To say that there’s an epidemic of YouTube creators would not be an exaggeration. With the COVID-19, more and more people turned to YouTube in order to create content and make money. So the competition grew tougher.
However, it’s still not as competitive as blogging. You still have chances of getting lots of subscribers and turning them into a cash cow! Let’s see how you can do it using 7 ways to monetize your YouTube channel!
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Lights, Camera, Cash: How to Monetize Your YouTube Channel
You will be limited to 8 conversion events per domain. Facebook will include pixel events such as conversions and page views in this.
If someone has ads optimized for events not included in the top 8, the platform will pause them.
Join the YouTube Partner Program
Most people explore this program first when they want to make money for YouTube. Whether you’re a content creator or not, you’ve probably heard of making money from YouTube ads.
For starters, you’ll have to agree to and follow all of YouTube’s monetization policies and live in a country or region where this program is available.
As soon as you hit 1,000 subscribers and 4,000 watch hours over the past year, you can apply for monetization.
One thing to notice is that the number of views you get doesn’t correlate to revenue earned. The users have to click on the ads in order for you to make money.
Talking about ads, there’s YouTube Premium that users can use to watch content without ads. Creators still get paid based on how much members watch their content.
That said, you should look beyond ads in terms of monetization methods because YouTube received a lot of backlashes recently about their decisions regarding ads. Creators fear that they would lose out on the ad revenue that helps support their channel.
Sell Products or Merchandise
How about selling your own products? The ads that run on your channels are beyond your control in terms of sales. But if you sell your own products to an audience that trusts you, you have more chances of sharing their features and benefits.
Merchandise like t-shirts, coffee mugs, tote bags, and snapbacks are common on YouTube. Many content creators make this stuff tailored to their channel and brand personality.
And if you don’t have a burning desire to ship products, you can always use dropshipping.
If you think that it’s difficult to sell products, use platforms like Upwork. You can find tons of people who can create designs and other things for you – at an affordable price.
Crowdfund Your Next Creative Project
Don’t let money stand in between your idea and its execution. People are ready to crowdfund creative and meaningful projects – the ones that are actually worth it.
So whether you need help with buying better equipment, hiring actors, or covering other production costs, trust in your audience. Direct them to a sneak peek or “trailer” of your idea and get them to start crowdfunding. So if you haven’t already, shoot a video explaining your ideas.
There are many examples that made 6-figure income using crowdfunding. You can also use platforms like Kickstarter and Indiegogo to run your campaign.
Instead of pitching your idea for crowdfunding, pitch your whole work and ask for donations. People who have been consuming your content for a while will be willing to do it for you.
There are many platforms that you can use for this purpose. Some of them are:
- Patreon: This platform lets you have monthly subscriptions for donations for as little as a dollar.
- YouTube’s Super Chat: This feature lets you create a tipping jar for your viewers to donate.
- Tipeee: You can have both one-time and recurring donations on this platform.
- Buy Me A Coffee: This “#1 Patreon Alternative” gets a flat 5% fee for all features (versus up to 12% for Patreon).
License Your Content to the Media
Have you created a viral video? Now, you can license it to some other brands for big bucks.
TV news outlets, morning shows, and other media channels have a habit of reaching out to creators about the rights to use their videos. You can list your videos on platforms like Juken Media that allow people to find and purchase them easily.
Work With Brands as an Influencer
Brands reach out to creators for the promotion of their products. If you’ve already won the loyalty of your audience, you can monetize your YouTube channel using influencer marketing.
If you have 10,000 subscribers, you can earn $200 per video as an influencer marketer. However, you can negotiate an even better deal.
List your channels on marketplaces like Grapevine Logic, Channel Pages, and Crowdtap, and grow your chances of being discovered.
Become an Affiliate Marketer
Finally, review other businesses and earn money. You’ll have to provide links to the audience so they can purchase a product you recommend, and you’ll earn a commission as a result of the purchase. Just make sure to disclose the partnerships to viewers in your videos.
Join platforms like Amazon Associates, ClickBank, and Rakuten Marketing to become an affiliate.
What’s your favorite way of earning money from YouTube? Let me know in the comments below!