How to Make Money on YouTube

How to Make Money on YouTube: Best Strategies in 2023

Ad revenue is a common way to earn on YouTube, but it’s not the only or necessarily the most lucrative option. With a staggering 1.9 billion monthly users and a mind-boggling 500 hours of video uploaded every minute, making money on YouTube isn’t as straightforward as it might seem. So, let’s dive into alternative strategies beyond the cliché of buying a Swiss watch with your YouTube ad earnings.

How to make money on YouTube

How to make money on Youtubee
How to make money on Youtube

1. Becoming a YouTube Partner: A Step-by-Step Guide

1. Make Money By Your YouTube Channel

Begin to make money by creating a YouTube channel if you haven’t already. For guidance, refer to ‘How to Create a YouTube Channel.

2. Meet YouTube Partner Program Requirements

To become a YouTube Partner, your channel must meet specific criteria. You need a minimum of 1,000 subscribers and 4,000 watch hours in the last 12 months.

3. Establish an AdSense Account

Setting up an AdSense account to make money is straightforward. Follow YouTube’s official guide for creating one.

4. Explore Monetization Features

Different monetization channels have distinct eligibility criteria:

  • Ad Revenue: Create advertiser-friendly content, and you must be at least 18 years old to earn ad revenue.
  • YouTube Premium Revenue: You automatically receive a portion of subscription fees from YouTube Premium members.
  • Channel Memberships: To sell channel memberships, you need at least 18 years of age and over 30,000 subscribers.
  • Merchandise Shelf: To sell merch from YouTube’s shelf, you must be at least 18 years old with 10,000 subscribers.
  • Super Chat Payments: Enable fans to highlight messages during live chats by paying, but you must be at least 18 and in a supported country.

5. Maintain Compliance

As a YouTube Partner, you’re held to higher standards. Adhere to YouTube Partner Program policies, Community Guidelines, and copyright laws. Continuously submit to ongoing reviews.

2. Sell your own merch

Sell your own merch on YouTube

Unlocking Profit with Merchandise on YouTube

Step 1: Conceptualize and Design Your Product

Create merchandise that resonates with your audience and reflects your brand. Start with a few unique items, involving your audience in the decision-making process through polls or special offerings tied to subscriber milestones.

Step 2: Source or Build Your Product to make money

Find a manufacturer, supplier, or wholesaler to produce and deliver your merchandise. Some may handle inventory and shipping, saving you time and effort.

Step 3: Establish Your Online Shop and Landing Page

Set up a dedicated website for handling purchases, ensuring it complies with YouTube’s approved merchandise site guidelines.

Step 4: Activate Your YouTube Partner Merchandise Shelf

If eligible, enable the merchandise shelf feature on your YouTube channel, following YouTube’s instructions.

Step 5: Promote Your Product in Videos

Incorporate your merchandise into your videos by wearing or using it and featuring viewers who have purchased and are using it. Include your store’s link in video descriptions, utilize end screens, and add cards with compelling calls to action.

Remember to express gratitude, emphasizing the popularity and value of your product.

3. Create sponsored content

Instagram Influencer

Cracking the Code on Making Money as an Influencer Without Instagram

Step 1: Identify a Brand for Collaboration

Seek quality brands aligned with your content and audience. Craft a compelling brand pitch, whether you’re aiming for top-tier collaborations or starting from the ground up. Consider leveraging influencer marketing platforms like FameBit to connect with suitable brands.

Step 2: Strike a Lucrative Deal

YouTube videos tend to be pricier for sponsored content compared to Instagram or Facebook posts. Determine your worth based on your audience size, engagement, and relevance. Be prepared to negotiate rates that reflect your value before entering a contract.

Step 3: Embrace Transparency in Sponsored Content

Remember that sponsored content is essentially advertising. Comply with Google’s Ad policies and stay informed about FTC guidelines (U.S.) and ASA guidelines (U.K.). Maintaining transparency not only safeguards your legal standing but also fosters trust with your audience. Utilize YouTube’s visible disclosure feature to clearly communicate sponsored content to your viewers.

4. Become an affiliate partner

Affiliate Marketing

Unlocking Affiliate Marketing for Your Growing YouTube Channel

If your YouTube channel boasts an engaged yet not extensively large following, consider delving into affiliate marketing opportunities.

Affiliate partnerships entail YouTubers collaborating with businesses to prompt their audience to visit the brand’s online store or specific product pages using affiliate links. In return, YouTubers earn a percentage of sales generated through these links.

Navigating affiliate partnerships involves processes akin to those in sponsored content deals. Refer to the steps outlined in tip #3 to kickstart your affiliate marketing journey.

5. Get your fans to help you make money directly

Fan Support on Youtube

Maximizing Make Money with Fan Support on YouTube

This YouTube monetization strategy involves various income streams, all geared towards making it effortless for your fans to express their appreciation through their credit cards.

Step 1: Host Engaging Live Chats with Super Chat

Super Chat, introduced in 2017, is a feature exclusively accessible to YouTube Partners during live streams. It allows viewers to elevate the visibility of their comments by pinning them for a duration determined by their contribution.

Step 2: Foster Channel Membership

YouTube enables viewers to pay for channel memberships, granting them access to exclusive perks like custom emoji, badges, and members-only Live Chats with you. Craft a promotional strategy to entice viewers to join, potentially incorporating multiple membership tiers.

