These 6 strategies for monetizing your channel and creative work are for you if you’re wondering how to make money on YouTube.
Okay, advertising is the most obvious way to make money on YouTube. It is not, however, the only — or, to be honest, the best — option.
With 1.9 billion monthly users, YouTube accounts for half of the internet. Despite this, 500 hours of video are uploaded to the site every minute.
So you know this isn’t going to be about how easy it is to buy a Swiss watch with ad revenue generated by your YouTube views. (Though if you have millions of views, you could probably rent one.) It’s not a good idea.)
Continue reading to find out how to monetize your YouTube channel in six different ways. Namely:
- Become a member of the YouTube Partner Program.
- Sell your own products to make money.
- Create sponsorship-friendly content.
- Make it possible for your fans to make direct payments to you.
- Crowdfunding can be used on a regular basis or only once.
- If you give the media a license, they can use your content.
Now let’s get into the specifics of how to make money on YouTube.
What is the most effective method for making money on YouTube?
Become a member of the YouTube Partner Program.
The YouTube Partner Program allows regular YouTubers to gain access to special YouTube features.
You don’t have to be a partner to make money on YouTube (just set up an AdSense account and get views will suffice), but being a Partner makes things a lot easier.
Advertisements, YouTube Premium subscription fees, and features that directly affect your fans’ wallets, such as Super Chat, channel memberships, and the merchandise shelf, are all ways for YouTube Partners to make money (more on these later.)
Create a new channel first.
Don’t worry, we’ve put together a handy guide to help you out. The article’s title is ‘How to Create a YouTube Channel.’
Step 2: Grow your YouTube channel to the point where you can join the YouTube Partner Program.
To participate in the programme, you must have a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.
Here are some ideas for increasing the number of YouTube views.
Step 3: Create a Google AdSense account.
This is a simple task. Simply follow the YouTube AdSense account setup instructions.
Step 4: Experiment with your new revenue streams.
Each monetization channel has its own set of requirements for participation. Consider the following illustration:
You must be at least 18 years old and create content that advertisers find appealing to earn ad revenue. Simply put, the less contentious your videos are, the more likely YouTube advertisers are to run ads on them, and the more money you’ll make.
You will receive a portion of a YouTube Premium member’s subscription fee if they watch your video. (It’s convenient that this one is done automatically.)
To sell channel memberships to your subscribers, you must be at least 18 years old and have over 30,000 subscribers (i.e., your fans opt in to pay you an additional fee).
To sell merch from YouTube’s merchandise shelf, you must be at least 18 years old and have at least 10,000 subscribers.
Super Chat payments: To allow your fans to pay to have their messages highlighted in your live chats during your live streams, you must be at least 18 years old (and live in a country where the feature is offered).
Step 5: Submit your work for continuous review.
As a YouTube Partner, your channel will be held to a higher standard, according to YouTube. You must follow not only the policies of the YouTube Partner Program, but also the Community Guidelines. Not to mention staying within the confines of copyright laws.
Sell your own products to make money.
Perhaps you see yourself first as a content creator and then as an entrepreneur. (Don’t forget that Drake has his own t-shirt line.)
If, on the other hand, you’re a business owner first and a video creator second, you’ve most likely already created a product and are working on a YouTube marketing strategy to promote it.
Selling merchandise on YouTube is, in any case, a viable way to make money.
Step 1: Begin by imagining and designing your product.
The merchandise on your channel should reflect and feed your audience’s relationship with you. That is to say, your products should be one-of-a-kind.
Hawaiian YouTube star Ryan Higa launched his milk-based energy drink Ninja Melk to capitalise on the success of his viral comedy, Ninja Melk. Ninja Melk’s popularity has grown to the point where he now has his own website where he sells t-shirts and other merchandise.
Pro tip: You may have more merchandise ideas than you have space to store. So begin with one or two items to get your feet wet. Make sure, however, that your audience is a part of the decision-making process. To find out what they want, conduct a poll. Release one-time products in conjunction with significant subscriber-count milestones, for example, to generate buzz.
Step 2: Locate and/or design your product.
You’ll almost always need a manufacturer, supplier, or wholesaler to make and deliver your product. Some suppliers will deliver it to you, while others will take care of your inventory, shipping, and returns, saving you time and money.
If you’re not sure where to start, Shopify has a guide on how to find a brick-and-mortar business that can help you realise your dream.
Step 3: Set up an online store and a landing page for your company.
You’ll need a separate website to handle sales. If you want to link to it directly from your videos, look at YouTube’s list of approved merchandise sites (which you should).
Step 4: Create a merchandise shelf for your YouTube Partner.
The shelf feature can also be used by YouTube Partners to sell merchandise related to their channel. If you’re eligible, follow YouTube’s instructions to enable it.
Step 5: Promote your product with your videos.
This is where your charm comes into play. Wear or use your merchandise in your videos. Showcase viewers who have purchased the product and are using it. (If we were on another platform, we might call this ‘user-generated content,’ or even’solid gold.’)
In your video descriptions, don’t forget to include end screens and cards with compelling calls to action, as well as a link to your store.
