YouTube is one of the most used platforms in the world, and rightfully so. Whether you’re in search of entertainment, music, or knowledge, YouTube offers it all. As of 2020, YouTube has more than 2 billion active users, second only to Facebook. For this very reason, various aspiring content creators join YouTube to be successful and make money. But how to make money on YouTube?
Earning a living from YouTube is possible, and thousands of people across the globe to do. However, it’s not easy and requires a significant amount of patience, dedication, and hard work.
In this guide, we’ll take you through a step-by-step process to make money on YouTube. Let’s jump in.
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How to make money on YouTube: Ad revenue
The most apparent and simplest way to earn money on YouTube is with the YouTube Partner Program. Of course, you can earn ad revenue by setting up an Adsense account as well, but becoming a partner gives you access to additional revenue streams. These include Youtube Premium subscription fees, Super Chat, channel memberships, and more.
It’s easy to become a YouTube partner. Check out this YouTube Partner Program page to get a detailed overview of the eligibility criteria and application process.
Sell your merchandise
Another excellent way to make money on YouTube is by selling your own merchandise. Yes, you can sell your own products on YouTube. If you have a substantial subscriber base that admires you, you’ll have no trouble selling a few of your merch every day.
However, make sure you’re selling it right. Follow these steps to start selling your merchandise.
- Design your product: Most YouTubers sell t-shirts, mainly because they are easy to design. You can do the same, as well. If you have no idea how to design a t-shirt, you can source your product. If not, there are websites like Teespring, where you can design your custom t-shirt in simple steps.
- Create a shop: You’ll need a separate site to sell your merchandise and handle purchases. Shopify is an excellent place to start. However, YouTube supports a bunch of merchandise sites, so you can check them out and pick the one that best suits you.
- Activate your merchandise shelf: Once you have your shop set up, you need to enable your YouTube Partner merchandise shelf to use YouTube as a sales channel.
- Promote your merch in your videos: You’re all set. Now, start making exciting videos and promote your products in them.
How to make money on YouTube: Partner with sponsors
“And the sponsor for today’s video is …”
Yeah, we’ve all heard YouTubers mentioning sponsors in their videos. If you’re not aware of how sponsored content works, here’s a quick anecdote.
When you develop a significant following in a specific niche, brands in that niche pay you to promote their products. Let’s say you’re a fashion vlogger with a substantial following. Then, beauty and fashion brands will pay you to promote their products. In return, you have to talk positively about the product you’ve been asked to promote.
But before getting involved with brands and starting to make deals, work on your channel and develop your audience. Focus on quality, as brands would only want to work with you if they receive the desired returns. And by developing a highly-specific, niched audience that trusts what you say, you can easily make some successful brand deals.
A quick caveat to follow: when you show sponsored content, you are advertising. Therefore, you need to comply with Google’s Ad policies. Besides, if you’re an American or British citizen, you also need to comply with the FTC (U.S.) and ASA (U.K.) guidelines.
Transparency is crucial for trust. Whenever you include sponsored content in your video, enable the visible disclosure feature to inform your audience that you’re advertising to them.
Your fans can pay you directly
If you have loyal fans who love you, getting the answer to “how to make money on YouTube” won’t be a hurdle. There are several ways through which you can make money on YouTube, even if you don’t have any sponsors, merchandise, or an Ad account. Here are three ways you can get your subscribers to pay you directly.
Live streams and Super Chat: When you go live on YouTubu, your viewers can pay you money with the SuperChat feature. In exchange, you’ll see their message separately in the Super Chat section. This is an excellent way to earn money if you do frequent live streams. Nowadays, thousands of video game players and music streamers are making money doing regular live streams.
Channel memberships: If you haven’t already noticed, there’s a “Join” button on the left side of the “Subscribe” button. You can create a monthly subscription plan where your most loyal fans can Join your channel. In return, they get exclusive benefits like Loyalty Badges, Custom Emojis, and more.
How to make money on YouTube: Crowdfunding
“Please support me on Patreon.”
You must’ve heard this a few times, too. Patreon is a crowdfunding website where people can support you by pledging a fixed amount of money every month. You can use crowdfunding websites to encourage your fans to fund your work. You can either use them occasionally, such as when you want to get a new camera, mic, or a new … kidney or liver.
Or, you can use these sites like Channel memberships where your subscribers pay you on a monthly basis, and in return, they get some exclusive perks. If you’re using crowdfunding for a specific goal, be transparent and clear about what your patrons can expect once you’ve succeeded.
License your content
Videos go viral every day. Media houses and news outlets are always hungry to get their hands on viral content, which they can replay for their audience. But other companies profiting from your content doesn’t sound like a fair deal, right?
Thankfully, most media outlets are aware that they can’t use someone’s licensed content for free. Thus, you got yourself another way to make money. To make sure people who want to use your video can contact you promptly, always have your contact details in your channel’s “About” section.
Lastly, you can also sign up for a video rights marketplace like Jukin Media. If you have exclusive videos of something newsworthy, you can contribute to these marketplaces and open a new stream of revenue for yourself.
How to make money on YouTube: Conclusion
As you can see, there are several ways you can make money on YouTube. But before getting into the money aspect of YouTube, be sure to spend enough time and effort in building your channel and subscriber base.