How to Make Money on YouTube in 2024
Introduction
At some point, we’ve all wondered how to make money on YouTube - like it was our ticket to double our income. Well, it is! Only if you do it right.
YouTube should be held responsible for transforming the way we consume media. Yes! There are around 800 million videos hosted on YouTube. Today, a decent internet connection can help anyone access information, education, or entertainment at their fingertips.
But when do you start making money on YouTube? The key here is to
- Create quality content and
- Build a personal brand worthy of your followers’ trust.
However, if you’re new to the game, it can be overwhelming to start. That is why we have this guide to help you get on the right track and start earning from YouTube videos.
So, keep reading. There’s a lot of information coming in!
Understanding the Basics of YouTube Monetization
Launching a YouTube channel or profile doesn't automatically translate to instant cash. It's a process that demands certain prerequisites and, most importantly, your dedicated efforts.
But don't worry just yet. The good news is that you can start making money from your YouTube channel in many ways. Let’s look at the options now.
1. Join the YouTube Partner Program
To be considered for the role of YouTube partner, you must meet some basic criteria and adhere to certain regulations. On June 13th, 2023, YouTube revised its monetization standards, lowering the bar for joining YouTube’s Partner Program:
- Adhere to all of the YouTube monetization guidelines.
- Live in a country or area that qualifies.
- Ensure your channel has no active Community Guidelines strikes.
- Have an AdSense account linked.
- a) Hold over 3,000 valid public watch hours in the previous year; or b) 3 million valid public short views.
- Have over 500 subscribers.
Here's how to monetize YouTube content:
- Log into the YouTube account from which you wish to make money.
- Select your account icon from the upper right corner.
- Go to YouTube Studio.
- Choose Earn from the left menu.
- Read the terms and eligibility conditions of the YouTuber Partner Program and accept them.
- Establish a fresh Google AdSense account or link an already-existing one to your YouTube channel.
- Specify your preferred method of monetization.
Click the Analytics tab from the left menu when you return to the dashboard. You can then get an idea of how much money you can expect to make on YouTube by selecting Revenue from the menu at the top and scrolling down to the Monthly Estimated Revenue chart.
2. Earn Money Through YouTube Premium
YouTube Premium is a service that works on subscriptions, offering users exclusive content and ad-free viewing. For creators, this means an additional revenue stream. While ads on the free version of YouTube generate income, YouTube Premium shares revenue from subscriptions based on watch time. Here's how it works.
i). How Revenue is Calculated
Your YouTube Premium revenue depends on the total time you spend watching your videos. If viewers watch your content more, you get a larger share of the subscription revenue.
This means you're competing with other YouTubers for watch time. YouTube Premium subscribers can also download viral videos for offline viewing and play them in the background, which can boost your watch time significantly.
ii). Revenue Share
Creators receive 55% of the revenue YouTube Premium subscriptions generate. For instance, if you earn $100 from YouTube Premium, $55 will be credited to your AdSense at the end of the month.
iii). Tracking Earnings
To check your earnings from YouTube Premium, go to the Revenue section in YouTube Studio. Here, you can see detailed analytics about your income from both video ads play and Premium subscriptions. Your analytics page would like this.
Monetization Strategies on YouTube
Here’s a quick fact: over 122 million users are tuned in to YouTube daily, ranking two in the most popular search engine category. While monetization may not have been your first motivation for creating YouTube channels, there are several ways in which your videos might bring in some extra cash.
1. Ad Revenue
Similar to traditional commercials, YouTube ads promote products and services, but they are more specifically tailored to each user by considering their demographics, preferences, and behavior patterns. They are tailor-made with certain marketing aims to give advertisers the freedom to pursue their diverse campaign objectives.
To successfully enable monetization features on your YouTube channel, you must enable ads and optimize your channel to maximize this revenue stream.
Once you're part of YPP, you can enable ads on your videos through YouTube Studio by monetization settings and the types of ads you want to run on them.
i). Understanding Ad Revenue Split
YouTube uses a 45% revenue sharing model, meaning they keep 45% of the ad revenue generated from your videos while you get the remaining 55%. This split is standard across the platform regardless of the creator's size or viewership.
ii). Optimizing your channel
To tackle this challenge, you must learn to optimize your YouTube channel so it doesn’t affect your earnings. Optimizing your channel for ad revenue involves steps like:
- Creating videos that keep viewers engaged and encourage longer viewing times.
