Ever since it was uncovered that YouTube is a gold mine that everyone’s been sitting on, so many people have been trying to get in on the action.
The best part about making money from YouTube is you’re exploring your passion(making videos) and getting paid for it.
Although the tricky part for some people isn’t making, editing, and uploading videos, it’s making money from the platform.
So here are eight solid ways you can make money from YouTube.
8 Ways To Make Money On YouTube On 2023
1. Display Ads
The easiest and most common way to make money on YouTube is by displaying ads in your videos.
To do that you need to be accepted into the YouTube Partner Program. Once you get YouTube’s approval to show ads then you will be making money passively since those ads will automatically show in all of your videos.
Joining the YouTube Partner Program is not too difficult but you do have to comply with all of their requirements, the main ones being having more than 1,000 subscribers and 4,000 hours of watch time collectively between all your videos in the last 12 months. You can review all the requirements for the program here.
Ads is the “easiest” way to make money in the platform nowadays but, even though most YouTubers have ads enabled, once you have some popularity and a few thousand loyal subscribers, there are other ways that will pay you a lot more than just showing advertisements in your videos.
2. Affiliate Marketing
You can make money on YouTube by promoting a product via an affiliate link shared on your channel. You are paid for every sale made through that link.
There are multiple affiliate programs available for YouTubers, all you have to do is pick a brand of your choice. The brand will have a variety of products when you pick one to market. When you do, the brand will generate a custom link for you. You can then create a video talking about the product or referencing it, then encourage your viewers to purchase the product through the link in your product description.
Once someone clicks on the link and makes a purchase through your custom link, you will receive a commission from the brand.
Basically, affiliate marketing works like a referral program. It’s one of the super easy ways to make money from YouTube. All you have to do is ensure you follow all current rules and regulations. Start by reading YouTube’s guidelines to see what you are permitted to promote with your channel.
Next, make sure you stick to the Federal Trade Commission (FTC) guidelines on affiliate marketing. Once you have these two things checked out, all you need to do is find a brand that offers an affiliate program.
3. Sell Merchandise
Selling merchandise is a great way of making money on YouTube if you have a great number of subscribers. Selling merch won’t just give you money, it gives you a means to further connect with your audience and market yourself to other people out there. This is because in most cases, your merch will be bearing your logo, and putting it out there will be a subtle way of advertising your brand.
There are tons of merch you can create to sell, from stickers to tote bags, t-shirts, hoodies, mugs, etc. Just ensure to pick one that’s not a hassle to make since you’re just starting out and also in demand. One easy way to sell your merch on YouTube is to link to your shop in your video description.
4. Offer Channel Memberships
Offering channel memberships is one sure way to make money if you have a bunch of loyal subscribers or fans. Your subscribers get to support you with money for a monthly subscription.
Subscribers who pay for this monthly subscription are offered more perks and benefits than non-paying subscribers. However, there is a catch. You must have up to 30,000 subscribers or 1,000 if you’re a gaming channel.
You must also ensure you are monetized as part of the YouTube Partner Program, over 18 years and your content isn’t set to “Made for kids”.
This monthly subscription could range from $4.99 to $49.99. So you have to pick which price is most affordable for your subscribers and worth the perks they’re getting. If you’re not too sure what perks or benefits to offer, you could offer – exclusive live stream, merch, live chat access, etc.
5. Monetize Live Streams Via Super Chat
A super chat is a paid message during a live stream that causes a viewer’s comment to be more colorful and captivating, unlike ordinary comments. So, the subscriber is paying to grab your attention and that of others for a specific amount of time. Super chats don’t usually disappear like other chats during a live stream, instead, they rise to the top of the screen.
But they only stay there for as long as they can due to the amount paid. And as you probably guessed, the higher the amount the longer the duration. For below $5, the comment will disappear like regular comments but will still have its colorfulness. For $5, the comment stays for 2 minutes. Subscribers can pay up to $500 for a super chat.
To be able to use super chat, you have to— have over 1000 subscribers, be a YouTube partner with an AdSense account, be in a location where it’s allowed, and have more than 4,000 hours of watch time on your channel.
If getting your subscribers to pay for super chat is tricky, during your live stream you should try to be more interactive. You can do Qs and A’s, discuss topics that fire them up or ask for their suggestions.
You can also promote your live stream on your other social media platforms.
6. Ask For Donations
There’s no easier way to make money on YouTube and any other platform than to simply ask for it. When you use your platform to add some knowledge, happiness, or advice to your subscribers, most of them would gladly help you financially.
This is why YouTube recently added the sponsor button, so your subscribers can crowdfund for you. Of course, there are certain guidelines to follow so you can have access to this button. But if you can’t have access to it, you can always use crowdfunding platforms.
An example of a crowdfunding platform accepted by YouTube is Patreon. There are other accepted platforms, all you have to do is check YouTube’s list of approved platforms.
Once you have that sorted out, you can focus on showing your subscription why you need their donations. Show them how much work goes into creating the content they enjoy. Also, give them a breakup or in-depth details of how their money will be used if they decide to donate.
7. Become A Manager For Other YouTubers
This method of making money from YouTube is perfect for anyone who possesses a great knowledge of YouTube but doesn’t want to create a channel. Or has their channel but wants an extra source of income. Certain YouTubers don’t have the time and energy to dedicate to running their channel. So your job is to help them.
Many YouTubers have managers that helps them grow and monetize their channels better. There are different types of managers like, for example, Content Network Managers who help several Youtubers at the same time making it easier to find better marketing campaigns for their whole “network” since brands can have a more diverse and bigger reach. But there are many more types.
There’s a lot that goes into successfully running a YouTube channel for others. You would need skills like marketing experience, connections with brands, resource management, content strategy, etc. The main thing is to help YouTubers make more money.
8. Enable Monetization In Shorts
There are two ways to make money from YouTube shorts. One, you can collect ad revenue which is dependent on your views. And two, from sponsorship or brand deals.
You can only make money from YouTube shorts if you’re in the YouTube Partner program. If you aren’t in the program, you can become eligible by gaining 1,000 subscribers plus 10 million public Shorts views in the last 90 days or 1,000 subscribers plus 4,000 public watch hours on your other videos.
Once you become eligible, you have to ensure all your shorts abide by YouTube’s advertiser-friendly content guidelines, ensure your content is unique and not a reupload of another creator’s content, don’t have views from bots, and don’t contain raw clips from movies and TV shows you don’t have rights to.
You must keep it at the back of your mind that you are likely to make more from brand deals than from ad revenue. But at the end of the day, it’s best to do what works best for you.
Making money from YouTube in 2023 has never been easier. As seen in the article, there are multiple ways to make money from YouTube, pick one, two, or even three ways and get all the necessary information about them.
Although these ways of making money are termed as easy, you must be ready to put in the work that they require. And if one doesn’t work for you, don’t hesitate to try another.