Don’t forget to thank those who helped you. It’s the courteous thing to do. It’s also an opportunity to remind people how great and popular your product is once more.
Create sponsorship-friendly content.
You don’t have to be on Instagram to be an influencer. If you use the #sponcon strategy, you won’t have to give YouTube a cut of your earnings. You work directly with the brand, and they pay you directly. It’s no surprise that YouTubers use it to supplement their income.
If you have a large and/or engaged audience, and your content is relevant to their target market, brands are likely to be interested in hearing from you.
YouTuber Aaron Marino, a.k.a. Alpha M, is a big name in the men’s lifestyle space, for example. What is the size of it? His brand partnerships are so extensive that he even has brand partners in his videos explaining them.
Step 1: Find a brand with which to collaborate.
Quality is critical when it comes to the brands you work with. Most likely, you already have a list of desirable brands on your wish list. Whether you’re aiming for the stars or starting from the ground up, make sure you perfect your brand pitch before sending it.
Also think about using an influencer marketing platform. These are websites that help marketing teams find relevant influencers with whom to collaborate. FameBit, for example, was one of the first to target YouTubers.
Step 2: Come to an agreement.
According to a recent study by influencer marketing platform Klear, YouTube videos are the most expensive type of sponsored content brands can buy from influencers. YouTube influencers can charge more for their videos than they can for Instagram Stories or Facebook posts because video is more expensive to produce.
While your rate will vary based on the size, engagement, and relevance of your audience to your potential partner, you should know how much you’re worth before signing a contract.
Step 3: Be forthright and truthful about your #sponcon #advertisement.
Sponsored content is what it sounds like. That means you’ll have to make sure you’re adhering to Google’s ad policies. The FTC (United States) and the ASA (United Kingdom) guidelines should be familiar to anyone who lives in the United States or the United Kingdom.
Transparency is beneficial not only to your legal health, but also to the relationship between you and your audience. You can make sure your audience knows you’re advertising to them by using YouTube’s visible disclosure feature.
Make it possible for your fans to make direct payments to you.
This YouTube money-making strategy includes a few different revenue streams, but they all have one thing in common: you must make it easy for your fans to show their appreciation by using their credit card.
Step 1: Host live chats that include Super Chat.
In early 2017, YouTube’s previous Fan Funding feature was replaced by Super Chat. Only YouTube Partners can use this feature while live streaming.
Your viewers can make their comments more visible in the live chat stream by highlighting and pinning them for a set period of time, depending on how much they pay.
Step 2: Persuade your followers to subscribe to your YouTube channel.
You can charge your viewers to become members of your YouTube channel. In exchange, they get custom emoji, badges, and members-only benefits like Live Chats with you.
Wintergatan, for example, is a Swedish band that creates elaborate marble machines and documents them in YouTube videos. They frequently thank their channel members in their videos. They also explain how the money raised from membership dues is spent:
To persuade people to join, you’ll need to devise a promotion strategy, which may or may not include multiple membership tiers. Like Super Chat, this feature is only available to YouTube Partners.
Step 3: Encourage your YouTube Premium subscribers to upgrade.
Because it only benefits your channel indirectly, this is the last step in our strategy. However, YouTube Premium members who watch your channel pay a portion of the subscription fee to you. (They do this with every other channel they watch as well.)
Crowdfunding can be used on a regular basis or only once.
It is now common practice to solicit donations over the internet. Many YouTubers use crowdfunding to fund personal or channel-related projects, or to build a steady stream of income from a pool of small monthly donations.
Create a Kickstarter account first.
On YouTube, you can choose from a list of approved crowdfunding sites.
Patreon is a fantastic way to get recurring funding. One-time campaigns for a new microphone, laptop, or… spleen, on the other hand, work best on GoFundMe or Kickstarter.
Even well-known musicians like Walk Off the Earth and Veronica Mars (OK, she’s a fictional character) have used Patreon to fund their projects, whether music videos or feature films.
Step 2: Promote your campaign with your videos.
Clearly define your goals so that others know what to expect when you achieve them.
Also, provide enticing benefits that accrue as your supporters decide how much to donate.
Step 3: Go beyond YouTube in your search.
For a campaign to be successful, it must be multi-platform. We can assist you in promoting your YouTube channel (and, by extension, your crowdfunding campaign) in additional locations.
If you give the media a license, they can use your content.
Every news organisation wants a copy of a viral video so they can show it to their audience. On the other hand, established media companies are well aware that they must pay for what they use. That’s it: yet another way to make money on YouTube.
As a content creator, making sure you’re easy to find can help you license your most successful work to the media.
Step 1: On your About page, update your contact information.
When lightning strikes, it is impossible to predict when it will strike. Even if you don’t have a business manager, set up a generic email account for business inquiries.
Step 2: Join a video rights marketplace as a member.
Jukin Media is a great place to start. News organisations frequently require current footage to supplement their coverage, even if you don’t have a viral video like the Chewbacca mask lady (see below).
Jukin has an entire catalogue of ‘newsworthy’ videos to which you can contribute if you have exclusive footage of a major natural disaster, plane crash, or locust plague.
