Income Report: December 2019
Welcome to my January 2019 income report. I 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.
January was another great month for the podcast, and despite the slow start to the month as people returned from the holiday break, January was a record month with 121,328 downloads. Revenue was also up but there was a drop in profit as I incurred significant costs to head to Vegas, LA and San Francisco for Tone Vays conference and some in-person interviews:
Show downloads: 121,328
January 2018 Stats
Total: 121,328 (+23.8% from Dec & +11.6% from Nov - previous record month)
Note: Libsyn is my podcast hosting provider which is the stats for downloads on iTunes and the majority of other podcast applications.
All-time downloads: 693,225
Most downloaded shows:
60 day average: 11,425 (+12.2% on Dec ‘18 report)
Note: this is calculated across the previous two months November and December, ignoring the current month as the most recent shows stats are too new.
YouTube saw impressive growth (+75.8% on Dec ‘18 and now represents 14.6% of downloads).
Spotify also saw impressive growth (+62% but only represents 2.9% of downloads).
Steve Keen interview has raced ahead to be the most downloaded show ever, this supported by YouTube, being the first YouTube show to see +10k downloads. This also signifies that people are either interested in alternative guests and/or that these types of interviews may appeal to a broader potential audience.
60 day average is growing nicely which signifies that the podcast is now reaching a wider audience.
Website page views: 36,300 (+16.1% from Dec ‘18)
Email subscribers: 2,744 (+5.8%)
YouTube followers: 2,567 (+28%)
Twitter followers: 45,300 (+23.8%)
Facebook page: 123 (+2.5%)
Medium: 2,400 (+4.3%)
Note: The Facebook page has had very little attention due to work load.
Twitter engagement and follows grew significantly in January:
Noticed quite a significant amount of show sharing which may support this
Still facing my daily battle of being professional v trolling and having fun
YouTube audience continues to grow nicely (YouTube is essentially a search engine)
Video interviews may help with growth here (long-term goal)
Website views also grew but is likely just a reflection of Twitter growth as shows link to the website
All other channels need some work:
Facebook I see little benefit to expending significant time yet (requires a strategy)
Medium I need more time to write but I don’t have that at the moment
Email subscribers would likely grow with unique content but there are already lots of good newsletters out there
Gross income - $12,155.59
Podcast subscription (BTC): $0
Bitcoin SegWit: 0.08142765
Ripplecoin: hahaha piss off
BAT payments: $5.50
Teachable course: $22.59
Expenses - $6,629.20
Office rent: $880.17
Office internet: $91.84
US trip: $3,698.20
Casa node (competition prize): $302.35
Squarespace (website hosting): $8.34
Rev.com (transcriptions): $625.69
Bank charges: $16.23
Google GSuite: $27.64
Repurpose.io (YouTube formatting): $19.41
Webinar Ninja Subscription: $93.03
New Microphone: $411.42
Accounting fees: $254.56
Laptop Charger: $104.73 (Apple you take the piss)
Merchandise (Baline t-shirt): $27.02
While income was up by +$3,106.77 (+34.3%), profit dropped by -$1,280.57 (-18.8%). This was due to a significant increase in expenses +$4,387.34 (+195.7%).
The primary reason for the increase in expenses was the $3,698.20 cost of heading out to Vegas, LA and San Francisco. Why do this?
I wanted to attend and support Tone Vays conference and was also on a panel (a chance to increase exposure and build relationships with key people in the Bitcoin community). Also, I wanted to interview Peter Todd and the best chance was in person at the conference.
I had an important meeting with a sponsor in LA.
I wanted to interview Whitfield Diffie but certain interviews should be in person.
I wanted to meet up with some other key people in the Crypto community in San Francisco.
I had the chance to complete two other interviews while on the trip.
While this was a big expense, I felt that the benefits were worth it.
Preroll + midroll combo: 1 booking
Preroll only: 2 bookings
Midroll only: 3 bookings
Available shows: 9
Available slots per show: 5
Total available slots: 45
Slots sold: 31
Inventory sold: 68.9%
Show CPM value: $83.05
To take forward:
Need to close out advertisers early to avoid empty slots
Short term ad slots for clients wanting direct response are not always effective
In person relationships are important
Should close a higher % of enquiries
The Crypto podcast space is very competitive (ensure the best show possible with best guests and consistency)
January Objectives Audit
COMPLETE - Close office (unnecessary): $972.01 saved in rent and Internet services
COMPLETE - Review outgoings: reduced unnecessary monthly costs with SAAS services
COMPLETE - Teachable: service dropped, course being rewritten as a free Bitcoin course
COMPLETE - Inventory: continue building relationships to sell higher % of inventory (target +50%)
COMPLETE - Patrons: continue to push benefits of patron support (review engagement)
NOT COMPLETE - Tipjar: increase prominence on the website
New revenue opportunities:
NOT COMPLETE - Bitcoin 10 Year Anniversary Special: could not build enough interest with sponsors
COMPLETE - Launch side gig course: will complete first course for free, may drop as too busy
NOT COMPLETE - Side gig community: subscription community with full transparency + podcast tracking everything I do to manage the business, marketing and grow revenue
PARTIALLY COMPLETE - Other ideas: launch a store, write a book, digital courses etc… (Book idea started)
NOT COMPLETE - Continue to optimise website for search
PARTIALLY COMPLETE - Review content on site and ensure it reflects personal opinion
COMPLETE - Continue to target high quality guests/unique subjects
Close office (unnecessary): monitor expenses for the month closely, avoid unnecessary spend
Inventory: continue building relationships to sell higher % of inventory (target +75%)
Inventory: consider special shows for new inventory & sponsor interest
Patrons: continue to push benefits of patron support (review engagement)
Tipjar: increase prominence on the website
New revenue opportunities:
Other ideas: continue to develop book idea
Continue to optimise website for search
Complete the rewrite of the online course to support search
Finish review of content on site and ensure it reflects personal opinion
Continue to target high quality guests/unique subjects
Achieve +$10,000 profit per month
Consistent revenues to recruit assistant
Achieve £1m of cleared profit
Buy Bedford Town and get them in the football league
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.