How Much Do Top Podcasts Earn …. And What It Takes to Get There
Podcasting isn’t just a hobby anymore. Some shows are earning tens of millions of dollars per year, building media businesses around their content. But that success takes time, strategy, and often a diversity of income streams.
So, how much do the top podcasters actually earn, how did they get there, and what are some of the lessons creators can take from their journeys?
How Big Are the Earnings at the Top?
Here are some of the most cited numbers for top-earning podcasts and hosts:
Podcast / Host Approx Annual Earnings*
The Joe Rogan Experience ~$30 million/year
My Favorite Murder (Karen Kilgariff & ~$15 million/year
Georgia Hardstark)
The Dave Ramsey Show ~$10 million/year
Armchair Expert (Dax Shepard) ~$9 million/year
The Bill Simmons Podcast ~$7 million/year
* These are estimates and often include revenue from ads, sponsorships, platform deals, sometimes live events or product tie-ins. Public figures vary.
For some podcasts, exclusive licensing or platform deals (e.g. with Spotify, Amazon/Wondery) form a large chunk of the earnings. Joe Rogan is probably the clearest example with large download numbers + a big licensing deal + high CPMs and ad inventory make for very high revenue.
The Growth Path: How Podcasts Scale Revenue Over Time
Earning millions doesn’t happen overnight. Here are some of the stages and strategies many top shows follow to climb to high income.
Start with content & audience building
Producing consistent, high-quality episodes.
Finding a niche or a point of view that attracts listeners.
Leveraging guest interviews, cross-promotion, SEO (episode titles, descriptions), social media to grow reach.
Monetization begins with ads & sponsorships
Even small shows can get programmatic ads or small sponsors (often lower CPMs).
As download numbers increase, sponsorship revenue becomes more attractive. Mid-roll ads, host-read ads tend to pay more.
Building additional revenue streams
Subscriptions or memberships: Patreon, paid bonus content, premium episodes.
Affiliate marketing: recommending products or services and earning a commission.
Merchandise, live shows, events: as podcast becomes a brand.
Platform exclusives/licensing deals: once you've proven audience size and engagement, platforms will invest. Joe Rogan’s deal with Spotify is a standout.
Reinvesting in production & quality
Better equipment, editing, sound, research.
Hiring help (producers, editors, marketing) to scale.
Investing in marketing & distribution to keep growing.
Diversification & scale
Expanding into networks or media companies. E.g. acquiring related shows, launching spin-offs.
Exploiting multiple channels: podcast audio, video versions, YouTube, social snippets.
Using the microphone show as a platform for other business (books, courses, speaking, merchandise).
Key Factors That Drive High Earnings
High download numbers + engagement: The more listeners, the more ad inventory, better sponsorships, more leverage.
Niche/loyal audience: Even with fewer downloads, a niche audience that is highly engaged (e.g. in certain genres) can command strong CPMs or sponsorships.
Consistency & longevity: Shows that stick around, produce regularly, and build trust over time tend to succeed more.
Brand & identity: Hosts who build a recognizable voice, style, and brand tend to have more opportunities (cross-media, partnerships, merch).
Effective monetization mix: Not relying purely on ads; using memberships, affiliate revenue, events, licensing produces more stable income.
Challenges & What Holds Back Podcast Revenue
Even with all this, there are obstacles many podcasts face:
High competition & discoverability: There are millions of shows out there; getting seen/heard is difficult.
Cost vs revenue: Production, editing, research, hosting, distribution all cost money/time. Early stage may see low or negative ROI.
Ad saturation / CPM variability: Ad rates depend on niche, audience demographics, geography. Not everyone gets premium-CPMs.
Burnout / content fatigue: Keeping up consistent, quality output is hard.
Platform risks: Changes in platform policies, revenue sharing, algorithmic promotion can affect reach or monetization unexpectedly.
Is Big-Time Podcast Income Possible for You?
Yes, but with realistic expectations and strategy. Here are some takeaways:
Focus first on creating content you believe in, that resonates with an audience.
Grow your audience steadily before expecting big ad deals.
Diversify income sources early: even small membership or affiliate income can help stabilize things.
Invest in production quality and professionalism as you grow, it helps with retention and opening more lucrative partnerships.
Think long term. Many top podcasts have been around for years before hitting very high income levels.
Podcasting has become big business, for those who do it well, build loyalty, and manage to monetize in multiple ways. If you’re starting or scaling a show, the stories of Joe Rogan, Ramsey, My Favorite Murder and others are less about raw luck and more about compounding effort, smart monetization, and growing a brand.