If you're wondering how to make money on YouTube, these 6 strategies for monetizing your channel and innovative work are for you.
Okay, the most obvious way to make money on YouTube is by advertising. However, it is not the only—or, to be frank, the best—option.
(Spoiler alert: there are a lot of ways to make money on YouTube.)
YouTube accounts for half of the internet, with 1.9 billion monthly users. Nonetheless, every minute, 500 hours of video are uploaded to the web.
So you already know that this article isn't going to be about how easy it is to buy a Swiss watch with ad revenue generated by your YouTube views. (Though you should possibly rent one if you have millions of views.) Don't do it.)
Continue reading to learn about six ways to monetize your YouTube channel. Specifically:
1. Become a YouTube Partner
2. Sell your own merchandise
3. Create sponsored content
4. Get your fans to pay you directly
5. Use crowdfunding on an ongoing or one-off basis
6. License your content to the media
Now for some detailed guidance on how to make money on YouTube.
How to make money on YouTube
Become a YouTube Partner
Daily YouTubers can gain access to unique YouTube features through the YouTube Partner Program.
To make money on YouTube, you don't need to be a partner (just setting up an AdSense account and having views will suffice), but becoming a Partner makes it a lot simpler.
YouTube Partners can raise money from a number of ways, including advertising, YouTube Premium subscription fees, and features that directly impact the fans' wallets, such as Super Talk, channel memberships, and the merchandise shelf (more on these later.)
Step 1. Start a channel
A personal YouTube channel is automatically created when you sign up for a Google account. However, if you want to use YouTube for business, you'll need to create a Brand Account.
Simply go to your YouTube account tab, click Build a Channel, and give your Brand Account a name. You've been accepted!
You can offer multiple people admin access and customize the name and appearance of your YouTube Brand Account to fit your brand when you build one.
Another cool aspect of Brand Accounts is that they give you access to YouTube Analytics, which provides incredibly useful details on who is watching your videos and what content is most common. (Learn more on how to use YouTube for marketing in our post.)
Step 2. Make your channel successful enough that it meets the YouTube Partner Program requirements
A minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months are required to join the program.
Here are several tips for rising the amount of views on YouTube.
Step 3. Set up an AdSense account
This is simple. Just follow YouTube’s official guide to AdSense accounts.
Step 4. Explore your new monetization features
Each monetization channel has its own set of eligibility criteria. Consider the following example:
Ad revenue: You must be at least 18 years old and produce advertiser-friendly content in order to gain ad revenue. Simply put, the less controversial your videos are, the more comfortable YouTube advertisers will be running advertisements on them, and the more money you'll make.
YouTube Premium revenue: You get a portion of a YouTube Premium member's subscription fee if they watch your video. (It's great that this one is automatic.)
You must be at least 18 years old and have over 30,000 subscribers to offer channel memberships to your subscribers (i.e., your fans opt in to pay you an additional fee).
Channel memberships: You must be at least 18 years old and have over 30,000 subscribers to offer channel memberships to your subscribers (i.e., your fans opt in to pay you an additional fee).
Merchandise shelf: You must be at least 18 years old and have at least 10,000 subscribers to sell merchandise from YouTube's merchandise shelf.
Super Chat payments: You must be at least 18 years old if you want your fans to be able to pay to have their messages highlighted in your live chats during your live streams (and live in a country where the feature is offered).
Step 5. Submit to ongoing reviews
According to YouTube, as a YouTube Affiliate, the channel will be kept to a higher level. Not only do you adhere to the YouTube Partner Program's rules, but also to the Community Guidelines. Not to mention remaining within the bounds of copyright legislation.
Sell your own merchandise
Perhaps you consider yourself a content producer first and an entrepreneur second. (Keep in mind that even Drake has a t-shirt line.)
Alternatively, if you're an entrepreneur first and a video producer second, you've most likely already created a product and are preparing your YouTube marketing campaign to promote it.
In any case, selling goods on YouTube is a viable way to make money.
*Imagine and design your product
Your channel's merchandise should both reflect and feed your audience's relationship with you. That means your merchandise should be one-of-a-kind.
To capitalize on the success of his viral comedy, Ninja Melk, Hawaiian YouTube star Ryan Higa released his milk-based energy drink Ninja Melk. Ninja Melk's appeal is strong enough that he has his own store, where he sells t-shirts and other merchandise.
Pro tip: You might have more merchandise ideas than you can stock. So start with one or two things to dip your toes in the water. However, be certain that the audience is involved in the decision-making process. Take a poll to find out what they want. Alternatively, create buzz by releasing one-time items in conjunction with significant subscriber-count milestones.
*Source and/or build your product
To produce and deliver your product, you'll almost always need a manufacturer, retailer, or wholesaler. Some vendors will sell it to you, while others will handle inventory, packaging, and returns for you, saving you time and money.
If you're not sure where to begin, Shopify has a how-to on finding a brick-and-mortar company to help you realize your dream.
*Create your shop and landing page
To manage sales, you'll need a separate website. Refer to YouTube's list of licensed merchandise sites if you want to connect to it directly from your videos (which you should).
*Enable your YouTube Partner merchandise shelf
YouTube Partners may also use the shelf feature to sell products associated with their site. Follow YouTube's instructions to allow it if you're qualified.