- Using targeted keywords in your video descriptions, titles, and tags to boost visibility in search results and attract the right audience.
- Customize your channel's appearance with a professional-looking banner, profile picture, and organized playlists to keep viewers on your channel longer.
2. Affiliate Marketing
YouTube affiliate marketing helps promote products or services in your videos to encourage your audience to buy or subscribe using links in your video descriptions. Getting started is pretty straightforward; all you need is a free YouTube channel.
Why should you use YouTube affiliate marketing?
- Engagement: Videos are highly engaging content, making them great for capturing and holding the audience's attention.
- Passive Income: By incorporating affiliate links into your videos, you can earn commissions even when you're not actively working.
- Visibility: When you upload videos regularly and optimize them for search engines, you improve your visibility and bring more traffic to your content.
- High Conversion Potential: Videos, especially those that showcase products, can drive higher conversion rates and improve the YouTube channel’s earning potential than other types of content.
- Market Reach: Approximately 68% of users watch YouTube videos to help make purchase decisions, demonstrating the platform's influence on consumer shopping behaviors.
How to make money on YouTube in 2024 through affiliate marketing?
Affiliate marketing is an easy solution if you’re always counting how many views on YouTube to make money. You don’t have to be a YouTube marketing expert to start. You can promote affiliate links in the following ways.
- Product Review Videos: These videos evaluate products and provide honest feedback, helping viewers make informed purchase decisions. Here’s an example of a YouTuber reviewing a Mi 11 Ultra phone.
- How-to Videos: These tutorials guide viewers through processes or teach them new skills, incorporating products that enhance the task.
- Unboxing Videos: Creators unpack products for the first time, capturing their first impressions and the product's features. This is an example of an unboxing video. Note the affiliate link provided by the YouTuber in the video descriptions.
- Best-of Videos: These videos compare a range of products, highlighting each one's best features to help viewers choose the right one for them. Look at YouTuber Meredith Mao reviewing the best Matcha powders to help her followers decide.
- Roundup Videos: Similar to best-of videos, roundup videos cover multiple products in a particular category, providing quick insights into each.
FYI: YouTube has its own affiliate program, the YouTube Shopping Affiliate Program. To join, you must meet the required criteria such as joining the YouTube Partner Program, residing in the U.S., and having over 20,000 subscribers.
3. Merchandise Sales
Creating and selling branded merchandise is a viable way for YouTubers to build a revenue stream independent of traditional ad revenue. This approach offers financial benefits and strengthens your connection with your YouTube audience through products representing your brand.
Why should you sell merch on YouTube?
Merchandising on YouTube can be a game-changer for content creators. Here’s why having your own merchandise could be a lucrative decision:
- Additional Revenue Stream: Diversifying your income is crucial as a creator. Merchandise sales offer a substantial revenue channel. For instance, leading other YouTubers like PewDiePie reportedly pull around $6 million monthly from their merchandise sales alone.
- Promotion: How many subscribers wear your merch decides how many more public you can reach. They can showcase your brand to potential new fans everywhere they go.
- Enhanced Viewer Connection: Merchandise makes your loyal audience feel even more connected to your channel and journey.
- Community Building: Offering merchandise allows your audience to buy into more than just your video content. It’s about them embracing the brand and enhancing their sense of belonging.
How to make money from YouTube by selling merch?
- Choosing Products: Start by identifying products that resonate with your brand and target audience. Common merchandise includes t-shirts, hoodies, mugs, and stickers. Here’s what Marques Brownlees’ own line of products looks like.
- Using Print-on-Demand Services: Many other platforms like Printful and Shopify make creating and selling merchandise easy without needing inventory. These services handle everything from printing to shipping, so you can devote time to marketing and design.
- Marketing Your Merchandise: Effectively promoting your merch is crucial. You can showcase your own products in your videos, use YouTube’s Merch Shelf if you qualify, or even model the merchandise yourself to give a personal touch. Look at Eh Bee’s merch with their logo.
- Optimizing Your Store: Ensure your online store is user-friendly and visually appealing. Use high-quality images and clear descriptions for each product. Also, consider integrating your store with your YouTube channel for seamless access.
- Leveraging Social Proof: Share testimonials or photos of fans using your merch. This promotes your products and builds community and trust among your viewers. Here’s an example of Blogiates sharing with her followers how one of her products was used by a celebrity.
