I’ve just passed the 2 month mark with my podcast, which I know isn’t anything to crack open a bottle of champagne for quite yet. Still, it’s pretty cool that back in the spring this podcast was just an idea I had and now it’s a full fledged show with guests, reviews and almost 10,000 downloads!
What I love about this podcast is it’s given me a reason to reach out to people who I might not have been able to before and ask them to share their stories with me (and you!). It’s incredibly fun and fulfilling, but what I didn’t know was how much it would really cost to start a podcast — especially when comparing it to starting a blog.
You see, I started up this blog almost 4 years ago for about $15. All I bought was a domain name, then I hosted my blog on Tumblr (free) and had my sister design my website (also free).
As I learned more about blogging and I started gaining more readers, I decided to go self-hosted ($350 for 3 years) and bought two new web design themes ($100 total). Other than that, there were no additional costs on my end. I do all my own web maintenance and design all of the graphics for blog posts, logos and widgets.
When I started looking into doing a podcast, the only cost that really jumped out at me was podcast hosting. Similar to web hosting, it would only cost me $5/month. That didn’t seem that bad, so I included that in my budget.
It didn’t stop there though. I quickly realized that I couldn’t stick with the $5/month hosting plan because it didn’t include in-depth analytics. So, I upgraded to the $20/month plan. A big jump from $5/month, but I knew it would be worth it in the long run.
Once the podcast was launched, I also put it up on SoundCloud to give listeners a variety of platforms to choose from. The thing with SoundCloud is it’s only free up to a certain minute limit. Since my podcasts are about 30 minutes each, after episode 5 I couldn’t upload anything else for free. So, I pulled out my credit card and paid for a yearly unlimited subscription ($90).
File Tagging & Skype Recording
After doing a bit more research, I also learned that it was important to tag all of my podcast audio files with the episode title, description and other important information. The ID3 Editor software I needed to do that cost me $20, and the Ecamm Call Recorder software I use to record Skype interviews cost me another $30.
Podcast Domain Name
I also wanted to claim the term “Mo’ Money Podcast,” so I bought that domain name to as the domain for podcast RSS feed another $15/year.
In order to actually record my podcast, I needed to invest in some gear. My husband was all too happy to help me with that task, and since he’s an audio engineer I couldn’t really cheap out on anything. Because I do have guests come to my house to record episodes once in while, I couldn’t just buy a USB microphone like a lot of other podcasters use.
So, I ended up buying two mic stands, two dynamic mics, a stereo recording audio interface and two mic cables. I’m sure I could have found some of this equipment cheaper, but I bought everything new for a total of $500. Yikes, I know! That one hurt. On the plus side, I don’t have to pay someone to edit my episodes (thanks HB!).
Besides all of that, I really wanted to get people interested in my podcast before it officially launched. I actually released my podcast in late May on iTunes, Stitcher and SoundCloud and didn’t tell anyone to see if anyone would just find it and listen to it on their own.
Well…they didn’t. I got maybe 20o downloads in that short period of time, which made it clear to me I needed to do something special to spread the word.
I emailed all of the personal finance bloggers I knew and asked them to help promote my podcast and in exchange I’d promote a social media account or newsletter list of theirs through a contest. It ended up being well worth the time and effort because I’ve got a fairly large and loyal listener base now, but it did cost me $265 to pay for all of the prizing.
Side by side, what has the blog cost me and what has the podcast cost me?
How Much It Cost to Start a Blog (Over a 3-Year Period)
Domain name = $60
Web hosting = $350
Web design themes = $100
Total cost = $510
How Much It Cost to Start a Podcast (So Far)
Podcast hosting = $310
SoundCloud subscription = $90
Podcast tag editor software = $20
Call recorder software = $30
MoMoneyPodcast.com domain name = $15
Podcast microphone and equipment = $500
Podcast launch promotion contest prizing = $265
Total cost = $1,230
But the crazy thing is, it didn’t just cost me $1,230 to start a podcast. If I didn’t already have this blog, I would have also needed to buy a domain name, web design theme and web hosting, so it would have been more like $1,411.
And let’s not even get into how many hours it takes me to complete an episode from start to finish. My hourly rate would probably be like $2.50/hour at this point. Not to mention all the free labour I get from my wonderful audio engineer husband who mixes every episode out of the kindness of his heart!
Although I wasn’t planning on dropping over 1K this year by starting a podcast, I have been able to pay for it with some advertising and freelancing money. I hope that the more popular my podcast gets, more opportunities to monetize it will also come along.
Right now it’s just a very expensive hobby, but I’ve got my fingers crossed that it’ll be another money making side project soon enough.