Do you post podcast on Audible but don’t know how to monetize your podcasts? If yes, then have a look at how to make money on Audible in 2023.
There is exponential growth in the marketplace for audiobooks, offering creators an opportunity for passive income.
When you have a proper plan in place, creating a high-quality audiobook that returns a high return on investment (ROI) takes only a few hours.
Audible provides services that allow you to monetize your audiobooks and podcasts. There are over 3 million audiobook titles on this Amazon-owned platform, ranging from new releases to old favourites.
Audible is the biggest producer of audiobooks in the world. There’s a wide range of professional and celebrity narrators on Audible compared to other audiobook distributors like Google Play and iTunes.
Your earnings can come from referrals, affiliate marketing, or creating your audiobooks. There’s even the option to narrate other people’s works to make money.
It’s a gold mine for making money online, no matter how you turn. Read on to find out how to can make money on Audible if you’re ready.
How to Make Money on Audible?
1. Create Audiobooks
This is the first step of how to make money on Audible. Creating your audiobook on the platform offers you the opportunity to profit. You can take advantage of this opportunity if you’re creative and artistic.
There is no limit to the topics you can create audiobooks about, including fiction, non-fiction, and everything in between. On the platform, if it has a market, it will have a category.
A professional can create your audiobook for you or you can write and record it yourself. It’s worth a person’s time, but not their money, to write, record, and edit the audio files themselves.
However, if you have the budget, you can simply find a narrator you like on ACX and ask them to record and upload your audiobook for you.
Depending on the length of your audiobook, professional narration can cost $100 – $300 per hour. An ACX platform, for example, offers reduced upfront fees in exchange for royalties given to narrators. It’s a great way to get your audiobook out there without having to invest money in it upfront.
2. Affiliate Marketing
A good way to make money on Audible is by becoming an affiliate. You can promote affiliate products and services through your blog, social media, email, etc. When this results in a sale, you are paid a commission. This can grow into a good passive income source over time.
Simply sign up for Audible’s affiliate program on their website. The affiliate link will be provided to you for use in your content. A free 30-day trial of Audible includes a free audiobook, which can be an original or classic.
The trial user can cancel their membership at any time after 30 days if they decide Audible isn’t right for them.
If not, they can upgrade to a monthly subscription to Audible. Otherwise, they can upgrade to a monthly Audible subscription.
Subscriptions are priced as follows:
- Audible Plus – $7.95/month: Includes thousands of best-selling titles, originals, and podcasts.
- Audible Premium Plus – $14.95/month: Includes 1 credit/month for premium selection titles + the Plus Catalog.
We also offer annual plans if you are interested in more credits. With these plans, you can choose from two credits for $22.95 per month up to 24 credits for $229.50 per year.
3. Sell Audible Products and Services
Along with selling your audiobooks, you can also sell Audible products and services. With the platform, you could sell audiobooks, eBooks, and other products.
Best of all, there’s no need to promote anything. Upload your audio recording of the product or service to the platform after creating your account. As each sale is made, a commission will be paid to you.
4. Become a Narrator
Audible also allows you to earn money narrating other people’s work. Just create a profile on ACX, sign up, and you’ll be able to offer your talent for reading out loud audiobooks.
You can be sure that narrators will be in high demand since over 2,700 books are published each day.
Choose from a variety of genres the books you want to narrate. You can start on the platform by creating a profile and uploading samples.
As soon as you decide which books you want to narrate, you can audition for them and begin selecting them. After you’ve been chosen by the author, you can negotiate a fair price, and then start recording.
3 ways exist for narrators to earn money:
- PFH (Per-Finished-Hour): Pay a flat rate for the entire project
- Shared royalties: Split royalties with the author or rights holder
- Royalty Share Plus: This is a combination of both PFH and royalty share
A typical month’s salary for an experienced narrator on Audible is $500 to $5,000. This price depends on the audiobook’s topic, length, and the narrator’s performance.
This is all about how to make money on Audible. Making money from narrating books is also possible by finding successful books in various genres and turning them into audiobooks.
Even if the book doesn’t sell, you will still receive a payment. The best practices to follow when narrating audiobooks are the same whether you are a new or experienced narrator.
If you think we have missed anything about how to make money on Audible then comment down below.
How To Can Make Money On Audible FAQs
Is audible really profitable?
Audible allows you to make money. Audiobooks don’t earn as many royalties as eBooks, but you can still make a good income if you use the right marketing strategy.
How much money to expect from the above 4 ways?
Creating Audiobooks: $15 – $25 per book
Selling Audible Products/Services: Paid by commission (e.g. $0.50/audiobook)
Narration: $500-$5,000 per book