Are you thinking of how to make money on YouTube in 2024? You're not alone. With over 2.7 billion people using YouTube monthly, the platform remains a treasure trove for creators. YouTube’s annual revenue in 2023 was an astonishing $31.5 billion, marking a 1.3% year-on-year increase. 

Such growth proves that YouTube is still a popular destination for content creators and a potentially lucrative source of income. This knowledge is especially crucial for those who are just starting on YouTube to be aware of the current trends that can be used to make money.

In this blog, we will discuss certain strategies for monetizing YouTube. However, there’s more — read on to learn how to increase your channel’s profits with these tips and tricks recommended by professionals!

Method 1. Join the YouTube Partner Program

The first thing that can be highlighted on how to get paid on YouTube is by participating in the YouTube Partner Program (YPP). One of the ways of generating income is through advertisements placed on the videos, and as a YPP member, which is easily achievable.

1. Meet the Requirements

To qualify for the YouTube Partner Program, you need to meet specific criteria:

• Subscriber and Watch Hours Requirements: The channel must contain at least 1000 subscribers and 4000 watch hours in the least one year.
• Shorts Views Requirement: Acquire 10 million valid public Shorts views within the last 90 days.
• Apply for Monetization: After fulfilling these criteria, you may proceed with the channel monetization process.

2. Set Up Monetization

Setting up monetization involves a few steps:

• Sign In to Your YouTube Account: Go to the particular account that you wish to monetize.
• Agree to YouTube Partner Program Terms: Terms and conditions appear on the screen and the user is required to read them and click on OK to proceed.
• Link an AdSense Account: AdSense needs to be connected to your YouTube account for payment purposes.
• Set Monetization Preferences: Choose your options for ad content and options to begin earning money through ads.

Understanding YouTube Premium

YouTube Premium is another way to earn money:

• Ad-Free Viewing: The viewers are not exposed to commercials; they can watch videos and participate in channels without any interference from ads.
• Earnings from Premium Members: You are paid based on the traffic your account receives, and premium members have access to your content.
• Additional Revenue Stream: It can also be another source of income rather than advertising revenue.

The Limitations of Ad Revenue

While advertising can be a reliable income source, it is essential to look beyond ads for revenue:

• YouTube's Automated Demonetization Process: Explicit content may be deemed unsafe for advertisers' content, which may cause the page to be demonetized and, hence, reduce income.
• Google's Revenue Cut: Google claims a large part of the ad revenue, leaving you with a smaller slice of the pie.
• Diversify Your Income Streams: Mass-market revenues need to be explored to prevent revenue leakage and achieve financial sustainability.

Method 2. Sell Products or Merchandise

To increase your revenue and interact with your audience in a more profound manner, you need to consider selling products or merchandise. Selling merchandise that contains your logo or image is an additional source of income and an effective branding tool.

1. Create and Sell Merchandise

It is easy to establish and sell products like T-shirts, mugs, and tote bags, among others. For management and sales, the designs can be created on Fiverr, while the print-on-demand providers can be utilized for fulfillment.

2. Integrate with Shopify

Promoting and selling your products can be made easier with the Google & YouTube app available at Shopify. It enables you to synchronize your product inventory, mark or pin products on live streams, and control all your sales from the Shopify platform, making it easier for you to manage your merchandise business.

3. Partner with Merchandising Networks

Alternatively, you can work with existing merchandising networks such as DFTBA. This can be less flexible but can be a good solution if you do not wish to manage your eCommerce site. You can also use a website builder to build your own website!

Method 3. Crowdfund Your Next Creative Project

If you require financial assistance for creativity, then Crowdfunding is the best approach. It enables one to collect money from the people and other stakeholders who support your idea or cause.

1. Platforms for Crowdfunding

There are different types of crowdfunding, including Kickstarter and Indiegogo. They are good for organizing crowdfunding campaigns that allow you to collect the necessary funds for your projects, be it equipment or production costs and other expenses.

2. Creating a Compelling Campaign

To create a successful crowdfunding campaign, follow these steps:

1. Offer a Compelling Preview: Make a video on what your project is all about or a sneak peek into your project.
2. Excite Potential Backers: A good teaser can make the target audience interested in your project and contribute to its funding.
3. Highlight Unique Aspects: Explain what you can do to make your project stand out from the others and why it should be funded.

Method 4. Fan Funding

Fan funding makes it possible for your audience to fund your projects directly. Through donation streams, you can be in a position to get money from the viewers who enjoy your programs.

1. Platforms for Fan Funding

Some of the common platforms for fan funding include YouTube Super Chat, channel memberships, Patreon, Tipeee, and Buy Me A Coffee. These platforms provide various possibilities for people to contribute to your cause, from single donations to regular payments.

2. Best Practices for Fan Funding

To maximize fan funding, consider these strategies:

• Transparency in Fund Usage: Be very specific on how the money will be utilized in order to gain the trust of your target group.
• Offer Enticing Rewards: Offer higher premium incentives to encourage people to contribute more at the higher tiers.
• Build Audience Trust: Transparency and appealing rewards are effective ways of ensuring that your audience contributes more towards your projects.

Method 5. License Your Content to the Media

Selling licenses is a very good method of earning money, especially if you created a video that went viral. The target audience may include media outlets and other content creators who may be interested in licensing the rights to your videos.

1. License Your Content

If you have a viral video, consider listing it on a marketplace like Jukin Licensing:

• Increased Visibility: The use of online markets such as Jukin Licensing ensures that media companies can easily locate and obtain your content.
• Additional Revenue Stream: Apart from using viral videos for advertising purposes, you can monetize them by licensing them for royalties or a lump sum.