Step 3: Promote YouTube Premium Subscriptions

While indirectly benefiting your channel, YouTube Premium subscribers contribute to your earnings. When these subscribers watch your content, you receive a portion of their subscription fee, along with other channels they view.

Employ these steps to effectively engage and monetize your dedicated fan base on YouTube.

6. Use crowdfunding

Mastering Crownfunding
Mastering Crownfunding

Mastering Crowdfunding for YouTube Income

Online donation solicitation has become the norm, providing YouTubers with a means to generate income. Whether your goal is to establish consistent revenue through monthly donations or fund personal or channel-related projects, crowdfunding is a popular method embraced by many YouTubers.

Step 1: Establish a Crowdfunding Account

YouTube provides a list of approved crowdfunding platforms to select from. For ongoing funding, Patreon stands out as a top choice. Alternatively, platforms like GoFundMe or Kickstarter are ideal for one-time campaigns, such as acquiring new equipment or funding specific projects.

Prominent figures like Walk Off the Earth and even fictional characters like Veronica Mars have leveraged Patreon to finance their endeavors, whether they’re music videos or feature films.

Step 2: Promote Your Campaign in Videos

Clearly articulate your objectives to ensure your audience understands the expected outcomes of a successful campaign. Additionally, entice supporters with appealing perks that scale based on their contribution levels. For in-depth insights and inspiration, explore comprehensive crowdfunding strategies.

Step 3: Extend Beyond YouTube

Effective campaigns span multiple platforms. Discover methods to promote your YouTube channel to make money, thereby enhancing your crowdfunding efforts across various online channels.

Engage with this strategy to unlock the potential of crowdfunding as a revenue source for your YouTube ventures.

7. License your content to the media

License Your Content To The Media
License Your Content To The Media

Unlocking Revenue: Licensing Your Viral Videos to Media Outlets

When your video goes viral, it becomes a hot commodity for news outlets eager to share it with their audiences. Established media companies understand the value and are willing to pay for it. This presents another avenue for YouTubers to generate income.

As a content creator, making your most successful work available to the media can be as straightforward as ensuring your accessibility.

Step 1: Maintain Updated Contact Information

Always keep your contact details current, especially on your About page. You never know when an opportunity will arise. Even without a business manager, create a generic email account for business inquiries.

Step 2: Join a Video Rights Marketplace

Consider platforms like Jukin Media. Even if your content isn’t a viral sensation like the Chewbacca mask lady, media outlets often require timely footage for their reporting. Jukin offers a catalog of ‘newsworthy’ videos that you can contribute to, particularly if you possess exclusive footage of significant events.

How much can you earn on YouTube?

Unfortunately, the answer is infuriatingly simple—it depends.

The sky’s the limit, as demonstrated by 9-year-old YouTuber and multi-millionaire Ryan Kaji. However, reaching seven-digit earnings requires time, consistent effort, and a dash of luck.

YouTube revenue primarily comes from AdSense. In essence, YouTubers earn money for each ad viewed on their channel. Rates fluctuate based on location, demographics, and even industry (software ads might have a higher CPM than clothing ads).

On average, YouTubers earn between $3 and $5 per 1,000 video views through AdSense. For channels with a substantial following, this can translate into a handsome income. Prominent creators often make money out of over $200,000 per month from AdSense alone.

However, bear in mind that YouTube’s success hinges on various factors, many of which are beyond your control. The YouTube algorithm and your audience’s preferences can change.

FAQ’s

1. How can I join the YouTube Partner Program?

To join the YouTube Partner Program, you need a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months. You also need to set up an AdSense account and ensure your content aligns with advertiser-friendly guidelines.

2. What are the different income streams available to YouTubers?

YouTubers can earn money through ad revenue, YouTube Premium subscription fees, channel memberships, merchandise sales, sponsored content, affiliate marketing, crowdfunding, and licensing their videos to media outlets.

3. How much can I earn through YouTube ad revenue?

Ad revenue varies depending on factors like location, demographics, and content niche. On average, YouTubers earn between $3 and $5 per 1,000 video views through AdSense.

4. Can I monetize my YouTube channel without joining the YouTube Partner Program?

Yes, you can still make money on YouTube through methods like sponsored content, affiliate marketing, merchandise sales, crowdfunding, and licensing your videos, even if you’re not in the YouTube Partner Program.

5. What are some tips for successfully crowdfunding on YouTube?

To run a successful crowdfunding campaign on YouTube, create specific goals, offer enticing perks, and promote your campaign in your videos. It’s essential to engage your audience and share your campaign across multiple platforms.

6. How can I license my viral videos to media outlets?

You can license your viral videos by ensuring your contact information is updated on your About page and by signing up with a video rights marketplace like Jukin Media.

7. What should I do to maintain a consistent income on YouTube?

To ensure a steady income on YouTube, diversify your revenue streams. Explore options like merchandise sales, sponsored content, affiliate marketing, crowdfunding, and licensing your content to reduce dependency on AdSense alone.

One thought on “How to Make Money on YouTube: Best Strategies in 2023

  1. reggiereynolds says:

    The right combination of these methods depends on your niche, audience, and content style. Stay consistent, adapt to changes in the platform’s policies, and always prioritize creating quality content to attract and retain viewers and subscribers. Thank you for this post, it’s really helpful

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