See below for step-by-step instructions followed by a video tutorial.
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Once your episode audio is recorded and ready, you can upload it to Megaphone for immediate publication, or schedule it to publish at a time and date in the future. In cases where ads are being sold into your shows in advance, a Draft episode will exist in the Episode Library's Drafts tab.

If your episodes will not contain ads, a Draft will probably not exist, and you can use the Create Episode button to add an episode to your feed.

Drafts are simply placeholders for your future ad inventory, but they turn into Episodes when published. When you're working with a Draft episode in Megaphone, the publishing process has a slightly different workflow than when you click the "Create Episode" button.

Start by selecting the Draft episode you want to work on by navigating to the Episode Library and clicking the Drafts tab.

Once you're done setting up the Draft as an episode (by filling out the fields, uploading episode audio, and setting your ad locations), you may select either "Schedule episode" or "Publish episode now." Make sure to click the "Save" button in the top right.

Publish episode now will add the episode to the RSS feed immediately. Scheduling an episode for a past date/time will also add it to the RSS feed immediately.

When an episode is available in your Megaphone RSS feed places like iTunes, Stitcher, etc. will immediately start providing that episode to subscribers.

If your Draft episode has any Orders (advertisements) targeted at it you'll see another Upload area on this page. It'll will appear on the right side, below the Episode File Upload and the Episode Artwork. Here's an example of how that will appear:

The process for uploading the MP3 files for the ads is the exact same and uploading your episode file. Simply click on the Upload box and choose the correct file from your computer.

When publishing an episode you have the option to upload episode-specific artwork.

You can simply click on the Upload Image box below to toggle open the image uploader.

You can upload an image from your computer here.

The episode-specific artwork is not supported by all podcast player applications, nor is it displayed prominently in iTunes. Some examples of where you can view episode include Overcast, Pocket Casts, and the mobile search results in the Apple Podcasts app.