I have been getting emails from readers asking the question, "Is Podcoin a Scam?" so I thought I would take a look at the platform to see how it works.
In this Podcoin review you'll learn: how Podcoin works, how you can make money with it, and if it's a recommended way to make money online.
Podcoin Review Summary:
Pros: Good concept, available for Android and Apple.
The Cons: Rates are too low. Comes to about 3 cents an hour.
The Bottom Line:
Podcoin is a cool platform, but the rates are far too low. In the rates section of this review, I reveal some shocking facts about the opportunity. Although it does work and you can redeem rewards, it's not a recommended platform. Continue reading to find out why I don't recommend it.
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What is Podcoin?
Podcoin is an app that allows you to earn money by listening to podcasts. The platform has a massive library of podcasts, including many of the most popular podcasts on Itunes. They claim to have over 583,764 podcasts.
The app will pay users in Podcoins, similar to credits, which you can redeem for various rewards. What it comes down to is a platform similar to those survey panels, except this one is all about listening to podcasts.
Overall, I like the idea, it's definitely something unique. But sometimes platforms that are based on good concepts end up falling into scam territory.
To use the platform you'll need to download the Podcoin app, which is available for both Android and Apple devices. Inside the app, there are options to download podcasts, so you can listen to them when you're in the car or bus.
Is that the case with Podcoin? Continue reading to find out.
Is Podcoin a Scam?
After testing and researching the app, I can say with confidence that Podcoin is not a scam. They do exactly what they promise; let users earn Podcoins for listening to podcasts, which can be redeemed for various rewards. For the most part, it does exactly what it promises.
Although they don't offer cash rewards, they do allow you to redeem various gift cards, and they do deliver them. Long story short, Podcoin is not a scam, it's a legitimate app, but don't rush to sign-up. There are some important things you need to know before you dive in.
How to Make Money with Podcoin:
Before we get into the details, there are a couple things that you need to keep in mind when it comes to these kind of apps. For starters, you should never expect to be able to earn a full-time income from these apps.
What the apps are for is making you some extra pocket change on the side, some cash that go towards a bill, or some coffees.
Of course, sometimes the pocket change is just way too little to be worth your time. Nevertheless, it's important to have your head in the right place when it comes to these kind of opportunities.
How Does Podcoin Work?
Getting back on topic, the way Podcoin works is you earn 1 Podcoin for every 10 minutes of listening time. The best part is if you're a fan of podcasts, you'll probably about to find the pod-caster on this platform.
Ultimately what this means is you can earn some cash for listening to podcasts that you were already planning to listen to. Of course, for people that aren't really into podcasts, this wouldn't be much of a benefit.
There are three ways to make money with Podcoin: regular, bonus, and streaks. I'll explain how they work.
For regular listening you will earn 1 Podcoin per 10 minutes. Bonus listening will earn you 1.5 Podcoins.
Lastly, streaks will earn you 2 Podcoins a minute. There's also the rare option of getting bonus-streaks, which can earn 2.5 Podcoins for 10 minutes.
Getting Podcoin Streaks:
You're probably wondering how to start a streak. What you need to know is a streak is earned by cumulative daily activity, starting one day after your first activity.
For example, on Day 1 you listen to a podcast and earn 1 Podcoin, this is now your Day 0 streak. If you listening to more podcasts on the next day, now you're on a Day 1 Streak, and so on. Streaks will add up as long as you earn one Podcoin within a day.
The maximum streak is a 3-day streak. On this streak-level you earn 2 Podcoins every 10 minutes. Essentially, it's their system to encourage people to come back to the platform.
But there's a countdown for each streak, and if you don't listen to any podcasts within that time period, the streak will be reset to zero. And you'll have to start over.
In the next section we'll talk about the value of Podcoins, and the rewards you can redeem.
Podcoin Value & Rewards
Now you're probably wondering how much value is a Podcoin. Although there is no exact cash to Podcoin rate, it's easy to calculate the value. Before we get into that, there's one thing you need to know: You can only exchange Podcoins for gift cards, mostly Amazon gift cards.
Here's the thing:
Unfortunately, the value of a Podcoin is quite low, and it will take you a long time to earn enough to redeem a gift card, even the $5 gift cards.
Taking a look at the store, a $5 gift card on Amazon costs 2000 Podcoins.
How Long Will it Take to Earn $5 Dollars?
Let's do a quick calculation to see how long it will take to get that card.
Assuming you're always on the maximum earning streak, you can earn about 72 Podcoins a day, if you listen to 6 hours of podcasts every single day. Note: 6 hours is the maximum you can watch a day.
Now, 2000 divided by 72 comes to about 27.7, so that's 27.7 days of listening to podcasts 6 hours a day, on a perfect streak, to earn a five dollar gift card.
Another way to look at it is 166.2 hrs of listening can earn you five bucks. Breaking it down further, five dollars divided by 166.2 comes to $0.03 cents.
That's your hourly rate at Podcoin; 3 cents an hour.
Do you know anyone on the planet who would be happy to work for that rate?
It also takes 3 business days to redeem your reward, so 27.7 days of full-time listening plus 3 more days to get your card. Yeah, I don't think that's worth it. Literally working a month straight, full time, to earn five bucks. Come on.
Talk about slave wages!
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1. The Idea of Listening to Podcasts for Cash:
I like the idea of being paid when you listen to podcasts, especially if you were already going to listen to them.
There are many different situations where you can find yourself with plenty of time to kill, and podcasts can help pass the time. I imagine if the listening rates were a bit better, the opportunity would be more attractive.
2. Download Podcasts and Listen Offline:
This feature of the app is great, although some Podcasts reviews have mentioned a few hiccups with it (we'll get into that later on).
Nevertheless, I think it's great how you can download podcasts to watch them offline, a great way to pass the time during long road trips.
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The Cons with Podcoin:
Here's what I think could be better:
1. Rates are Far TOO Low...
Granted, there's not much work involved in listening to Podcasts, but the rates are still crazy low. If you casually listen to podcasts here and there, it'll take months to get that one little gift card.
On top of that, the company has a bunch of anti-fraud filters in place, so they're quite strict. To me, it's not worth it. I would rather PAY to listen to podcasts than earn so little.
2. App Has Bugs:
One bug a lot of app users mention is they often randomly lose their Podcast files. For example, they download podcasts to listen to, and then those podcasts disappear.
There have also been some mentions of Podcoins not being award for listening time. Overall, it seems like there are quite a few bugs with the app.
The Bottom Line:
Wrapping up this Podcoin review, I would like to clarify a few points. For starters, Podcoin is not a scam. The concept is cool, and the platform has plenty of podcasts to listen to.
However, in my opinion, the major downside of the platform are the low rates. It takes far too long to earn enough points to redeem any of the gift cards, even the 2$ gift-card will take weeks to redeem.
The bottom line is Podcoin is not a recommended way to make money from the internet. It's not sustainable. It is a platform to play around with, but not one to take seriously. I don't recommend Podcoin.
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Thanks for taking the time to read this Podcoin review. Hopefully now you know that Podcoin is not a scam, but it's not a great way to make money, either.
What do you think about this app? Does the idea of making money listening to podcasts sound cool? Share your thoughts below!