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With over two billion users logging in each month, YouTube is a platform that offers vast opportunities for content creators to share their passions and earn money. Whether you're a seasoned YouTuber or just starting out, there are numerous ways to monetize your content and turn your passion into profit.
In this comprehensive guide, I'll walk you through seven effective strategies on how to make money on YouTube in 2024.
1. Getting Started with the YouTube Partner Program
The YouTube Partner Program (YPP) opens the door to multiple opportunities to earn revenue on YouTube. By becoming a YouTube Partner, you can start making money from ads displayed on your content, channel memberships, and more.
Understanding the Basics of the YouTube Partner Program
The YouTube Partner Program is essentially a revenue-sharing system where YouTube splits ad revenue with its content creators. As a YouTube Partner, you can earn money through ads displayed on your videos, channel memberships, or even when YouTube Premium subscribers watch your content.
Eligibility Requirements for the YouTube Partner Program
Before you can start earning through the YPP, you need to meet specific eligibility requirements:
Adhere to all YouTube monetization policies.
Reside in a country or region where the YPP is available.
Have no active community guideline strikes on your channel.
Have a linked AdSense account.
Have more than 3,000 valid public watch hours in the past year or 3 million valid public short views.
Have more than 500 subscribers.
Once you meet these requirements, you can apply to join the YPP. Remember, your content must comply with YouTube's community guidelines and advertiser-friendly content guidelines.
2. How to Monetize Your YouTube Channel with Ads
Monetizing your YouTube content through ads is one of the most common ways to make money on YouTube. As part of the YouTube Partner Program, you can earn money from ads displayed within your videos.
Understanding Ad Revenue on YouTube
YouTube uses Google AdSense to pay content creators for advertising on their videos. The revenue generated through these ads is split between the content creator and YouTube, with the creator receiving around 55% of the earnings.
Ad revenue is generated on a cost-per-click or cost-per-view basis, depending on what advertisers prefer. To earn money from a video ad, a viewer must either click the ad or watch the ad in full (10, 15, or 30 seconds).
How to Enable Monetization on YouTube
Once you're accepted into the YPP, you can enable monetization for your videos. Here's how:
Sign in to your YouTube account.
Click on YouTube Studio.
Click on 'Monetization' in the left menu.
Choose which ads you want to display on the video.
Click 'Save'.
It's important to note that not all videos will show ads, even if you've enabled monetization. You need to create advertiser-friendly content to maximize your ad revenue.
3. Making Money on YouTube with Channel Memberships
Channel memberships offer another great way to make money on YouTube. With channel memberships, your viewers can pay a monthly fee for access to exclusive perks.
Understanding Channel Memberships
Channel memberships allow your viewers to pay a monthly recurring fee to get access to exclusive incentives such as special emojis, badges, extra videos, shoutouts, and more. The 'Join' button on a channel indicates that it's offering a membership subscription.
How to Set Up Channel Memberships
To offer channel memberships, you need to be at least 18 years old and have more than 30,000 subscribers. You can set up multi-level memberships, allowing you to organize the perks you offer and who gets them. Once you've set up your memberships, promote them to your viewers to encourage sign-ups.
4. Profiting from YouTube Premium
YouTube Premium is a paid membership program that allows viewers to watch and support their favorite creators without ads. As a creator, you automatically earn money from YouTube Premium subscribers who watch your content.
How YouTube Premium Works
YouTube Premium members pay a monthly fee for ad-free viewing and other perks. As a creator, you get paid based on how much Premium members watch your content. This additional revenue stream can significantly boost your earnings, especially if you have a lot of Premium viewers.
Maximizing Earnings from YouTube Premium
To maximize your earnings from YouTube Premium, focus on creating high-quality, engaging content that keeps viewers watching. The more watch time you generate from Premium members, the more money you'll earn.
5. Earning Money on YouTube through Sponsorships
Sponsorships are another lucrative way to make money on YouTube. Brands are willing to pay creators to promote their products or services to their audience.
How YouTube Sponsorships Work
In a sponsorship deal, a brand pays you to promote their product or service in your videos. You can negotiate the terms of the deal, such as how much you'll be paid and how the product will be featured.
Finding Sponsorship Opportunities
To find sponsorship opportunities, you can reach out to brands directly or join influencer marketplaces like Intellifluence, Heepsy, or Grapevine Logic. These platforms connect brands with influencers and can help you land lucrative sponsorship deals.
6. Creating and Selling Online Courses
If you're an expert in a particular field, you can create and sell online courses to make money on YouTube. This method allows you to share your knowledge with your audience and earn money at the same time.
How to Create an Online Course
To create an online course, you first need to decide what you want to teach. Then, you can create a series of videos covering different aspects of the topic. Once you've created your course, you can sell it on your own website or through an online course platform.
Promoting Your Online Course on YouTube
You can promote your online course on your YouTube channel by creating teaser videos, offering free lessons, or discussing the topics covered in your course. Make sure to include a link to your course in your video description to make it easy for viewers to purchase.
7. Selling Branded Merchandise
Selling branded merchandise is another way to make money on YouTube. You can create custom products like t-shirts, mugs, or stickers with your logo or catchphrase and sell them to your fans.
How to Create and Sell Branded Merchandise
To create and sell branded merchandise, you can use a print-on-demand service like Printify or Dukaan. These services handle everything from product creation to shipping and customer service, making running your merch business easy.
Promoting Your Merch on YouTube
You can promote your merch on your YouTube channel by showcasing your products in your videos, mentioning them in your video descriptions, or creating videos specifically about your merch.
Let Creator Essentials Help
Learning how to make money on YouTube can open up new opportunities to grow your income and share your creativity with the world. Whether you choose to monetize through ads, channel memberships, sponsorships, or selling products, the key to success is creating high-quality, engaging content that resonates with your audience.
While there are tools like VidIQ & Tubebuddy that help you drive more views and get more money, Creators need a professional in their corner to help them maximize their revenue. Creator Essentials provides 1-on-1 consultation and channel management services. Contact me today to get started!
Written by Rob Miller
Founder, Creator Essentials
Rob has been on YouTube since 2016 and has worked on dozens of channels and websites, including his own, amassing hundreds of millions of views and hundreds of thousands of subscribers.
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