Being Better with Cash: Quick, Slow or Long Money

It's a quick one this month. I've promised myself that I will complete the article by the time I get from London Bridge to Hayes train station. As the director of Unedited, an audio production company, and a producer with over 25 years of experience in the UK audio industry, I’ve seen the audio landscape evolve dramatically, especially since the emergence of podcasting. Today, there are numerous ways for podcast producers to monetise their skills and content. Over the last 18 months, being sharper with our money was become more critical than ever.

Recently, at the Radio Festival, I shared my thoughts about how we've had to consider the ways Unedited can continue paying the bills. I've tidied up my notes, and here are some strategies to consider:

1. Quick Money, Slow Money, Long Money

There are three ways to get income for your creativity. Quick Money: Commissioned work or work-for-hire projects can bring in cash, including producing podcasts for businesses or individuals who need our professional quality but don’t have the skills or time to do it themselves.

Slow Money: Self-publishing podcasts supported by crowdfunding is a steady way to build income. Platforms like Patreon allow your audience to contribute you directly, providing a reliable stream of revenue over time.

Long Money: Developing intellectual property (IP) for exploitation is a lucrative long-term strategy. By creating and owning your content, you can license it for various uses, from books to TV adaptations, maximising its value over time.

2. Growth Versus Efficiency

While increasing sales is always a goal, significant gains can be made by managing your existing resources more efficiently. Streamlining your production process, optimising your marketing efforts, and leveraging your current audience as an available focus group can yield immediate benefits without additional expense.

You can also work with the HMRC to find different ways to pay a hefty bill or consider whether investing in an in-house team rather than always hiring freelancers might benefit your cashflow better.

3. Ask Your Audience to Pay What They Can

Implementing a pay-what-you-can model can be highly effective. Take Over The Top Under The Radar tiers as an example, where we offer different levels of support with the same rewards. This approach allows your audience to contribute according to their means, fostering a sense of community and inclusivity.?

Side note: this will only work if you have an audience that values your content sincerely, personally and authentically.

The podcasting industry offers a wealth of opportunities for creative and entrepreneurial producers. By diversifying our revenue streams and leveraging our unique skills and experience, we can build a sustainable and profitable career in podcasting.?

At Unedited, we believe first and foremost, in the power of storytelling and the potential of audio to connect, inspire, and entertain - as well as being able to keep the lights on and invest in new teams and technology. Taking these strategies and applying them to your business may help you be well on your way to making money as a podcast producer.

NB. I wrote all of this with one more stop to go.