How to Make Money on YouTube in 2023: 5 Uncomplicated Methods | The expanding creator economy has given rise to a variety of ways to earn money on YouTube. And while some ways to make money are easier to start than advertising, there is no way to make money without good content and an interested audience.
You might be able to make money on YouTube if you can tap into your creative side and are willing to put in a lot of work. Here are some methods to investigate.
How to make money on YouTube
1. Acquire 1,000 subscribers and submit an application to the YouTube Partner Program.
Let’s take care of this issue first. The greatest barrier to entry into the YouTube Partner Program is reaching 1,000 subscribers. This opens the door to generating advertising revenue.
Several additional requirements must be met before becoming a partner:
- Your videos must follow the site’s rules about advertising and have had at least 4,000 valid public watch hours in the last year.
- You must reside in a qualifying area.
- You must connect your Google AdSense account.
If you meet the requirements, go to the “monetization” section of your profile to apply.
As a partner, you can make money through ads, member benefits, and features like Super Chat, which lets viewers pay to have their messages stand out during a live stream.
How many YouTube views are required to generate revenue?
You don’t get paid per video view. Rather, you are compensated when someone watches or clicks on an advertisement displayed on your video.
According to Influencer Marketing Hub, although payment varies, the average YouTube channel can expect to earn approximately $18 per 1,000 ad views. Considering the rate at which ads are actually viewed, this equates to between $3 and $5 per 1,000 video views.
When do you begin to earn money on YouTube?
Once your account balance reaches $100, you’ll be paid. Consider that it takes approximately 1,000 video views to generate $4 from viewers who saw advertisements. You would need 25,000 video views to earn $100 from those advertisements.
If your channel is small, you may only receive payment every few months. You must also understand how Google, which issues AdSense payments, deals with taxes.
2. Become an affiliate marketer.
Affiliate marketing may be the most practical method of monetizing your YouTube traffic, particularly if you intend to create product review videos. It works as follows:
• You find a business or vendor with an affiliate program, like Amazon Associates, and fill out an application to join.
• Once you’re accepted, you’ll be able to use their system to make links to the products you want to talk about in your videos.
• Show the products, talk about them, or review them in your YouTube videos, and put your affiliate links in the description field when you upload.
As an affiliate of a brand, if someone buys a product after clicking on your custom link, you’ll get a cut.
Amazon Associates is a great way to make money on Amazon, but there are countless other options. Explore affiliate marketing websites such as ShareASale and ClickBank for potential corporate partners and featured products. You can also search the websites of your favorite brands directly for information on how to become an affiliate.
Don’t forget to inform your viewers of your affiliation with the featured brand or brands, and be sure to direct them to the “link in description” when you record your video.
3. Create sponsored content via brand agreements.
Obtaining a brand deal, which is also a form of affiliate marketing, is another method of earning money on YouTube. Businesses that are interested in your channel’s audience may sponsor your videos or offer you product placement deals in exchange for a shoutout.
The key word here is “audience,” which indicates that these types of opportunities are more likely to present themselves as you build a fan base. As your channel grows, you can contact the brands you want to work with directly, or you can use affiliate marketing sites and other tools to find corporate partners whose content fits with yours.
You can receive lump sum payments, per-sale commissions, or receive the product or service for free through brand deals.
Remember that if you have a paid endorsement or use a product in a video, you need to let YouTube know by checking a box in the advanced settings tab of your video manager to say that the video contains paid promotion.
4. Develop your own product or merchandise and sell it.
If you sell merchandise or provide a service that is relevant to your audience, include links to it in your videos. For instance, the creator of the popular tech review channel MKBHD, Marques Brownlee, includes a link to his own line of T-shirts and accessories in every video he uploads.
You may need to purchase materials or locate a manufacturer to sell a physical product, but you can also sell digital products such as e-books, art prints, and virtual classes. Before you advertise your goods, you must implement a secure payment system.
Incentives to sell: Although creating your own products is more difficult than pitching those of other companies, you stand to make more money since you will retain the majority of the proceeds as the product owner.
5. Consider crowdfunding
Crowdfunding is another method of monetization you can use to maintain your channel. There are two fundamental forms of crowdfunding: recurring and project-based. In the first model, which is more advantageous for content creators, subscribers pay a small fee for perks and/or an exclusive tier of access.
More subscribers result in increased revenue. Incentives such as one-on-one video chats, private classes, and merchandise can be used to attract subscribers. Patreon is a popular crowdfunding platform that provides many video creators, musicians, and other artists with more than a modest following with supplemental income.
If you have a project idea that requires funding, a project-based crowdfunding campaign is the way to go. Start with websites like Indiegogo, Kickstarter, and GoFundMe.
How much money is it possible to make on YouTube?
This is a complicated question. The answer resembles the landscape of the music business. Similar to breakthrough bands and artists who strike the right chord and amass an exponential fanbase, YouTube stars with millions of followers stand to earn the most, with seven figures easily attainable.
Forbes reports that the creator of the wildly popular children’s YouTube channel Blippi, Stevin John, earned $17 million in 2020, thanks in large part to the 8.2 billion views and 27.4 million subscribers he amassed on YouTube. This type of success is more of an anomaly than the norm, but don’t let that deter you.
The co-author of “YouTube Secrets” and founder of the Think Media channel, Sean Cannell, advises new YouTubers to rely on affiliate marketing as the most effective way to generate revenue immediately. In a video from 2021, he claims that it is possible to earn $500 per week with the right niche and approach.
Earn an audience and ultimately earn more.
YouTube provides opportunity for everyone, but it is not a platform for getting rich quickly. Making money on YouTube requires time, effort, and a dedicated audience. The good news is that with a little motivation and a lot of practice, you can find ways to make money before reaching the coveted 1,000 subscriber mark.
Consider the following as you get started:
- The more videos you create and upload, the easier it will be to reach the minimum number of viewing hours.
- The more you can tailor your content to a specific audience or niche, like film photography, the more likely it is that people will sign up for more.
- Videos that make people think and are fun are more likely to be watched, so it pays to spend time planning and making them.
- Don’t underestimate how much a targeted title and interesting thumbnail can do to draw people in.
Other ways to earn income
If you’re not interested in making money on YouTube, consider the following alternatives:
- Want to test out a different video platform? Make money using TikTok.
- If you are a gamer, investigate how to make money on Twitch.
- Looking for a spring cleaning? Try selling items online or earning money on eBay.
- If you’re going to write anyway, think about ways to make money blogging.