Income Report: June 2019

Introduction

Welcome to my June 2019 income report. My income reports are designed to provide full transparency of the business; further, they are used to prevent conflict of interests in an industry flooded with scams and accusations. There are two podcasts I have used for guidance on how to create a sustainable income: Fire Nation and Smart Passive Income, both provide income reports.

Summary

May was another great month, with record revenue and profits. There was a lot of travelling again, including two more weeks in the US where I recorded some great shows and met some great people. Downloads have started to plateau, so I am considering marketing options to increase reach.

All ad inventory is sold out until February ‘20, and I am now preparing for the launch of my new show Defiance. I have sold an exclusive sponsorship for that for the first year to allow me to focus on the quality of the product and reach. The positive forward billing has also allowed me to commit to employing a full-time sound engineer and producer, freeing me up to focus on the shows.

  • Show downloads: 199,494

  • Income: $48,037.11

  • Expenses: $18,934.77

  • Profit: $29,102.34


June 2019 Stats

The June stats report is available for download here, it includes:

  • Downloads by per month total & by platform

  • Downloads by show total & by platform

  • Channel growth

 
Screenshot 2019-07-04 at 08.34.40.png
Screenshot 2019-07-04 at 08.38.34.png
 

June Downloads:

  • Libsyn: 144,228

  • YouTube: 43,600

  • SoundCloud: 1,847

  • Spotify: 9,819

  • Total: 199,494 (-1.4% from May)
    Note: while there was a slight drop in downloads, June featured 9 shows while May had 10.

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:

  • Growth was negative this month with a fall of -1.4%, though note that June is a shorter month and had one less show. Like for like the month would have seen some growth. Still, I recognise that growth is slowing down and am looking at ways to increase reach.

  • YouTube & Soundcloud: both saw small drops but Spotify saw +26% growth, indicating that it is becoming an important channel for podcasts.

  • 60 day average: as expected the average download number has fallen as the Andreas show has dropped out of range. Having been download over 90,000 times it was skewing the figures. Compared to February, pre-Andreas, the average downloads are up over 30%.


Platform Stats:

  • Website page views: 36,383 (-16.8% from May ‘19)

  • Email subscribers: 2,920 (+0.69%)

  • YouTube followers: 6,855 (+12.3%)

  • Twitter followers: 65,900 (+5.8%)

  • Twitter followers (WBD Account): 4,589 (+3.6%)

  • Facebook page: 154 (+4.1%)

  • Medium: 2,600 (+0%)

  • LinkedIn: 4,500 (+6.4%)

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

Notes:

  • Twitter follower numbers are consistently growing adding around 3-4k new followers per month.

  • YouTube continues to grow at a nice rate, I would love to produce more video content to give this channel more value.

  • Website fell again this month, I really need to consider how I can make it a more useful resource.

  • All other channels need some work (same notes as last month):

    • 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: $48,037.11

  • Expenses: $18,934.77

  • Profit: $29,102.34
    Note: I have negotiated away the % network fee rate and will only be paying for bandwidth. I am awaiting my first bill so that will be deducted from July’s figures.

Gross income - $48,037.11

  • Sponsorship: $43,834.07

  • Professional services: $2,500.00

  • Patrons: $1,339.70

  • Podcast subscription (BTC): $60.00

  • Merchandise sales: $10.00

  • Tipjar: $293.34

    • Bitcoin: $95.01
      0.00890388 BTC

    • Bitcoin via Lightning: $15.31
      143933 Sats

    • Litecoin: $0.00

    • ZCash: $0.00

    • Monero: $0.00

    • Ethereum: $143.16
      0.5 Eth

    • Ripplecoin: jog on

  • BAT payments: $41.35

Expenses - $18,934.77

  • Travel: $12,516.00

  • Entertainment: $4,810.61 (includes SF party)

  • Computer and software: $736.55

  • Banking fees: $4.19

  • Podcast costs: $103.42

  • Community support: $764.00

    • Donations * 11: $500 (giving Bitcoin away)

    • Patreon - Noded: $12.00

    • Patreon - Popular Front: $36.00

    • Patreon - Saifedean: $60.00

    • Patreon - Luke Dash Jr: $24.00

    • Patreon - Stephan Livera: $12.00

    • Patreon - Rekt Podcast: $30.00

    • Patreon - Euclid & Oaks: $20.00

    • Patreon - Amy Castor: $20.00

Note:

  • June was a record month for revenue at $48,037.11, which is +36% higher than the previous record.

  • June was also a record month for profit at $29,102.34, which was +27% higher than the previous record.

  • It is becoming increasingly clear that the model is the monetisation of shows and anything else can be a distractions.

  • With inventory sold out and downloads starting to plateau, the next stage of growth will come from the launch of new products.


Income Breakdown

Sponsors:

  • Clients: 5

  • Show sponsored by: 1 booking (lead sponsor - Kraken)

  • Preroll / midroll mix: 3 bookings

  • Midroll only: 1 booking

  • Special production: 1 booking

Inventory:

  • Available shows: 10

  • Available video shows: 0

  • Available slots per show: 6

  • Available slots per video show: 2

  • Total available slots: 60

  • Slots sold: 51

  • Inventory sold: 85%

  • Revenue per show: $4,870.45

  • Show CPM value: $324.70 (based on a projected average of 15k downloads per show)

    • Average ad CPM rate: $81.17


Key lessons

To take forward:

  • Sponsorship of shows is the overwhelming driver of revenue. The model itself is quite simple, create high quality shows for a large audience and sell awareness.

  • Due to limited time I will be focusing on how I can become more efficient with time.


May Objectives Audit

Reduce costs:

  • (COMPLETE) Complete network fee negotiations

  • (Failed) Keep costs down

Efficient operations:

  • (COMPLETE): find assistant (found a producer instead and trained them on publishing shows)

Revenue growth:

  • Inventory: sell remaining June slots (NOT REQUIRED - June FULLY SOLD)

  • (FAILED) Video: find a sponsor to support a monthly video interview

  • (IN PROGRESS) Other specials: prepare ATM special

  • (FAILED) Subs: push subs by crypto and Lightning option for ad free show

New revenue opportunities:

  • (In Progress) Launch new podcast for non-Bitcoin subjects

Marketing:

  • Continue to optimise website for search

  • (ON HOLD) 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

July Objectives

Launch Defiance:

  • Launch my new show Defiance (might slip into August for logistical reasons)

Efficient operations:

  • Assistant: find assistant

Revenue growth:

  • Confirm lead sponsor for Defiance

  • Publish ATM special

Marketing:

  • Continue to optimise website for search

  • Finish review of content on site and ensure it reflects personal opinion

  • Prepare a marketing plan


Goals

Short-term:

  • DONE Achieve +$10,000 profit per month (now consistently achieved and forward billing for the year reflects thisx)

  • DONE Consistent revenues to recruit assistant (on target)

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.