Income Report: December 2019

Introduction

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.

Summary

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

  • Income: $12,155.59

  • Expenses: $6,629.20

  • Profit: $5,526.39


January 2018 Stats

What Bitcoin Did.png

November Downloads:

  • Libsyn: 98,956

  • YouTube: 17,400

  • SoundCloud: 1,453

  • Spotify: 3,519

  • 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.

Other Stats:

Notes:

  • 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.


Platform Stats:

  • 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.

Notes:

  • 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


Income Report

Summary:

  • Income: $12,155.59

  • Expenses: $6,629.20

  • Profit: $5,526.39

Gross income - $12,155.59

  • Sponsorship: $10,076.44

  • Patrons: $1,642.05

  • Podcast subscription (BTC): $0

  • Tipjar: $409.01

    • Bitcoin: 0.03252446

    • Bitcoin SegWit: 0.08142765

    • Monero: 0.1

    • 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

  • DropBox: $10.27

  • Bank charges: $16.23

  • Google GSuite: $27.64

  • Repurpose.io (YouTube formatting): $19.41

  • Mailchimp: $58.30

  • 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

Note:

  • 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.


Income Breakdown

Sponsors:

  • Clients: 6

  • Preroll + midroll combo: 1 booking

  • Preroll only: 2 bookings

  • Midroll only: 3 bookings

Inventory:

  • Available shows: 9

  • Available slots per show: 5

  • Total available slots: 45

  • Slots sold: 31

  • Inventory sold: 68.9%

  • Show CPM value: $83.05


Key lessons

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

Reduce costs:

  • 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

Revenue growth:

  • 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)

Marketing:

  • 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

February Objectives

Reduce costs:

  • Close office (unnecessary): monitor expenses for the month closely, avoid unnecessary spend

Revenue growth:

  • 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

Marketing:

  • 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


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.