Making Money On Youtube In 2023: 5 Profitable Ways – Platform creators serve as educators, entertainers and celebrities in their own right. They are also entrepreneurs. Making money on YouTube is done by monetizing videos, earning sponsorships, and selling products to viewers. It is also one of the most profitable ways to make money from social media content.
Many YouTubers are secretive about how much money they make on the platform, but with insights from their own YouTube channels and more transparent creators, we have a good idea of how to make money on YouTube. We’ll even show you how much you can earn.
Making Money On Youtube In 2023: 5 Profitable Ways
We cover the basics of how to start making money on YouTube, how to join the YouTube affiliate program, how ads work on the platform, alternative ways to make money, and two case studies.
Youtube Monetization: How To Make Money From Videos In 2023
This is the tl;dr of how to make money on YouTube. Read on for details on each episode.
To monetize your YouTube videos by displaying ads on your content, you must join the YouTube Partner Program.
There are two ways to qualify for the YouTube Partner Program, whether you create long-form or short-form video content.
This means you won’t be able to start showing ads as soon as you start using YouTube – you have to start publishing and building an audience first. In the Earn section of YouTube Studio, you can choose to receive notifications when your YouTube account is eligible for the affiliate program.
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Whichever you choose, you’ll be able to monetize YouTube’s short video content and regular long-form content once you join the affiliate program.
Once your account is qualified for YouTube Partner Services, you can start showing ads on your videos. Enabling AdSense is a great way to earn passive income from content you’ve already created. Let’s dive into how it works.
When an advertiser pays for an ad on YouTube, they pay for each click and impression. YouTube takes 45% of the revenue for itself and gives the other 55% to the creator.
According to Yahoo Finance, the average YouTuber earns $0.18 per view. It costs $18 per 1000 views. And the average payout from YouTube in 2022 in the US was $1,154 per week.
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The term used by advertisers is CPM, which stands for cost per thousand and refers to the cost per 1,000 impressions.
This makes YouTube’s ad revenue largely a numbers game—the more views, the more revenue. But there are several factors that directly affect how much a YouTube creator earns from ads.
This is the first metric that affects how much a YouTube partner earns from advertising. This is your motivation to figure out the YouTube algorithm, grow your YouTube channel, get more subscribers and create more content. Simply put, the more people watch your content, the more revenue you can earn from YouTube ads.
Advertisers’ costs for placing ads on YouTube vary depending on the keywords they are targeting. The more competitive a keyword or industry is, the more advertisers will pay for impressions and the more revenue an author can earn.
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For example, ads for personal finance products are more expensive to place on YouTube, as are ads for alcohol. More niche industries such as B2B services or science and technology are cheaper.
This means that your content can determine how much ad revenue you earn. Next, we’ll look at a case study of a personal finance vlogger who attracts well-paid advertisers.
With Google in control, they can de-monetize specific videos or your entire YouTube channel at any time if you don’t follow their instructions.
It is important to carefully follow YouTube’s Community Guidelines and Monetization Rules to ensure that your content is not monetized.
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Advertising can generate significant revenue on YouTube, but it’s not the only way creators can make money on the platform. Let’s look at some other methods, including sponsorships, merchandise, affiliate links, and memberships.
Sponsored content is when a brand pays a content creator to be included in a video. The creator may appear to be talking about a brand or showing or commenting on a product. You’ve probably seen it before when an author says “today’s video is sponsored by…” and talks about the brand for a minute or two.
These deals are done privately between the creator and the brand, sometimes through an influencer marketing agency.
For example, this YouTube video by ASMR creator Goodnight Moon is sponsored by Scentbird. The creator starts the video by announcing the sponsorship and spends two minutes talking about the brand. She also offers discount codes exclusively for her fans.
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This is a great option even for smaller authors. Even a small audience could be highly engaged, making small content creators an attractive option for brands.
Another way to make money as a YouTube creator is by creating merchandise. This could look like selling t-shirts, stickers, or other products with your YouTube channel assets.
For example, Good Mythical Morning runs the Mythical store. Here fans can buy clothing, drinks, stickers and other items. Fans purchase these products to support the YouTube channel and participate in the channel’s community.
Product development can be a complex process, including product sourcing and delivery. Using a service like print-on-demand is an easier way to create and sell clothing and a good place to start if you want to start selling items.
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It works by providing the audience with a personalized link to the online product. If the viewer clicks on the link and buys the item, you will receive a small commission.
For example, you could create a YouTube video showcasing a brand’s new clothing line. With affiliate links, you can link directly to these products in your video description and receive a percentage of every sale made through that link.
Photographer Erik Floberg ties all his gear into the lighting of his videos, just like in this screenshot. Below the list of links, he discloses his relationship with Amazon as an affiliate and says he earns a commission from purchases made through the links.
The Amazon affiliate program is one of the most popular ways to make money selling affiliates. You can register here.
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Authors range in monthly membership from $4.99 to $49.99 per month. When a viewer subscribes, you get a monthly fee minus 30%, which YouTube keeps.
You choose special benefits that channel members receive as part of their membership, such as custom emojis, exclusive products, live chat, streams, and social media posts.
To set up a channel membership, you must have 30,000 followers or 1,000 followers if you are a YouTube gaming channel. You must also be a YouTube partner and follow all other monetization and partner rules.
YouTube Premium is a paid subscription to YouTube that removes ads from videos, but that doesn’t mean creators can’t make money from someone with a Premium subscription.
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Revenue from YouTube Premium subscribers is shared with creators, so you won’t miss out on that ad revenue. Earnings from YouTube Premium subscribers who watch your content are sent monthly at the same time as Google Adsense earnings.
If you’re a frequent user of YouTube, Super Chat is another great way to monetize your YouTube channel.
Live video includes a chat box that allows you to interact with viewers in real time. By enabling SuperChat, users can pay for certain interactions, such as pinning a chat message or turning on emoticons. Authors then receive a cut of that income.
Although this statistic varies by category, the average number of views per video on YouTube ranges from 2.3,000 to 10,000. With an average CPM of $18, this means that the average YouTuber earns approximately $41 per video. Before that number puts you off, remember that ad revenue isn’t the whole story of monetizing YouTube videos.
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In addition, there is a way to determine how much you earn per ad view. Let’s take a look at the income of a successful YouTuber and how he has optimized his income from his channel.
Graham Stephan is a real estate agent and investor whose YouTube channel covers personal finance and economics topics. In 2022, he released a video detailing exactly how he makes money on YouTube.
At that time he had 3 million subscribers (now he has more than 4.2 million). He shared that one video about Apple credit cards earned him more than $15,000 with almost 1.5 million views. However, another video of his with the same number of views would have earned twice as many.
This is because each theme attracts different advertisers with different budgets. Personal finance tends to attract well-paying advertisers.
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Even if your channel isn’t a personal finance channel, it’s worth exploring areas where your niche overlaps with personal finance for some profitable videos. A good example would be a travel channel that posts videos about the best credit cards for travel benefits or how to save money for your next trip.
Take this video from Portable Professional for example. She is a YouTuber who mainly focuses on travel tips and hacks. However, this video on how to get to airport lounges zeroes in on the intersection of travel advice and personal finance advice: Travel