4. Sponsored Content
It’s obvious that most creators create YouTube videos for monetization. But have you thought of deepening your audience engagement? That’s what happens to your channel when you create sponsored content.
The Forever 21 and Cheetos partnership, which included a range of apparel, swimwear, and accessories, is a prime example. Even though it seemed strange initially, their colorful and affordable goods were a hit with the younger customers that both brands were trying to reach, and the partnership was a huge success.
How to make money on YouTube in 2024 through sponsored content?
Securing sponsorships on YouTube involves careful planning and a strategic approach to communication with potential brand partners. Here's a streamlined process for pitching to brands:
- Research and identify brands: Identify brands that align with your own channel's content and values. Understanding a brand's marketing goals and recent campaigns can provide insight into how your next creative project could complement their efforts.
- Craft a compelling pitch: Your pitch should include a brief introduction about yourself and your channel, highlighting unique aspects that make your content a good fit for the brand. Explain what you admire about the brand and how a partnership could be mutually beneficial.
- Showcase your value: Include key metrics such as your channel’s reach, engagement rates, audience demographics, and examples of successful past partnerships.
- Professional communication: Reach out via professional channels like email or LinkedIn. Your initial message should be concise but informative, providing enough information to intrigue the brand and encourage further discussion.
- Follow-up: If you don’t hear back, don’t hesitate to follow up. A gentle reminder can keep you on the brand’s radar without being intrusive.
Pro Tip: When you secure a sponsorship, it's crucial to maintain transparency with your audience. Use tags like #ad or #sponsored in your content to disclose the nature of the partnership. This not only complies with advertising standards but assures your audience that you are open and honest. It can enhance their respect and trust in your content.
5. Super Chat and Super Stickers
Super Chat and Stickers help YouTube creators monetize their live streams by allowing viewers to purchase highlighted messages or stickers in the live chat. These features help increase revenue and enhance interaction with your audience.
Viewers can choose from various sticker options or input their own messages along with their donations, making their interactions visible by pinning their comments in the chat. This increases interaction and helps build a community, as fans often enjoy the recognition. Look at this, for example.
How to make money on YouTube in 2024 using super chats and super stickers?
You can encourage your viewers to use Super Chat and Super Stickers during live streams by creating interactive content that prompts participation. This could include Q&A sessions, live reactions, or special shout-outs to viewers who use these features. Here are some best practices.
- Promote Your Live Streams: Let your audience know when you'll go live to boost attendance. Leverage social media platforms or email newsletters to build anticipation and remind your followers to tune in.
- Interactive Content: Keep your streams engaging by incorporating viewer questions, comments, and feedback. Use these features to incentivize viewers to interact more during the stream.
- Acknowledgment: Make it a point to acknowledge and thank viewers who use these features. Personal shout-outs can make viewers feel valued and more likely to engage in future streams.
FYI: YouTube allocates 70% of the revenue from Super Chats and Super Stickers to the creators while retaining a 30% cut. This revenue is processed through your linked AdSense account, and payments are made once your earnings exceed the $100 threshold.
Expanding Income Streams Beyond Ads
Although advertising might be a great way for creators to earn some extra cash, it comes with a catch: Google, the parent company of YouTube, retains 45% of the ad revenue from regular YouTube videos and 55% from Shorts. So, you must think beyond ads now.
Here are a few ways to ensure multiple revenue streams without depending exclusively on ad revenue.
1. Online Courses
The eLearning market is forecast to cross $375 million in value by 2026. Offering courses online is a great way to make additional revenue. Sharing your expertise in a specific subject allows you to provide something of value to others, even if you don't have any teaching experience.
All you have to learn is how to produce informative, high-quality content. Fortunately, this is something you are already engaging in as a YouTuber. Creating your first course online is a breeze when you can effortlessly repurpose your existing content and add some more.
Where to start?
If you’re looking to start your course creator journey, FreshLearn is the best place to start. Here’s a course created by Mariela Ortiz using FreshLearn’s platform.
FreshLearn simplifies content creation with its user-friendly, drag-and-drop interface that requires no coding skills. You can upload diverse content formats, including videos, animated images, and text, and even integrate interactive elements to enhance learner engagement.
The platform supports real-time learner feedback, enabling you to improve your courses based on user insights continuously.
Why should you use FreshLearn?
- FreshLearn’s platform is designed for easy use, enabling you to build and launch courses quickly.
