Building a Business, Not Monetization
Posted on November 24th, 2008, in Conferences, Monetization | 14 Comments »
There was something that frustrated me a little bit today in a post that someone wrote about the things that shouldn’t be discussed at PodCamp, they listed monetization as one of those points, and that there are already many articles online regarding monetizing podcasts and being able to quit your job to podcast full time.
It really flipped a switch for me because when I went to Podcasters Across Borders, I was basically lynched for wanting to hear about monetization, as it was a bad word at that event.
People were focused on podcasting because they were passionate and they didn’t want anything to get in the way of that, but what they don’t realize is: monetization is just a step in building a business.
No matter how the economy is, people should want to turn their passions into their business. Some of the wealthiest people in the world were able to make that leap, and why shouldn’t podcasters? Also, the tips, tricks and ideas from last year might not be the same today, as things are always changing online.
To say talk of monetization isn’t welcome is odd, and shortsighted to me. Sure, there will always be purists out there, but I say, “build a business from your passions” and as long as monetization isn’t welcome in the conversation stream, maybe ask about “building a business” around your podcast next PodCamp.
David… I don’t believe the reluctance to speak about monetizing podcasting is specifically about maintaining some semblance of purity of the medium, but PAB is more about developing necessary skills rather than becoming an entrepreneur. Far too many people think that having the ability to record content and publish it is sufficient to podcast as a business. There is much more to podcasting than that and the PAB community gets that. They attend the event to learn how to select, develop, deliver, record, edit, mix, produce and publish great content.
On top of everything else, if you don’t have the core skills, you have nothing to sell.
- MarkI agree with David. I also agree with Mark.
David – You are right in saying that podcasting can be a great way to supplement business activities! I use the social web every day to help stabilize my business. I have also found that my blogging and live streaming has brought a ton of exposure my way. Thirty minutes ago I was contacted by the tech writer for the local newspaper. (Buffalo News) After doing an interview with me they want to come by my shop to take photos of me in action. Like you I hate the fact that MONETIZATION is such a dirty word in many circles. There is nothing wrong wih monetizing a podcast, especially if you are doing it by dding value to the community. Just ask Marc Spagnuolo of The Wood Whisperer, or Julian Smith of Podfading fame.
Mark- I agree with you that podcasters need to be well versed in the technology or they will not be successful. However, I think the community David speaks of hates that word MONETIZE. Right Mr. Goyetche?
- Keith Burtis“No matter how the economy is, people should want to turn their passions into their business. ”
Why?
Producing my podcast is a joy, and part of that joy – for me – is the complete absence of business. I have no sponsors, I have no business partners to look to – my creative control is 100%, and I don’t have to answer to anybody. My podcast costs are minimal – I pay my site hosting, and that’s it.
- Sage TyrtleWell, to be honest, Keith — and I say this with the utmost respect for what you do, because I know you place people first in this equation — I hate the word “monetize”, mostly because it sounds like some kind of glib marketing speak that really is meaningless, empty, and void.
For me, it sounds like someone places the money before anything else, before the skills, before the passion, before the community.
Just so I’m clear here: there’s nothing wrong with making money. There is something wrong with putting money ahead of your core values, or with just trying to cash in on the fad while it’s hot.
Now, if someone wants to talk to me about their passion, their business, and how they use podcasting and social media tools to develop them, I’ve no problem with that. In fact, if you want to talk to me about your passion (or your business, especially if that *is* your passion), I’m happy to listen to you. And probably visit your website or listen to your podcast, and recommend you to others who might be interested in what you produce.
Is this quibbling over terms? Probably. But almost every single person I’ve met who utters the phrase “monetize my podcast” as the first thing they say to me tends to be a complete bore, to put it bluntly.
- katherineWell, I don’t mean that everyone has to make their passion into a money making venture, but those that want to, definitely should. If you don’t want to build a business around your passion, who am I to say otherwise, but I think far too many people are looking to make money, and while that’s great, if they don’t enjoy what they are doing, then they probably won’t stick with it.
The fact that monetization questions appear in many if not all podcamps and whatnot is, to me, a symbol of how many people are looking for that business advice related directly to podcasting as an industry, and I don’t think that it is a bad thing that they are looking for it.
