Veteran broadcaster warns that Karl Stefanovic is unlikely to make money off his controversial podcast - after Piers Morgan told the former Today star he could net tens of millions

A veteran broadcaster has warned that has an uphill battle ahead when it comes to earning big bucks on his podcast. 

The former Today star, who left the Nine network late last month after backlash over his controversial interview with far-right activist , is forging ahead with his The Karl Stefanovic Show on . 

But radio legend Ray Hadley, 71, who rose to fame presenting his own show on 2GB, believes that without the support of a major radio or television network, Karl could struggle to . 

Referring to both Stefanovic and shock jock , who was recently punted from radio network ARN, Hadley offered a friendly warning. 

'The success they have enjoyed has been on mainstream media in TV and radio. Given they aren't on those platforms anymore, I think it's going to be difficult,' Hadley told The Daily Telegraph. 

'There are certain challenges and it is going to be hard without the support of the radio and TV networks.' 

While the radio stalwart said success in the podcast sphere was 'not impossible', it was also unlikely, even for big-name stars. 

'The majority don't make much money at all,' Hadley said, listing a barrage of expenses podcasts incur, including overseas travel, accommodation, equipment and production crews. 

Not everyone agrees that Karl's independent podcast won't be a money spinner in the long run. 

During a chat with fellow divisive journalist Piers Morgan on The Karl Stefanovic Show last week, Stefanovic was advised that he could make tens of millions, if not much more, if he broadened his appeal and built a network of podcasts and offshoot channels. 

Morgan encouraged Stefanovic to embrace his independence and increase his profile internationally, as well as establish a series of side-ventures in the social media space. 

In following this model, Morgan told Stefanovic that he himself has made $150 million in the past 18 months from his own media empire, and suggested that Karl could find the same success.

Meanwhile, the television host may have the last laugh, as the ratings for his podcast have skyrocketed since he was ousted from Channel Nine. 

Just weeks after his dramatic departure from the network, the broadcaster, 51, has found a new following through his independent podcast, with viewers flocking to hear his headline-making interviews.