As we have seen from the rise of TikTok, video content is more popular than ever. And according to Wistia, over 12 billion minutes of video content were watched online in 2020. So creating this type of content, which can be used on a variety of platforms, can only be a good move for your business!
If you’ve not created a lot of video content previously, you may be surprised to learn just how easy it can be. It’s also interesting to note that YouTube has a lot of features that allow you to monetise your videos. Do bear in mind though that for some of these features, you’ll need to meet specific requirements, and join the YouTube Partner Program (YPP).
In order to qualify, you’ll need to have at least 1,000 subscribers to your YouTube channel, as well as 4,000 or more watch hours over the last year. And if you’re not quite there yet, the best way to grow your audience is to create quality content, as well as by promoting your channel.
So once you’ve joined the YPP, how do you go about making money from your YouTube videos? And how much are you likely to earn? Let’s address the latter question first – although you may want to be amongst the highest paying YouTubers, who can earn millions of dollars per video, few creators get anywhere near this!
According to the Influencer Marketing Hub, the average YouTube channel will earn around $18 for every 1,000 views a video gets. Overall, it’s best not to set your expectations too high, especially when you’re starting out.
When it comes to monetising your YouTube channel, we’ve outlined six easy ways to do this below:
Perhaps the most obvious way to monetise your YouTube channel is to include ads, either before or during your videos. It’s a fairly straightforward process to turn on ads across your whole channel, or on particular videos, if you’ve already joined the YPP. Though it is important to bear in mind that, for your videos to qualify for ads, the content must meet YouTube’s advertiser-friendly content guidelines.
There are a number of ad formats available, so you can ensure the ad placement on each of your videos looks good. However, YouTube will choose which ads are paired with your video – you’re not able to pick these yourself.
With YouTube, you can join an affiliate programme. If you’re unfamiliar with how affiliate programmes work, the idea is that you direct your audience to a particular landing page, such as a product page on a retail site, recommending that they make a purchase. If people do buy something based on your endorsement, you’ll earn a commission. Hopefully you can become an affiliate for products you already use or enjoy, as that way you’ll be completely genuine in your recommendations.
An even more lucrative monetisation option is to enter into a paid sponsorship, though these can be more difficult to obtain. A paid sponsorship is where a business pays you to create content around their products, such as demonstrating how it works. As with an affiliate programme, you’re endorsing a particular product or brand, but in a more obvious way.
In order to get a paid sponsorship deal, you’ll almost certainly need to have a large following, and an influential channel. You can show relevant brands your engagement rates and other key metrics when pitching the partnership, to assure them that it will be a successful venture for both parties.
Another way to monetise your YouTube channel is to invite loyal fans to become patrons. This is where you offer exclusive perks to people who make monthly or yearly donations to your channel, often on a tiered basis. For example, a bronze membership may get patrons a digital download, while a silver membership could come with branded merchandise, and gold members might receive merchandise alongside exclusive new content.
There are a few websites where you can set this patronage scheme up, the most popular of which seems to be Patreon. This is a third party platform which is simple to set up, and it’s just as easy for your followers to find you.
Similar to patronage, there is also an option on YouTube of charging a monthly subscription to your channel. In exchange for this channel membership, subscribers should receive exclusive perks, such as one-to-one live chats, private videos, and discounts on your branded products.
As with joining the YPP, you’ll need to have at least 1,000 subscribers in order to qualify for this feature. Once enabled, you can decide how much you wish to charge your subscribers for channel membership.
While you can sell merchandise from a third party website regardless of how many followers you have, if you want to be able to sell things via YouTube, you’ll need to have at least 10,000 subscribers. The merchandise will be featured on a banner that appears on each of your video pages.
Selling merchandise not only brings in an additional revenue stream for your business, you’ll also be boosting your brand awareness. Particularly if you make your items wearable, such as t-shirts and hats!
Super features are primarily aimed at YouTubers who produce live-stream videos, but one option (Super Thanks) can be used on any video. When showing a live video or premiere, you can enable a Super Chat function, which allows viewers to pay anywhere between $1 and $500 to have their comment highlighted/featured. Super Stickers work in the same way, with paid stickers getting pinned to the top of the chat stream, with the intention of grabbing the attention of the content creator.
With a Super Thanks, users can donate a small amount of money to have a featured comment and send an animated GIF to their favourite creator. Super features may not bring in a huge amount of revenue, but are a great way to allow fans to show their support.