- Freshlearn offers drag-and-drop editing, pre-built templates, and automatic mobile responsiveness.
- The platform includes marketing tools to help promote your courses. This includes email campaign tools, automated marketing workflows, and detailed analytics to track engagement and sales.
- FreshLearn provides monetization options, including one-time payments, subscriptions, and memberships. FreshLearn includes gamification elements like reward points and certificates to increase student retention and engagement.
2. Email List Building
Building an email list is immensely helpful for YouTube creators looking to expand their income streams beyond advertisements. By directing traffic to your website and growing an email list, you effectively own your audience and can monetize this asset through various marketing efforts.
How to build an email list to drive traffic?
- Create a lead magnet: Offer something valuable your audience might need in exchange for their email addresses. This could be a free guide, a webinar, or exclusive video content.
- Develop a landing page: Your landing page should be focused solely on getting visitors to sign up for your lead magnet. Use engaging copy and a straightforward design highlighting the lead magnet's benefits.
- Utilize calls to action (CTAs): Include clear CTAs and video descriptions in your YouTube channel, urging viewers to join your email list.
- Segment and nurture your list: Once you start building your list, segment your subscribers according to their interests, which you can gauge from their interaction with your new videos. Monitor and optimize: Keep track of how different strategies and content affect your sign-up rates and adjust accordingly.
3. Community
Imagine having a dedicated community of followers. Communities allow creators to offer exclusive and valuable content to subscribers and create one-off and recurring revenue opportunities through memberships, exclusive content, and direct interactions with their audience.
If you take FreshLearn, for example, it emphasizes creating and selling educational courses and supports community features.
FreshLearn provides tools to build community platforms where you can sell courses, host live sessions, and offer digital downloads. This can be a great way to diversify income through your skills and knowledge in a structured format.
How do we use communities to make money?
You can make money on YouTube through communities, but platforms like FreshLearn offer the same leverage if you follow these best practices.
- Create Valuable Content: Design appealing courses or workshops that provide real value to your audience. This could be related to your YouTube content or any other expertise you have.
- Marketing Tools: Utilize FreshLearn’s built-in marketing tools to promote your courses and community. This includes email campaigns, SEO tools, and analytics to track engagement and optimize your offerings.
- Incentives: Offer early bird discounts, bundle deals, or exclusive content for subscribers paying you to encourage sign-ups and maintain engagement.
Wrapping Up
Making money on YouTube in 2024 is possible but challenging due to intense competition. However, by applying various monetization methods, you can start earning without needing a million subscribers. One helpful strategy is to build an online course, which can open up new revenue streams.
At FreshLearn, we offer tools to help you easily create and sell your online courses. Our user-friendly platform includes customizable course pages, seamless video hosting, and advanced analytics to track your progress. We also provide marketing tools to help your content reach a global audience and maximize earnings.
If you're ready to turn your knowledge into income, start creating your online course with FreshLearn today.
FAQs
1. How do you qualify for the YouTube Partner Program?
To qualify for the YouTube Partner Program (YPP), you must meet specific criteria: your channel needs a minimum of 500 subscribers and 3,000 watch hours over the past year, or you can qualify through YouTube Shorts by achieving 3 million valid public Shorts views in the last 90 days.
2. How much money can you earn from ads on YouTube?
Earnings from ads on YouTube can vary significantly based on factors like video ideas, engagement, the number of views, and the demographic of your audience. Generally, YouTube pays creators 55% of the ad revenue generated from their videos. However, exact earnings can fluctuate widely due to these factors.
3. What are YouTube Shorts, and can you make money from them?
YouTube Shorts are vertical videos. They can be up to 60 seconds long, and optimized for mobile viewers. Creators can monetize Shorts through the YouTube Shorts Fund if they meet specific criteria, such as adhering to YouTube’s community guidelines and uploading original content.
4. How do you sell merchandise on YouTube?
If you have over 1,000 subscribers and are part of the YouTube Partner Program, you can sell merchandise directly through your own YouTube channel. This is done via the merch shelf, which displays your merchandise beneath your videos.
5. How do channel memberships work?
YouTube channel memberships let viewers pay a monthly charge for exclusive benefits such as badges, emojis, and access to members-only content. Creators need to be part of the YouTube Partner to offer channel memberships. This enables creators to generate a steady income stream from their most dedicated fans.
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