of video production can range from anywhere from $1,500 to $10,000 per minute, as you need to factor in things like equipment, editing, a production crew and more.
On the other hand, audio production is fairly inexpensive, and even more so if you choose to narrate your audiobook yourself. To start a quality podcast, you can expect to pay around $200 to $500 total for the equipment, editing and software — a far cry from what it would take to produce video content.
The content engagement is high
Because audio content enables people to listen everywhere, consumers don’t need to sit down and carve out time like they do when reading a book or watching a video. Therefore, there are many more opportunities throughout the day for your audience to engage with your content.
One study found that over half of audiobook listeners choose audio content for its convenience, and 41 percent enjoy audiobooks because they can listen when reading is not possible.
Now if you’re considering selling your content in audio format, what are some of the ways to go about it?
1. Sell an audiobook version of your ebook
If you’ve already written and published books, fiction or nonfiction, you can immediately act on this...
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