Are you looking for a way to make some extra money on the side? Do you have a passion for creating content and sharing it with the world? If that’s the case, YouTube might be the ideal platform for you to explore. With more than two billion monthly active users, YouTube has become one of the most popular websites for video content consumption. But did you know that you can also use YouTube to make money? Keep reading to learn more about some of the best ways to make an income on YouTube this year.
Advertising Revenue
Advertising revenue is one of the most popular ways to make money from YouTube. This is done by enabling ads on your videos. You’ll earn a percentage of the revenue that your ads generate. How much you can earn from advertising revenue will depend on a range of factors including the number of views that your videos get, the type of ads you display, and the number of clicks your ads receive.
You will need to join the YouTube Partner Program (YPP). To be eligible, you need to have at least one thousand subscribers and four thousand watch hours over the past twelve months. Once you’ve met these requirements, you’ll need to apply for the YPP through your YouTube account.
Affiliate Marketing
You can start promoting products or services in your videos and including an affiliate link to them in your video description to make money from affiliate marketing on YouTube. If somebody clicks on your link and makes a purchase, you will earn a commission.
It’s crucial to promote products or services that you genuinely believe in and are relevant to your viewers if you want to be successful with affiliate marketing on YouTube. It’s also crucial to be transparent with your audience and disclose that you are using affiliate links in your videos.
Sponsorships
Another popular way that YouTubers make money is through sponsorships. This involves partnering with a brand or company to promote their products or services in your YouTube videos. You will receive a payment from the sponsor in exchange for the promotion.
Building a strong personal brand and growing a large, engaged audience is crucial to secure sponsorships. It’s vital that you only partner with brands that align with your values and that your audience are likely to appreciate.
Merchandise Sales
If you have a strong personal brand and a loyal following, you may want to consider making money on YouTube by selling merchandise such as hats, t-shirts, mugs, or any other type of branded product that your audience might be interested in buying. For example, if you run a cooking channel on YouTube, you may want to consider releasing and selling a branded cookbook.
Creating high-quality products that your audience will want to buy is key to your success with merchandise sales. It’s also a good idea to promote your products in your videos and on other social media channels to reach a larger audience.
Crowdfunding
YouTubers looking to make money can also consider crowdfunding as an option. You can do this through platforms like Kickstarter, where your viewers can contribute to support your content creation.
In order to improve your chance of success with crowdfunding, it’s worth offering your audience something in return for their contribution. This might be behind-the-scenes access, exclusive content, or other perks that they can only get from your brand.
Product Reviews
If there is a product that you love and want to share with your audience, product reviews can be an ideal way to make money on YouTube. Doing this involves creating a video where you review a product and include an affiliate link in the description. When somebody makes a purchase through your link, you’ll earn a commission.
It’s important to only review products that you have experience with for the sake of being honest and transparent with your audience. Many YouTubers will make videos of themselves using a product for the first time, for an honest review.
YouTube Premium Revenue
YouTube Premium is a paid subscription service offering background play, ad-free viewing, and access to exclusive content. If you’re a YouTuber, you can create content that is only available to Premium subscribers and earn money through YouTube Premium revenue. This might be early access to new videos, exclusive behind-the-scenes footage, or other types of exclusive content.
You’ll need to be a member of the YPP and have at least one thousand subscribers to be eligible for YouTube Premium revenue.
Fan Funding and Donations
Another option for making money on YouTube is fan funding. This is similar to crowdfunding but simpler; it involves just asking your fans to make contributions to support your content creation.
You can do this through other platforms like Buy Me a Coffee and advertise it in your YouTube videos, add a donation button to your videos, or ask for funding through PayPal or Venmo.
Brand Partnerships
Brand partnerships work in a similar way to sponsorships; however, they will generally involve a more long-term relationship with a brand. This might involve creating exclusive content for the brand, promoting the brand’s products or services, or even collaborating with them on new projects or products.
Like sponsorships, you’ll be more likely to get brand partnerships if you have a large, engaged audience and strong personal branding.
Consulting or Coaching
If you are an expert in a particular area, it’s worth considering the option of making money on YouTube by offering coaching or consulting services. For example, you might want to create videos that provide tips or advice on a particular topic or offer paid one-to-one coaching services to your viewers.
It’s crucial to establish yourself as an expert in your field to be successful with coaching. This might include using other channels outside of YouTube, such as a website or blog, and social media channels to demonstrate your authority and expertise on the topic.
There are many ways that you can make money on YouTube. The best approach for you will depend on your personal interests and goals.