As for the quality of those in it for the money, I agree, they suck. We bloggers have had to deal with blogs that only exist to make money for a long time, but please don’t forget that there are some high quality productions that only exist because there is a business opportunity for those that enjoy new media.
- David PeraltyTo be clear, technology is less than half of the equation. It’s a matter of having the soft skills necessary to have a thought, develop it and communicate it effectively and in an engaging way. Most of the people I’ve met that have used the word “monetize” in the first sentence of our first meeting only know how to communicate a lust for money.
I’m not against making money in this medium. I’m against the medium being saturated with garbage which devalues it for everyone, producers and consumers alike.
- MarkI talked with John Meadows tonight, and we babbled for about a half hour about the terms. It seems that we have a problem with the way the terms are used.
The Non-Monetizers say they do it for passion and that passion would somehow be tainted with money. I dont believe that.
And the monetizers(if that is a word) are all painted as being un-passionate money grubbing worms. I don’t believe that.
What i do believe is to put your passion first. I would challenge anyone here to tell me that passion and giving does not come first for me. We decided (John and I) that the “Intent” is more important than the term. If you go into business with the sole vision as to look at social media as a “Harvesting” opportunity than you deserve to be hated. However, if your intent is to use podcasting as just another means in which to communicate, add value, and share your passion then i think your all good.
Hell, if i didn’t care, and i wasn’t passionate about what I did, neither would anyone else. This is a very transparent medium, and you can see right through the fakers.
By the way – Sage, you are a massively talented person, and storyteller but there might be a sponsor somewhere who would value your content for what you put into it. There might even be a sponsor that fit with your core values.
My 2Cents…wait, that’s 4cents now
- Keith BurtisKeith
Katherine (or Rob) said in a comment above why those who use the word ‘monetize’ are looked upon with disdain by those who don’t. Simply put, it means to “convert into currency” and it smacks of a marketing buzzword. It’s an ugly word in the same way that many of us feel that podcasting as a word is ugly.
There’s always room to turn a hobby into a business. That’s how many businesses have come into being and I believe that’s one of the best ways to create a successful business. I’ve often heard people say something like “I’m going to open a bakery” or “I’ve started a business in which I cook dinner in my clients’ homes” but I’ve never heard anyone say “I’m going to convert my quiche into currency”.
Monetizing sounds like you’re putting a price tag on anything that’ll take a sticker. Making a business out of your hobby sounds like you’re going to put time and effort into making something worth selling and have pride in what you do.
- MarkI invite you to read the followup post on my blog (http://www.bobgoyetche.com/?p=347) , I’m NOT AGAINST MONETIZATION! I don’t actually hate the word or the concept.
What I’m against is people walking into a room and starting with that. As others have said, podcasting (and other social media) involve SKILL. and if you don’t build the skill, talk of money is pointless.
Also, talk of money is IRRELEVANT to podcasting. A good business model may involve podcasting, but I strongly believe that for most people, podcasting in an of itself is not a business model.
It’s an analogy I’ve used before – if you dig fishing, and before you even learn how to fish you ask “How can I monetize fishing?” You’re missing the point. Learn how to fish first, then think of how you could make money doing it.
When it comes down to it, if you aren’t able to catch fish, having a business plan is pointless.
- Bob GoyetcheTo extend upon your analogy, I’d say that most people are just curious if there are fish in the sea. If there is no advertisers out there, then for some, there is no point in learning how to podcast.
I know that might seem odd, especially for people that podcast because they are passionate, but for someone like me, who wants to see everyone able to pay their bills through work that makes them happy… I have to be able to tell my clients that it is possible, thus the questions move towards, “who has done it before, and how?”
- David Peralty“….If there is no advertisers out there, then for some, there is no point in learning how to podcast. …”
That line saddens me. It really does.
- Bob GoyetcheI thought it would, but after attending nextMEDIA in Toronto, I realized how many businesses truly see it that way. While I hope that it doesn’t become the case for most people, and isn’t the case with me, I do find it interesting.
- David PeraltyWhile there are many examples of why to podcast, Six Pixels of Separation is a perfect example for your nextMEDIA friends. If they don’t get it after listening to that show, they don’t deserve to make money from podcasting.
- MarkGary Vaynerchuk. $55 million. Video podcast. Chris Penn. $11 million. Audio podcast.
It’s not ads.
- Chris Brogan…