An average user spends about 40minutes per session watching videos on YouTube and there are about 1.9 billion YouTube monthly active users, so if you have a channel that has amassed a loyal audience, then you should consider monetizing your YouTube channel.
There are a number of ways monetization can be achieved. Ad revenue might be the most obvious way to make money on YouTube, but it is not the only way.
I am going to be talking about the different ways you can make money with your YouTube channel in this article. Let’s dive right into it.
This is by far the most obvious way to make money on YouTube. This program gives content creators access to special tools such as the ability to monetize their videos through Google AdSense.
When you register for the YouTube partner program and you are accepted, ads are displayed alongside your videos and you get paid a commission.
YouTube Partner Program members are paid for their content depending on how their audience engages with the ads. Some advertisers pay per click, while others pay per view. So, the number of views you get doesn’t in any way relate with the revenue you earn. If your videos get thousands of views but no one watches or clicks the ad, you won’t make money.
This is because of YouTube’s criteria for billing advertisers which says a viewer must click an ad or watch the ad in full, that is, for 10, 15 or 30 seconds for you to get paid.
The Partner Program also offers its member some premium benefits. Partners have access to creator support teams, copyright match tool and monetization features.
It can take up to 30 days for YouTube to review your channel and you have to wait an additional 30 days to reapply if your application is denied, so do not take any chances when applying, make sure you meet all the requirements as you would want revenue to start coming in as soon as possible.
Brands are investing large advertising budgets more and more on influencers getting their products out to a wide audience. It has been rated the highest-paid platform and works if you have gained a wide community of loyal followers.
A company will pay you, as a content creator to promote a brand or product within a video. This creates a massive opportunity for you as a creator if you negotiate the right deals.
The advantage of this strategy is that you do not have to give YouTube a cut of your earnings. You negotiate directly with the brand and they pay you directly.
If you have a large audience that is your loyal fans who are relevant to a brand’s target market, definitely the brand would want to work with you. You shouldn’t have to wait for a brand to find you and reach out to you, if you feel your channel can return a huge ROI for the brand then you should reach out to them.
But of course, it is important to maintain brands that are in the same niche or industry as you. Try as much as possible to be 100% transparent with the brand. Do not endorse anything you don’t actually like or believe in, and be upfront with your audience about why you are endorsing any product you choose to.
You can as well sign up with an influencer marketing platform. These are intermediary website that help marketing teams find appropriate influencers to work with, there are some of these marketing platforms that are YouTube focused, example: The Influencer Marketing Factory.
If you already have a range of products and services you offer and a landing page or an online store, you can use YouTube to promote your business. Merchandizing is a viable way to earn money from YouTube.
You can advertise your products on your YouTube channel, and then integrate it with your online store and payment services to handle orders coming from the channel.
YouTube Partners can also use the shelf feature to sell their channel’s merchandize if they are eligible. The merch shelf allows creators to showcase their official branded merchandise on YouTube. The shelf appears on the video page of eligible channels, but may not show on all pages.
The merch shelf will display up to 12 products to your viewers. Here’s what you can change in the order of merch your viewers see:
You can become an affiliate marketer for brands and make some good money through commissions from every sale you generate through your YouTube channel. This works especially if you review products as part of your YouTube channel.
The idea behind affiliate marketing is to promote products belonging to a brand or company and getting a commission for any product that is purchased through you, that is, through your affiliate link.
So in other words, affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.
The affiliate recommends a company’s product or service to potential customers, generating sale and earning a commission in return. Unlike other ad types which pay based on clicks or views, affiliate marketing works on a CPA (cost-per-acquisition) or CPL (cost-per-lead) basis. In other words, you only earn a commission when someone performs a specific action such as buying a product or signing up for a free trial.
Popular affiliate programs include ClickBank, Amazon’s Affiliate Network. You can also reach out to brands in your niche that are running their own affiliate programs.
As an affiliate, you’ll receive a unique discount code from the brand whose products you’re advertising which you can share on YouTube. Every time your code is used to make a purchase, you earn a commission.
If you happen to create a YouTube video that goes viral with mass appeal, you can list this video in a market place where the right TV shows, news outlets & other creators can purchase them for use.
This is referred to as licensing. Every original content you create has rights which you own and if another creator or media wants to use your content on, say a commercial, they would have to get these rights to use that content and that comes with you getting a commission called licensing fee.
So, there you have it, the ways you can monetize your YouTube channel. But for them to work and garner you huge revenue, you’d actually need to have a high number of subscribers on your channel. Not just subscribers, but people who actually believe in you, your real and loyal fans, that way, you can get sold out in minutes.
This of course may take a lot of time, effort and consistency to grow especially if you are just starting out and haven’t gained significant number of subscribers.
But if you are doing it the right way and providing quality, value adding contents that appeal to people and you’re putting in the right promotional efforts, you could cut the wait time by half.
Here’s an article that can help with that; “How to grow your brand on YouTube”.