Everyone needs to live and for this reason very little is truly free these days. Many of us also spend a lot of our time listening to podcasts and with the time and effort that creators put into their podcasts it is no surprise that many of them would like to make money off their hard work.
Today in the US Spotify (and rolling out to additional markets in the coming months) are launching new Spotify Paid Subscription platform which will allow creators to designate certain podcast episodes which are subscriber only content. The services allows the subscriber-only content to be published to other podcast listening platforms as well as Spotify.
For the first two years of its operation this new program will be free to the creator with 100% of the revenue (minus payment transaction fees) going to the creator. In 2023 the fee will become 5% of the value of the program.
The aim of the program is to help podcasters maximise their subscription audiences — and grow them from within their existing listener bases (free level). Spotify are kicking off the new program with 12 independent podcasters with other podcasters needing to join a waitlist before being added to the program. Expect it to arrive with other podcasters in the coming months.
The new subscriber-only content will be specified with a lock icon next to the play button giving you the opportunity to subscribe and listen to the new content. The cost to the listener will be set by the podcaster which is a great way for them to be able to set the value of their own work.
The new monetisation program for creators will no doubt feed innovation and improved content as podcasters look to find ways to give listeners’ value for money and hopefully spawn new subscribers to access the content. As someone who listens to a lot of podcasts, new and exciting podcast ideas are always welcome — to access this content though it seems you will need to use Spotify.
Make sure you check out the EFTM podcast which is available for free on all podcast-listening platforms.