Creating your own products can be as complex and is certainly something to think about if you are already monetising your social media following.
However, creating content on social media can be a great way to generate an income from home. Videos are probably the best way to keep your followers engaged with your content, products or services.
One of the most popular ways of making money in today’s social media is by producing exclusive content only available to followers who pay monthly subscriptions through a subscription platform.
Sponsored posts are another way to monetise your influence, as long as you have a decent following already, either through social media or on your blog.
The most common way of monetising your brand as an influencer is by offering ads or sponsored posts on social media and on your blog. Another good way to monetise your social media following is by promoting brands that you like, linking to their affiliate programmes.
For image-based marketing, such as your Instagram account, influencer promotion in the form of product placement is a common way to making an income.
If you compare TikTok to YouTube, you will find that they both have funds specifically created for influencers, and, in YouTubes case, you can make money from every replay of your videos.
The amount of money that can be made by making YouTube varies greatly. In fact, creators are paid whenever people view ads on YouTube (so, every time an ad is watched).
Creators usually earn $3 to $5 for every 1,000 views of ads on their first platform videos.
For creators producing longer videos, such as tutorials for applying makeup and DIY home decorating, YouTube has long been an essential platform thanks to its revenue-sharing AdSense model, which gives YouTube Partners (users with 1,000 subscribers and 4,000 hours watched) 55 per cent of revenue generated by ads before, during and after the end of their longer-form video content.
Until TikTok’s explosive growth — it has surpassed 100 million downloads in the US alone this year — YouTube has been content creators most consistent source of revenue, who get their share of revenue from ads appearing alongside their videos. YouTube has been around since 2005, and youtubers such as MrBeast and PewDiePie earn about $50m annually thanks to the video platform.
If your YouTube channel gets 10,000 views per day, this works out to between $6,000 to $11,000 a year. With YouTube’s average payout rates hovering around $0.01 and $0.03 per ad view, it is possible for YouTubers to earn about $18 for every 1,000 ad views, translating into $3 to $5 for every 1,000 views of videos.
Forbes has also estimated that, for the best talent, a YouTuber could earn about $5 for each 1,000 video views.
The average YouTuber with 100k subscribers could earn $12,000 or more for each sponsored video.
Using the same rates above, a YouTuber with 100k subscribers and 2 new videos per week could earn between $600-$1,000. The average YouTuber makes $0.18 per watch, equating to about $18 per 1,000 views of the video.
The average YouTubers’ earnings for a million views typically range from $2,000-$4,000. The exact amount YouTubers may earn per 1,000 views will vary depending on factors such as engagement and content type.