This entrepreneur is set to make $1.2 million from his podcast this year. Here’s how he’s doing it

Steven Bartlett, at 22 years old, founded Social Chain, a social media marketing agency. He also created "The Diary of a Chief Executive Officer" podcast. PA Images
Steven Bartlett will make $1.2 Million this year through his podcast "The Diary of a CEO". In the latest episode, the 29-year old entrepreneur explains how he successfully monetized his podcast. Bartlett founded social media company Social Chain at the age 22 from his Manchester bedroom. Social Chain was listed on Germany's Dusseldorf stock market in 2019 with a market capitalization in excess of $350 million. He then left the company in 2020. Bartlett, the youngest "dragon" ever to be named as a judge on "Dragon's Den," the U.K's equivalent of "Shark Tank," was recently appointed. The Diary of a CEO podcast was created by Bartlett around four years ago. He used a $100 microphone to plug into his laptop. The podcast is now the most popular in Europe. It hosts guests such as Liam Payne (a former member of Boyband One Direction) and Tom Blomfield, founder of Monzo. Bartlett shared his secrets for making money as a podcast host in the latest episode, which was released Monday.

Eliminate the middleman

Bartlett stated that podcasters typically make their money by listening to adverts during podcast episodes. He explained that a podcast advertising agency acts as a middleman between the brand and podcaster. Bartlett stated that this middleman takes a large, huge cut and the brand pays a fixed fee per downloaded regardless of how great your podcast is, who you're, or how valuable your audience. Bartlett stated that the traditional method of monetizing podcasts was not enough to pay the production costs. He decided to eliminate the middleman and contact five companies he liked directly. Bartlett gave these CEOs a brief presentation explaining why they should sponsor his podcast. He also discussed the company's future plans and audience growth. He said, "It's rare or common for a creative or influential person to pitch themselves to a company but I swear that if you have the courage, skill, effort, and hard work, you can get incredible deals and deals that are genuine to you." Bartlett has three sponsors: nutrition brand Huel and Fiverr, a freelancer platform, and Myenergi, a renewable energy product manufacturer. These sponsors have a 12-month agreement with Bartlett, which he says helps him forecast for the show. Bartlett also said that he might mention an "odd brand" or collaboration opportunity every other month. Bartlett stated that his podcast will generate $1.2million this year, despite the fact that these sponsors pay different fees. He said that the "naysayers" who opposed his podcast were wrong. Podcasting is a lucrative business and can be turned into a very profitable venture.