Podcast platform Libsyn has launched a new referral program which rewards people that bring new podcasts to the company’s advertising marketplace.
With the AdvertiseCast 5x5 Podcast Referral Program, individuals that refer a podcast to Libsyn’s AdvertiseCast platform will earn a 5% commission on revenue generated by the referee for the first five months. Referrers can earn multiple commissions for referring different shows, and commissions are based on revenue from both host-read ads and Libsyn’s automated ads solution.
The commission fee comes out of the revenue share between Libsyn and the podcaster in question, meaning the podcaster’s payout will be unaffected whether they’ve been recommended or not. The commission will be paid at the end of the five months either via PayPal or cheque.
“We believe in the power of word-of-mouth and the incredible influence our community holds as valued ambassadors,” said Libsyn’s AdvertiseCast chief innovation officer and head of publisher relations Trevr Smithlin. “We’ve established AdvertiseCast as a trusted platform, connecting podcasters with reputable advertisers and enabling them to monetize their content effectively.”
“With our new referral program, we’re making it easy for our members to earn rewards while introducing others to the benefits of AdvertiseCast. It's a win-win for all.”
To apply to the program, users need to fill out a form on the website with the name of the podcast or network they’re referring, after which a publisher team executive from AdvertiseCast will reach out to arrange a time for the introduction. Afterwards, the publisher team will pitch Libsyn’s hosting and monetisation services to the prospective referree, and the person who made the referral would start to receive the 5% commission once the publisher has been added to the platform.
In addition to launching the referral program, Libsyn has also published its monthly report on CPMs for May 2023. The data is based on sales across Libsyn’s AdvertiseCast podcast inventory of more than 2,500 shows, including more than 225 exclusives.
The average CPM rate for a 60-second ad spot last month remained relatively flat at $23.09 (£18.41) compared to April 2023, with a $0.03 increase. However, the rate has decreased overall year on year by 2.61%.
Three categories that showed the most growth, averaging in the high teens in May, and the ones that advertisers can use to reach a highly engaged audience with more accessible rates, are Fiction, Music, and History. As of April 2023, the categories with the top CPM were technology, education, and business, which have an average rate of $26 (£20.47).
“Our podcast advertising rates are fueled by the dynamic interplay between the expanding listenership and the rising demand from advertisers,” said Libsyn’s AdvertiseCast chief revenue officer Dave Hanley. “The diverse range of content is drawing in more brands that are recognising the tremendous potential to forge intimate connections with listeners that’s translating to a more memorable and effective ad experience.”