This episode of the My First Million podcast features a discussion on the most effective strategies for monetizing digital content. The hosts explore the benefits of subscription models and the challenges of scaling content monetization for different audience sizes.
Topics: Content Monetization, Subscription Models, Digital Business, Audience Growth, Entrepreneurship
Monetizing Content [00:00]
Sam Parr: What’s your favorite ways for monetizing content?
Shaan Puri: Uh, for me right now, I don’t think I’ve ever really monetized content the way I would like to. Like, subscription, but okay, so, but let me answer your question. Subscription is the best way to monetize most content. But again, you have to plan for that in advance. So you have to say, “I’m going to make a subscription called the a subscription product called The Hustle with with new ideas and trends uh every week, made by my great analysts,” and people are willing to pay a dollar a month or whatever, $10, whatever it is. And subscriptions are a great way to monetize because you’re not always chasing advertisers. It’s this annuity that comes in and helps you even survive in a recessionary environment or like right now.
Subscription Models and Audience Size [00:47]
Shaan Puri: So I love, I think subscription is a, whether it’s an online newsletter, an online course, or a a subscription community, like, you know, let’s say the Trends Facebook community. I think subscriptions are my favorite way to monetize, but it doesn’t solve the problem of monetizing when you’re not already in the top one-third of content. Like, like you guys are in by in the top 1/10th of 1% of content, you’re going to monetize and do very well, no matter what model you choose. Whereas the the buy someone who writes a newsletter about, I don’t know, uh, you know, some obscure kind of taekwondo or whatever, they’re not going to be able to monetize a newsletter necessarily, or someone who’s going to monetize how to mow the lawn better is not going to be able to monetize, but might have one piece of content that really stands out.