Episode 313 | Insider Secrets to a Top 100 Podcast | Courtney Elmer

Why Your Podcast Isn’t Paying You Yet (And What to Do About It)

Most people start a podcast with the hope of making money from it eventually. Sure, maybe you’re not expecting to rake in cash right this second, but you’re probably thinking that at some point your podcast will bring in revenue. (It can, and it should).

The problem is this: most people start a podcast thinking that the podcast is automatically going to bring in sales and revenue. They think, If I can grow my audience with a podcast, that’ll fix the lack of revenue I'm experiencing. 

So if you fall into one of these three groups, pay close attention:

1. You don’t have an offer yet. You hope to be able to turn your podcast into a viable source of revenue (where your podcast is the business), but you’re not there yet.
   
2. You have an offer, but it’s not converting. You’re podcasting to attract leads for your existing business, but your offer(s) aren’t converting like you think they should, and you hope a podcast will help you fix that.
   
3. You have an offer that is converting. You’re seeing at least 3% conversion on warm traffic and 1% on cold traffic, and now you want to use your podcast to scale your business further.

Here’s the truth: if your offer isn’t converting right now, growing a bigger audience with a podcast isn’t going to fix it—you’ll just end up with a bigger audience that still doesn’t buy. And if you don’t have an offer yet (or you’re hoping your podcast will be the business), this matters just as much.

So before you go gung-ho on growing your podcast, let’s unpack why most podcasts don’t make money and what’s really causing the problem.

Part 1: Why Podcast Monetization Isn’t Automatic 

The Two Biggest Reasons Most Podcasts Never Make Money

Here are the two most common reasons many podcasters never see a dime from their show:

1. They quit too soon. At the risk of sounding obvious, podcasting is a long game. Emphasis on long. The problem is, most people don’t anticipate how long. They plant the seed, water it a couple of times, and then get frustrated when no fruit appears overnight. Instead, think of podcasting like the stock market. You invest small amounts consistently over time, and eventually, it compounds. But if you stop investing, pull out too early, or don’t give it enough time to grow, you’ll never see a return.
   
2. They have unrealistic expectations. Hear this loud and clear: creating a podcast and monetizing a podcast are two completely different things. Too many people dive into podcasting expecting instant results—clients, cash, sponsorship deals. But podcasting isn’t like flipping a light switch where leads start pouring in. It’s a process. And when their show doesn’t bring in results within the first few months, they give up, thinking “Podcasting doesn’t work.”

The truth is, successful podcast monetization requires three things: a clear strategy, a rock-solid show premise, and patience. Without these, it’s understandable to feel like your podcast is “broken.” But more often than not, the issue isn’t with podcasting itself—like any other content platform, podcasting is just a vehicle, a means to an end. The real issue lies in the expectations you bring to the table and the foundational pieces that might be missing.

The Question That Determines If Your Podcast Will Make Money

Let me ask you: What are you hoping your podcast will give you?

Don’t overthink it—whatever pops into your mind first, notice it. Got it? Good. Now, dig deeper. If your answer was “revenue,” or “more authority” or “a bigger audience” ask yourself: What does THAT give me? 

• Revenue → What does that give you?
• Authority → What does that give you?
• A bigger audience → What does that give you?
• [Your Answer Here] → What does that give you?

Got it? Great. We’re going deeper still. 

Here’s where most people stop short. They’ll say things like, It’ll help me make a greater impact, or, It’ll help me provide for my family. Those answers aren’t wrong or bad—but they’re not your internal driver.

This exercise isn’t about what your podcast does for other people—not your audience, not your clients, not anyone else. This is about you.

So let me ask again: What does your podcast give you? If you said, It helps me support my family, ask yourself: What does supporting my family do for me? Is it peace of mind? Confidence? A sense of accomplishment?

You’re after the internal driver here—the thing that will keep you going when the downloads are low, the audience feels too small, or the revenue isn’t rolling in yet. External results like until your podcast starts to pay off this is where your staying power comes from.

Understanding Means vs. Ends: The Secret to Podcast Monetization

Here’s where most people go wrong: they confuse the means (a podcast) with the end (what they truly want).

Picture this: you’re a runner. Running gives you freedom—the wind rushing past your face, the steady rhythm of your feet hitting the pavement, the pride of pushing through that final mile. But what if you suddenly couldn’t run anymore? Would that feeling of freedom and accomplishment disappear? No. You’d find another way to get it—swimming, cycling, or something else entirely. Running was never the end goal. It was just the means to get there.

Your podcast works the same way. It’s not the destination—it’s the vehicle. The problem? Most podcasters keep publishing episodes, thinking, If I just stay consistent, the podcast itself will deliver results. But here’s the hard truth: it won’t. Not until you’re crystal clear on what you’re actually trying to achieve.

The clearer you are about what you truly want, the more intentional you can be in using your podcast strategically to get you there. This is why identifying your internal driver is so critical. And when the road gets long—and trust me, it will—you’ll lose your motivation. But when you know the end you’re working for, your podcast becomes a powerful tool to help you achieve it. Once you get that clarity, everything else—downloads, revenue, impact—will follow.

Why a Podcast Won’t Fix a Broken Offer (But Will Highlight the Problem)

Now before you think, Where are the steps I need to monetize my podcast in all of this?—don’t worry, that’s coming. (Didn’t I just tell you not to give up too soon?)

If you actually answered the question I posed earlier, you’re already doing the hard work most podcasters avoid. And guess what? Most of those podcasters are broke. Why? Because they skipped the first step: gaining awareness.

Awareness is the first step to podcast monetization. If your messaging isn’t clear or your offer isn’t compelling, your podcast won’t magically make those things better. But what it will do is shine a spotlight on the gaps—giving you the clarity to adjust, refine, and strengthen what’s already there.

Up Next:

So don’t be like the rest of them and give up now, because in part two of this series, I’m giving you the proven roadmap for monetizing your podcast. 

Whether you:

• Don’t have an offer yet (or don’t plan to),
• Have an offer that’s not converting, or
• Have an offer that is converting and want to scale it—

We’ll unpack: 

• How your podcast can serve you at each stage of your business,
• The expectations you need to set for yourself, and
• The strategies that separate profitable podcasters from the ones stuck creating content that doesn’t pay off. 

So if you’re ready to build a podcast that actually drives revenue (without guessing, hoping, or waiting forever to see results) hit play on the next episode. Part two is where we lay out the roadmap to revenue.

And if you want to dive even deeper into the psychology of how to attract highly-engaged listeners who convert into paying clients, hit “Follow” for Insider Secrets to a Top 100 Podcast on your favorite podcast app so you never miss a new episode.

Or if you’re an established coach, consultant, or creator who’s ready for a proven strategy to build a bingeworthy top podcast that grows your business, book a free strategy call with our team to find out if you’re a fit for PodLaunch® — we’re here to help.