How do podcasts make money?

Podcasts can make money through advertising, but typically advertisers are looking for shows with more than 2,000 downloads/listens per episode. A better approach we've seen is to get listeners to support you on Patreon. You can also get them to contribute through PayPal or Buy Me a Coffee. The most effective supporter perk we've seen is a 'listener shout out,' where you mention your supports at the end of your episode, and in your show notes.