*Promote your product in your videos
This is where your charm enters the picture. In your videos, wear or use your merch. Showcase viewers who have purchased and are using the product. (We would call this ‘user-generated content,' or even ‘solid gold,' if we were on another platform.)
Also, don't forget to include end screens and cards with persuasive calls to action, as well as a connection to your store in your video descriptions.
Pro Tip: Don't forget to express gratitude. Because it's the polite thing to do. But it's also an opportunity to remind people about how amazing and famous your product is once again.
Create sponsored content
To be an influencer, you don't have to be on Instagram. You don't have to give YouTube a share of your earnings if you use the #sponcon technique. You deal with the brand directly, and they pay you directly. It's no surprise that it's a common way for YouTubers to earn money.
Brands are likely to be interested in hearing from you if you have a broad and/or active audience and your content is important to their target market.
In the men's lifestyle room, for example, YouTuber Aaron Marino, a.k.a. Alpha M, is a big name. How high is it? His brand partnerships are so large that even his videos explaining them have brand partners.
*Find a brand to partner with
When it comes to the brands you deal with, quality is crucial. Most likely, you already have a wish list of desirable brands. Make sure you polish your brand pitch before submitting it, whether you're shooting for the stars or building yourself up from the ground up.
Consider using an influencer marketing tool as well. These are platforms that assist marketing teams in locating relevant influencers to collaborate with. For example, FameBit was one of the first to focus on YouTubers.
*Make a deal
YouTube videos are, on average, the most expensive type of sponsored content marketers can purchase from influencers, according to a recent report by influencer marketing platform Klear. Since video is more costly to make, YouTube influencers can charge more for their videos than they can for Instagram Stories or Facebook updates.
Although your rate can vary depending on the scale, commitment, and importance of your audience to your future partner, you should know your worth before signing a contract.
*Be transparent about your #sponcon #ad
Advertisement is what paid content is. That means you'll need to make sure you're following Google's advertising policies. If you're American or British, you should be aware of the FTC (United States) and the ASA (United Kingdom) guidelines.
Transparency is beneficial not only to your legal wellbeing, but also to your audience's relationship with you. You can use YouTube's visible transparency feature to make sure your audience knows you're advertising to them.
Get your fans to pay you directly
This YouTube money-making plan involves a few different revenue sources, but they all have one thing in common: you must make it simple for your fans to express their gratitude by using their credit card.
Host live chats where people can use Super Chat
YouTube's previous Fan Funding feature was replaced with Super Chat in early 2017. This is a feature that only YouTube Partners can use when live streaming.
In the live chat stream, your viewers can make their feedback more accessible by highlighting and pinning them for a fixed period of time, depending on how much they pay.
Encourage your fans to become channel members
YouTube allows you to charge your viewers to become members of your channel. They get custom emoji, badges, and access to members-only perks including Live Chats with you in return.
Wintergatan, for example, is a Swedish band that makes intricate marble machines and posts videos about them on YouTube. They thank their channel members in their videos on a regular basis. They also state specifically what the money earned from membership fees is used for:
Source: YouTube
*Encourage your fans to become YouTube Premium subscribers
This is the last move in our plan because it only helps your channel indirectly. You do, however, receive a portion of the subscription fee from YouTube Premium members who watch your channel. (They do the same thing for every other channel they watch.)
Use crowdfunding on an ongoing or one-off basis
Soliciting donations via the internet has become commonplace. Many YouTubers make money through crowdfunding, whether it's to create a steady stream of income from a pool of small monthly donations or to finance a personal, channel-related project.
*Set up a crowdfunding account
You can select from a list of licensed crowdfunding sites on YouTube.
Patreon is a great option for recurring funding. Meanwhile, one-time projects for a new microphone, laptop, or... spleen work well on platforms like GoFundMe or Kickstarter.
Even well-known artists such as Walk Off the Earth and Veronica Mars (OK, she's a fictional character) have used Patreon to finance their projects, whether they're music videos or feature films.
Source: Walk Off the Earth
*Promote your campaign in your videos
Specify your objectives so that people know exactly what to expect when you reach them.
Also, deliver tempting perks that accumulate as the supporters choose how much to donate.
Check out this comprehensive guide to crowdfunding tactics for more knowledge and ideas.
*Go beyond YouTube
A multi-platform campaign is important for success. We will help you promote your YouTube channel (and, by extension, your crowdfunding campaign) in other places.
License your content to the media
When a video goes viral, every news organization needs a copy so that they can show it to their viewers. Known media firms, on the other hand, are well aware that they must pay for what they use. And there you have it: another way to raise money on YouTube.
Making sure you're easy to find as a content creator will help you license your most popular work to the media.
*Keep your contact details updated on your About page
It's difficult to guess when lightning would strike. Set up a default email address that you can use for company inquiries even though you don't have a business manager.
*Sign up to a video rights marketplace
Jukin Media is a great place to start. Even if you don’t have a viral video like the Chewbacca mask lady (see below), media outlets often need timely footage to round out their reporting.
For instance, Jukin has an entire catalogue of ‘newsworthy’ videos that you can contribute to, if you happen to have exclusive footage of a major natural disaster, plane crash, or plague of locusts.
Source: Jukin Media
How to Make Money on YouTube
Reviewed by Mehedi Al Tayib
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April 07, 2021
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Reviewed by Mehedi Al Tayib
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April 07, 2021
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