Income Report: December 2018

Introduction

Welcome to my December 2018 income report. I have decided to provide an income report to provide transparency for the work I am doing and also help others who are looking to set up a business or side gig. There are two podcasts I have used for guidance on how to create a sustainable income: Fire Nation and Smart Passive Income, who both provide income reports.

Summary

December was another great month for the podcast, while downloads dropped, this was due to the Christmas break. In summary:

  • Show downloads: 98,039

  • Income: $9,048.82

  • Expenses: $2,241.86

  • Profit: $6,806.96


December 2018 Stats

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November Downloads:

  • Libsyn: 84,928

  • YouTube: 9,900

  • SoundCloud: 1,039

  • Spotify: 2,172

  • Total: 98,039 (-9.8% from November)

Note: Libsyn is my podcast hosting provider which is the stats for downloads on iTunes and the majority of other podcast applications.

Other Stats:

Notes:

  • December downloads were down on November but expected with the Christmas holiday drop

  • Download numbers are correlated with guest and/or topic

  • Interesting different guests such as Steve Keen attracts a new audience and higher downloads

  • YouTube grew in December while others dropped for Christmas


Platform Stats:

  • Website page views: 31,260 (+2.5% from November)

  • Email subscribers: 2,594 (+4%)

  • Twitter followers: 38,300 (+18.3%)

  • Facebook page: 120 (+2.6%)

  • Medium: 2,300

Note: The Facebook page has had very little attention due to work load.

Notes:

  • Twitter engagement and follows grew significantly in December:

    • Memes over fighting is better for engagement (need to stop arguing with people)

    • Useful Tweetstorms about marketing appears to have attracted a new audience

    • Tweetstorm about losing money went viral (+2.5k new followers in one day)

    • Laughing at Ripplecoiners is marginalising a specific community (but is fun)

  • Appearing on other podcasts potentially increases exposure to show

  • Addition of email subscribe popup has seen an increase in subscribers

  • Transcriptions on the website have seen an increase in natural search traffic from Google


Income Report

Summary:

  • Income: $9,048.82

  • Expenses: $2,241.86

  • Profit: $6,806.96

Gross income - $9,048.82

  • Sponsorship: $7,901.87

  • Patrons: $949.77

  • Podcast subscription (BTC): $46.18

  • Tipjar: $121.43

  • BAT payments: $5.78

  • Teachable course: $23.19

Expenses - $2,241.86

  • Office rent: $880.17

  • Office internet: $91.84

  • Squarespace (website hosting): $32.15

  • Rev.com (transcriptions): $590.13

  • DropBox: $10.19

  • Design course: $181.02

  • SoundCloud premium renewal: $95.67

  • Tony Sheng subscription: $100.45

  • Bank charges: $27.87

  • Google GSuite: $37.89

  • Repurpose.io (YouTube formatting): $19.41

  • Mailchimp: $58.30

  • Teachable: $37.78

  • Zoom: $15.29

  • Adobe Creative Cloud: $63.70


Income Breakdown

Sponsors:

  • Enquiries: 9

  • Clients: 3

  • Preroll + midroll combo: 1 booking

  • Preroll only: 2 bookings

Inventory:

  • Available shows: 7

  • Available slots per show: 5

  • Total available slots: 35

  • Slots sold: 13

  • Inventory sold: 37.1%

  • Average CPM: $60.78


Key lessons

To take forward:

  • Wasted expenditure eats away at profit

  • Closing a higher percentage of enquiries will lead to higher inventory sold

  • Twitter is great for engagement


January Objectives

Reduce costs:

  • Close office (unnecessary): $972.01 saved in rent and Internet services

  • Review outgoings: reduce unnecessary costs

  • Teachable: drop service and provide course for free on website (added SEO benefit)

Revenue growth:

  • Inventory: continue building relationships to sell higher % of inventory (target +50%)

  • Patrons: continue to push benefits of patron support (review engagement)

  • Tipjar: increase prominence on the website

New revenue opportunities:

  • Bitcoin 10 Year Anniversary Special: sell sponsorship for new special show(s)

  • Launch side gig course: revenue channels to be determined

  • Side gig community: subscription community with full transparency + podcast tracking everything I do to manage the business, marketing and grow revenue

  • Other ideas: launch a store, write a book, digital courses etc…

Marketing:

  • Continue to optimise website for search

  • Review content on site and ensure it reflects personal opinion

  • Continue to target high quality guests/unique subjects


Goals

Short-term:

  • Achieve +$10,000 profit per month

  • Consistent revenues to recruit assistant

Long-term:

  1. Achieve £1m of cleared profit

  2. Buy Lambo

  3. Buy Bedford Town and get them in the football league

  4. Be crowned King of Bedford

If you read this income report and you have any questions then please feel free to reach out to me.