One of the most revolutionary benefits of the internet is the ability to make money on the side. With an internet-enabled device and enough bandwidth, you can earn quick bucks writing articles, transcribing videos, filling out surveys, trading stocks, etc.
More interesting is that you don’t need to be confined to a physical location. Most online income-generating opportunities can be pursued from the comfort of your home or while vacationing.
Audiobooks are one of the most overlooked ways to make money online. The primary thing that makes audiobooks an attractive online income-generating opportunity is that there are multiple ways to earn money from these ventures.
For instance, you could compose and publish your audiobook. You could also work as an audiobook narrator or partner with the publisher in a referral program.
In this article, we look at one service that allows you to earn from audiobooks hassle-free – Audible. Join me as I take you through a definitive guide on how to make money on Audible.
But first, it’s only fair to introduce this service and what it’s all about.
Audible is an American online service for audiobooks and podcasts, allowing users to buy and stream audiobooks and other forms of spoken word content. An eponymous company, Amazon.com, Inc.’s wholly-owned subsidiary, owns the service. It’s headquartered in Newark, New Jersey.
There are two different ways to access content on Audible – individually or via a subscription model.
The subscription model is considerably more affordable. In this arrangement, Audible users receive “credits,” which they can redeem monthly for unhindered access to a curated library of high-quality content.
A Little History of Audible
Audible – the audiobook purchasing and streaming company – was founded in 1995. It released its first product two years later, the Audible MobilePlayer. The Audible MobilePlayer had an onboard flash memory storage capacity of around four megabytes, which allowed users to hold up to 2 hours of audio.
Audible began attracting renowned investors’ attention only a few years after its official launch. Microsoft is one of its noteworthy early investors. The tech giant invested $11 million into the audiobook streaming company on March 11, 1999.
Audible also credits part of its success to its long-term collaboration with Apple. In 2003, Audible inked a partnership deal with Apple to serve as the exclusive provider of audiobooks for the latter’s iTunes Music Store. This contract ended in 2017 due to antitrust rulings made in the European Union.
On January 31, 2008, Amazon announced it would purchase Audible for $300 million. The gamble ultimately paid off, as Audible became one of Amazon’s most fledgling subsidiaries.
As of 2023, Audible is the largest audiobook producer and retailer in the United States. The service is available on numerous platforms, including Windows, macOS, Android, iOS, Fire OS, and web browsers.
Tips on How to Make Money on Audible
1. Making Money on Audible Using the Creator Program
Audible’s Creator Program is ideal for bloggers, content creators, podcasters, and social media influencers. This service allows you to make money whenever your viewers or subscribers sign up for a 30-day free trial subscription to Audible, making it one of the most practical online income-generating opportunities for beginners.
All you need to make money using the Audible Creator Program is to promote the audiobook streaming service by providing your listeners and visitors with a free audiobook. Of course, the offer comes with a condition to test-drive Audible’s premium membership plans for free.
To sign up for Audible’s Creator Program, you would need to head to this link and fill in the following details;
- Personal Information – Full name, email address, username, and password
- Company Information – Account display name, company website, country, street address, phone number, currency, and time zone
- Promotional Information – Business model (content/reviews, deal/coupons, loyalty/rewards, creator, network, commerce solution, media arbitrage, and cross-audience monetization) and property type (websites, mobile, and social networks)
After inputting the above information, agree to the general terms and complete the process by hitting “Sign Up.”
Audible pays you $15 for each trial generated using your custom affiliate link or code. In exchange, your referrals can enjoy one of the company’s high-quality, in-demand audiobooks.
Note that it will be a lot easier to make money through Audible’s Creator Program if you’ve already established yourself as a podcaster, video content creator, or social media personality. The more following you have, the higher your potential income.
2. Making Money on Audible through Affiliate Marketing On Your Website
Affiliate marketing is one of the most popular ways to make money online. It also happens to be a common method to earn from Audible.
All it takes to get paid by Audible through affiliate marketing is to promote the company’s products and services on your blog, vlog, or social media platform. The best way to make the most of this Audible income-generating opportunity is to join the Amazon Associate Program.
Amazon Associate Program is an affiliate program designed exclusively for bloggers and website owners. You can leverage the service to promote Audible books and earn commissions when your visitors purchase the Amazon products you advertise or review.
Below is a brief procedure on how to sign up for the Amazon Associate Program;
(i) Head to this link and click on the “Sign up” button on the page’s bottom.
(ii) After signing up for an account, head to the offers page to check out the relevant affiliate links and images you’ll require to promote Audible products.
Note that these offers are only available to affiliates.
Amazon Associate Program will pay you $5 when visitors sign up for Audible free 30-day trial subscription. You’ll receive a further $10 when someone subscribes to the paid Audible Premium or Premium Plus membership plans using your custom referral link.
Besides, there’s an additional $.50 commission whenever visitors purchase Audible books using your referral link.
3. Making Money on Audible as an Audiobook Narrator
This is probably the most involving way to make money on Audible. The saving grace is that you can hire a third party to narrate. Besides, Audible narrators can choose how they’d like to get paid.
The first payment mode is via royalties. In this arrangement, you receive no payment upfront. Instead, the streaming service pays you 50% of the royalties whenever a book is sold.
Another option is to get paid upfront through the per-finished hour (PFH) payment method. The advance payments you receive via the PFH are based on the duration of recording and producing the narration.
Obviously, your net pay will also depend on whether you’ve hired a narrator and the fraction of your earnings you’re sharing with them.
However, note that not everyone can narrate. While you don’t need the voice of Morgan Freeman to excel in this field, you’ll undoubtedly require a deep and engaging voice. Besides, the gig suits people who can read aloud comfortably and confidently.
Other things you’ll need to excel as an Audible narrator include a quiet environment, a good microphone, a fast computer, and essential editing software.
The Audiobook Creation Exchange (ACX) platform is the best place to narrate Audible audiobooks.
(iii) Simply head to the sign-in page to access the website or sign up if you don’t already have an account.
(iv) After accessing/creating your profile, head to this page to find titles accepting auditions.
(v) Record and submit a sample.
(vi) Wait for an offer from an interested author.
4. Making Money on Audible by Publishing Your Audiobook
Another helpful tip on how to make money online for beginners is by publishing your own book. This is highly recommended if you already have a book published on Amazon, even if it only has a Kindle version available.
Much like narrating on Audible, you’ll need to get started on the ACX platform to publish a book. You earn money whenever someone purchases your book on Audible, Amazon.com, or iTunes.
One great thing to love about publishing your audiobook on Audible is that you can explore a wide range of topics, including fiction and nonfiction. The platform lists categories from the most in-demand niches.
Similar to narrating Audible audiobooks, you can also choose to publish a book on the platform or hire a professional for a fee. Be sure to incorporate profitable keywords into your content to give the book higher visibility on the Audible platform. Keyword research tools like Google Trends and SEMRush will come in handy here.
Remember also to give your book an attractive cover. A little help from a professional graphic designer would go a long way.
If you have more bucks to spare, you could pay an influencer to market the book for you as you work on building your social media following.
There are numerous resources on online money-making opportunities. But if you’re into audiobooks, your best bet would be to explore the above-listed tips and earn extra bucks from America’s largest audiobook producer and retailer.
As a bonus point, you could also enroll in Audible Podcast Development Program, the company’s talent rewarding system that pays as much as $10,000 for successfully pitching an original narrative podcast. The payment will help you develop and publish your podcast idea on the Audible platform.