2. Examples of Successful Licensing

If you are wondering how one could benefit if I put my content and sell its licenses, then you might not know that viral videos can easily find their way into TV news outlets, online news sites, and other media, generating significant revenue for creators.

Method 6. Work with Brands as an Influencer

Since influencer marketing is a developing industry, numerous brands are keen on collaborating with YouTubers to reach out to the audience. This can be a very effective method of making money from your channel.

1. Finding Brand Partnerships

For the partnership, you can sign in to influencers' marketing services like Shopify Collabs, Crowdtap, and Upfluence. These sites allow you to link with brands seeking to work with influencers in your category.

2. Negotiating Sponsorship Deals

If you are in the process of making sponsorship deals, then it is wise to make a calculation of the average number of views of the videos and then set the fees according to that number. The audience must trust you and your business partners; therefore, businesses should be transparent and genuine.

Method 7. Become an Affiliate Marketer

Affiliate marketing is a business model where one party is paid for promoting the products or services of another party to consumers. This can be a very good method used to generate income.

Joining Affiliate Programs

You can sign up for affiliate marketing platforms such as ClickBank or directly contact brands in your niche for their affiliate programs. It is advisable to market products that you have a natural inclination towards because this will help you achieve more credibility as an affiliate marketer.

Promoting Affiliate Products

Make use of affiliate links in your videos’ descriptions, product reviews, and recommendations. It is advisable to inform your viewers about these partnerships to uphold an honest practice.

How to Get Paid on YouTube?

In order to understand how to monetize YouTube properly, it is also important to know how YouTubers get paid. This is evident in that various sources of revenue can greatly affect your total income.

1. Revenue from Views

The earnings depend on the number of views, yet on average, users gain approximately  $0.018 per view, which equals $18 per 1,000 views. However, it is also important to know that engagement and ad interactions are the key factors that equal your earnings.

2. Annual Earnings Potential

While some popular YouTubers are paid in millions every year, there are ways that even small channels can make good money, too. The amount you stand to earn is determined by the content you post, the kind of interaction you get, and the monetization approaches you employ.

Tips for Selling on YouTube

To be able to sell on YouTube, one has to advertise products but also the quality of the videos cannot be compromised. Here are some tips to help you achieve this balance on how to get paid on YouTube:

1. Understand Your Audience

Audience knowledge is important if you wish to make money on your blog or website. This means understanding the demographic of your audience, how active they are, and their specific interests to be able to market your content and promotions well.

2. Incorporate Calls to Action

Adding the call to action can help steer your viewers in the direction you want them to be in, for example, to like, subscribe, or buy products. 

Think of promoting the product but subtly, such that the viewers don’t find yourself too much clingy and your content as salesy. While you are collaborating with the brand, bring in the sales pitch naturally. The context of the video should be in sync with the product you will be showing, and the best part is to pay emphasis on how the product has benefitted you and how the viewers can also benefit from the product. 

Besides, effective and persuasive calls to action will enhance your click-through and conversion rates.

3. Use Info Cards and Video Descriptions

Info cards and video descriptions are perfect for advertising and to lead the audience to your eShops, crowdfunding projects, or other sources of income. Use these features to make your promotional activities even more effective.

4. Promote on Other Platforms

It is not advisable to focus only on the availability of your promos on YouTube. Other social media platforms such as Twitter, Facebook, and Instagram can also be used to convey information about the campaigns and products to a larger audience.

Boost Your YouTube Monetization Strategy with Neo's Essential Tools

Wondering how to monetize YouTube? Neo can help! Some of the features that Neo provides include email marketing and tracking to ensure that your audience is well-managed. 

At affordable rates, you can register your custom domain name and create a business email address and a one-page website with the same Neo email address. Here are the details you need to know:

• Email Campaign Mode: You can send emails to your list of subscribers promoting your products and sending your mail list the latest newsletters to maintain user engagement. 
• Read Receipts: Communicate with your audience via email and use analytical data to measure the effectiveness of the campaigns.
• Built-in Booking System: Organize sponsored content or collaborations with a booking system for easy availability right in your calendar platform.
• One-Page Website Builder: Promote and sell products, campaigns, or affiliate products on a customizable and SEO-optimized website that increases sales and viewer interest.
• AI Smart Write Tool: Create eye-catching video descriptions and content with the help of AI writing tools to increase viewers’ engagement.

Wrapping up, 

Earning profits on YouTube in 2024 requires being aware of different monetization opportunities and knowing how to monetize YouTube. From receiving money from the YouTube Partner Program and selling t-shirts to launching campaigns on crowdfunding platforms and working with brands, there are many ways to make your channel profitable. Therefore, expanding income sources and interacting with the audience can help you earn more money on YouTube and have a long-term perspective on your work.

Frequently Asked Questions

1. What are the basic requirements for monetizing on YouTube?

To monetize your channel, you are required to reach 1,000 subscribers and 4,000 hours of watch time within the past year. There is an alternative available as well, which says that you should have received 10 million total valid public Shorts views in the last 90 days. It also allows you to monetize.

2. How do YouTubers earn money besides ad revenue?

Some of the ways that YouTubers make money are by soliciting channel memberships, selling merchandise, raising funds through crowdfunding, monetizing sponsorships, and selling out content to media outlets.

3. What is YouTube Premium, and how do creators earn from it?

YouTube Premium is another paid service that allows users to watch videos without any interference from advertisements. It offers another revenue stream based on subscribers' watch time of content creators’ videos.