Are you trying to money through YouTube? A lot of people around the world are doing so with great success.
YouTube is a creative space on the internet. It allows you to express your skills in many ways. It enables people to teach as well as entertain different audiences from all over the globe. Moreover, it comes with the freedom to do so in your preferred style and expressing your own opinions.
Many people make videos on YouTube as a hobby. It can be a healthy way to stir and explore your creativity. However, it’s undeniably a fantastic platform to make money as well. Not only do people make videos as a side hustle to earn some extra cash, but for some, it’s their full-time job.
What’s also tempting is that it requires no money to start a YouTube channel. You could start one at this very moment using your mobile phone. You can also make and post videos from any corner of the world at any time.
You’re likely already aware of the potential there is for making money on YouTube. However, there might be more ways of doing this than you think.
Today, we will be exploring six of the most effective strategies for making money on YouTube.
1. Youtube Partner Program (YPP)
YPP allows you to access special features on YouTube to make money. However, there are some conditions that your channel has to meet to be eligible for this program. They are as follows:
• In good standing with YouTube
• At least 4000 public watch hours in the past 12 months
• At least 1000 subscribers
Once these conditions are met, you can join the YPP by going to the ‘Monetization’ menu. Go through and agree to the terms and conditions. Next, you will need to connect an AdSense account and then set your monetization preferences.
After doing this, your videos will get monetized. Essentially, this means that ads will be placed on your video. When your viewers view the full advertisement or click on it, you will earn part of the ad revenue that YouTube generates from this.
YPP also gives you other means of revenue:
• You generate revenue when YouTube Premium users view your videos.
• Your fans can pay to have pinned comments under live streams (Super Chat).
• You can sell your subscriber’s channel memberships.
However, there are a few catches. For ad revenue, channel memberships, and Super Chat, you need to be at least 18 years old. For channel memberships, your channel must have at least 30,000 subscribers. If your viewers don’t watch or click on the ads on your video, you earn nothing.
Nevertheless, YPP is an excellent strategy to earn on YouTube.
2. Selling Merchandise And Products
Another excellent strategy for making money on YouTube is selling merchandise or products. These can be t-shirts, tank tops, and a host of other products. Merchandise, in particular, is also easy to arrange. There are many freelancing sites (such as Fiverr) to have cheap clothes tailored.
By running a YouTube channel, you essentially have a way of advertising your merchandise to a vast number of people for free.
One option is to sell products related to your channel’s content. For example, if you run a fitness channel, you can sell gym accessories such as gloves. This way, the viewers are already interested in the category of products you’re selling.
Furthermore, the merchandise further advertises your content. This is because it usually contains images or text related to your content or channel. For instance, someone wearing a t-shirt with your channel’s logo on it in public will draw more people to your channel.
As part of the YouTube Partnership Program, you also get access to YouTube’s merchandise shelf. This allows you to showcase your merchandise on YouTube better as the shelf appears on your video pages. This way, your audience can easily browse through it.
Lastly, you also gain your audience’s trust by interacting with them through your videos and comments and giving them free content. This makes them to purchase your products.
3. Crowdfunding
This method involves directly asking your audience for money in exchange for something they want. It could be a specific project that requires funding, purchasing new equipment for your viewers to enjoy your videos more. You pitch an idea to them, and they can choose to fund it.
This process is very similar to gathering investors to start a new company. You present your vision to a group of potential investors and try to convince them to invest in it.
They will invest in it if they are confident of its chance to succeed in order to get a good return from their investment.
It’s the same scenario here. Your audience will financially support what you’re doing because of their interest in the end result. To convince them, you’ll have to make a persuasive video and tell them about the plain in detail. Make sure your project is something they want to see come to life.
If you need a good site for crowdfunding, Kickstarter is a great option. However, set a realistic goal for funding as the funding will only be secured if you meet this goal. Another website for crowdfunding is Indiegogo. These websites are popular and have been used by YouTubers in the past.
4. Fan Funding
This method is not very different from crowdfunding. However, it is based on your audience wanting to support you for the content you provide them with for free. You can set up a way of funding and receive donations from your audience.
There is no pitching of ideas in fan funding like there is in crowdfunding. However, you can still reward your biggest fans, the people who donate the most.
You can do this in several ways. For example, you can entertain individual video requests from them, giving them shout outs in your videos and publicly expressing your gratitude.
There are some great platforms to set up fan funding. The most popular one is Patreon. Here, your fans subscribe to you for a low monthly price and get exclusive rewards.
If you have joined the YouTube Partnership Program, you can use the Super Chat feature for this too. You can set up a tipping jar during live streams, and fans can donate as per their will.
5. Advertising Brands
If you have a large audience, you can advertise a brand to a lot of people who trust you. Brands are well aware of this fact and will pay you a lot to promote their products on your YouTube channel.
Of course, this depends on many things. How many views you get on your videos and what type of videos you make. For example, if you have a fashion and grooming channel, you are of more interest to clothing brands. This is because your audience will be more likely to be interested in these products.
If you’re wondering how to make yourself visible to brands, so they approach you, there are online influencer marketplaces for this.
Famebit is one of these that you can join if you have 5000 subscribers. Grapevine logic is one that you can join with just 1000 subscribers.
Another method you can adopt is affiliate marketing. You can advertise products of different brands in your videos. Below, you can leave a link for your audience to purchase them.
You will receive a percentage of the cost of each product your audience buys. This is especially popular among YouTubers that do product reviews.
While advertising products on your channel, it is crucial to keep in mind that your audience places a certain level of trust in you. It is more beneficial in the long term that you are selective about the products you advertise. Ensure that these products offer what you tell your audience.
Another benefit is that you directly negotiate deals with the brand you’re advertising. Therefore, unlike in the YouTube Partnership Program, YouTube does not make money from these deals, and the profits are shared between just you and the brand.
6. Licensing To Media
This strategy may be more difficult than the other ones we’ve discussed. For this, your content has to be something desirable for the Media. For example, a funny video that goes viral, or maybe an excellent music video you create.
The media, such as TV news channels, approach you for the right to use your content. You can grant them a license to do so in exchange for money.
To make yourself more visible and likely to receive such offers, you can advertise your videos in a marketplace. An example of such a market is Jukin Media.
If you do happen to make a video that goes viral, the media will want it for their own audience’s viewership. Therefore, it can be an extremely beneficial opportunity.
Conclusion
Making money through YouTube is one of the golden opportunities of this era. By now, you must not only be aware of the most effective strategies for accomplishing this, but also the mechanism behind each method and how to use it.
Chris Taylor
I'm Chris Taylor, an enthusiastic Content Manager and Copywriter specializing in social media and emerging technologies. My talent lies in creating engaging and relatable content that captures the audience's attention and encourages interaction.
As an expert in social media, I'm always up-to-date with the newest trends, using them to develop content that's not just educational but also enjoyable and widely shareable. Recognizing the power of storytelling in brand development, I'm committed to crafting stories that forge a personal connection with audiences. My combination of attention to detail and creative flair ensures that every content I produce resonates deeply with its intended audience.