How to Make Money on YouTube? 8 Strategies for 2024

When considering making YouTube your income source, you have to study the market and initiate a good start. After all, some of the highest-paid YouTubers make more than $20 million in a year!

While you already know the basics of starting and running a YouTube channel, we will cover some not-so-basic ideas about making money on YouTube with proper marketing and expert-refined strategies!

Follow up the table of contents to get a quick glimpse of the ideas shared in this blog.

Strategies on How to Make Money on YouTube

Growing on YouTube or making a real career out of it could be quite slow when you are not accompanied by the latest features that will help you stand out and make a name for yourself in the YouTube world.

Here is a list of 8 proven strategies for rapidly growing on YouTube while ensuring maximum audience engagement. 

#1. Join the YouTube Partner Program

The YouTube Partner Program, also called YPP, gives creators great access to YouTube monetization features and other such resources and access to the Creator Support team. 

Joining the YouTube Partner Program also allows you to share revenue from ads served on the content. It is integral to explore the ads monetization option when you want to create money out of your YouTube channel.

Setting up the YPP monetization is integral and requires you to live in a country where YPP is available. 

However, you are supposed to become eligible to apply for YPP monetization and get it done successfully.

Eligibility Criteria

The eligibility criteria require you to:

• Have 1000 (minimum) subscribers on your YouTube channel. 
• Have 4000 Watch hours over a year

You are also eligible when you have:

• 1000 YouTube subscribers 
• 10 million valid public short views in a span of 90 days

Steps to Apply for YouTube Monetization

Here is how you can apply for YouTube monetization:

• Log in to YouTube
• Click on your profile picture (present in the top right corner) and get to the YouTube studio
• Click Earn on the left menu
• Select Apply and get started
• Click on ‘Start to Review,’ read all the base trims, and accept
• Click on ‘Start to set up an AdSense account’ and link an active existing account. 

After you are done, you will find progress in the Get Reviewed step. This feature indicates that your application has been submitted. 

#2. YouTube Shorts Monetization 

YouTube Shorts are a newer concept and weren’t initially part of the YPP (YouTube Partnership Program). In 2022, it was announced that YouTube Shorts could be monetized and creators could make money from them.

Eligibility Criteria

The eligibility criteria for YouTube short monetization are the same as those of the basic eligibility criteria mentioned in the YPP (YouTube Partnership Program) section. 

Steps to Monetize YouTube Shorts

The steps to monetize YouTube shorts are the same as those mentioned in YPP.

Monetizing YouTube Shorts is a little complicated, and the sources include:

• Sharing YouTube shorts ad revenue
• Sharing YouTube premium subscription revenue 
• YouTube fan funding
• YouTube Shopping

YouTube shorts do not have individual ad videos. Creators get a share of the revenue from ads running in between YouTube shorts. Here is the process YouTube follows for revenue distribution. 

• After collecting the revenue from the ad, YouTube calculates the associated revenue with Shorts to cover music licensing for all the tracks. The money is then paid to the music partners, and all the remaining amount resides in the Creator’s pool. 
• Every YouTube Shorts creator gets a share based on the total views shared in each country. 
• YouTube follows the revenue sharing formula, which means it takes 55% and gives 45% of the total amount.

#3. Super Chat & Super Stickers

YouTube is expanding ways through which creators can grow and earn from the platform. One of the latest launches has been Super Stickers.

Super Chats and Super Stickers help creators earn through packed live chats, such as premiers. A creator on YouTube must monetize the channel to benefit from the Super Chats and Super Stickers feature.

Fans who want to extend their support to creators and connect with them, and Super Chats, which highlights fans’ messages during live chats on YouTube. 

Eligibility Criteria:

The eligibility criteria remain the same as those mentioned above in the blog (Visit the YouTube Partnership Program) to know about monetization eligibility in detail.

Steps to Buy Super Chats and Super Stickers

Buying Super Chats and Super Stickers on YouTube is not for the creators but for the audience and the viewers. Here are steps to buy Super Chats and Super Stickers on YouTube.

• In a live chat, click on the dollar sign
• You will find a Super Sticker Pack and a Super Chat Pack – Choose a sticker pack you like, select an amount for Super Chats, drag the slider, and type the desired value to add an optional message. The amount and color will change on the chat feed as you start to spend. 
• Click Buy and Send

During the launch, a total of eight distinct Super Sticker packs were available and offered. It includes “Hi, Popo” (a hippopotamus), “Baby Lemon,” “Energetic Lemon,” “Biggest Fans,” “Bushiba,” and others.

All the stickers have a price point starting from 99 cents going up to $50. 

The data says that 100,000 channels have already used Super Chat, with a few earning crossing more than $400 every minute. YouTube takes 30% of each donation, and the rest goes to the creators. 

#4. Become Affiliate Marketer

The Affiliate Marketing industry is huge, as 80% of brands practice it, with 65% of brands affiliating through social media. YouTube has 2.6 billion users and a billion hours of watch time every day. This fact makes it very evident that YouTube is a great platform for affiliate marketing.

Affiliate marketing is selling products or services of another company or brand under a certain commission. A seller creates an affiliate program and then provides unique affiliate links that affiliate marketers can use to promote and sell products of the seller’s company. 

Eligibility Criteria:

There are no eligibility criteria for affiliate marketing. You just need to get your unique link from the sellers and use it to sell the products however you like. The unique links allow the seller to track each affiliate marketer’s performance individually and see which marketer converted sales to a customer. 

Steps to Start Affiliate Marketing

• Go to Google or any search Engine and search for Affiliate Marketing Programs.
• Check out various links and a number of programs
• Choose a program that suits your niche
• Visit the program and create your unique link
• Start promoting the product or service through YouTube shorts and videos and embed the link in the description and YouTube end-screen 

You can sell your affiliate products on YouTube through videos. However, you have to be careful about the places you are inserting the link. You might want to pin it down to the description box or place the link on the end screen. 

You can easily find affiliate marketing programs online and create your unique links. 

#5. Brand & Influencer Partnerships

Brand and influencer partnerships have become popular recently. However, it results in spectacular earnings for creators. 

In brand and influencer partnerships, brands collaborate with creators and ask them to create a video on their product and promote it amongst customers. 

Eligibility Criteria

There are no special eligibility criteria in general. However, brands have a certain parameter set for influencers to have a minimum number of subscribers or followers on digital media with a recognized reputation. 

Steps to Collaborate

There are two ways for brands and influencers to collaborate:

• Brand reaching out to the creators
• Creators reaching the brands

Influencers can ask for a set amount for a certain video or take a commission on sales. For commission, brands create a unique link for a creator, and the commission is calculated (on the set percentage) based on whatever sales happen through that link. This is also a type of affiliate marketing. 

There are many deals where brands send products to creators in exchange for content. Brand and creators collaborate when the brand sells products that define or relate to the particular creator’s content niche.

#6. Get audience support through ”Fan Funding.”

YouTube introduced fan funding in September 2014, following the scheme of PayPal and Patreon donations to fund free content. If you still haven’t figured out how fan funding works on YouTube, here’s how it works! 

Eligibility Criteria

The eligibility criteria for fan funding on YouTube for creators differs from the basic monetization eligibility. It includes the creator to:

• Be a resident of Japan, Australia, Mexico, or the United States
• Have a good and reputed stand on social media
• Be a part of the YPP (YouTube Partnership Program) and get the channel monetized
• Verify the YouTube account with the phone number
• Be a part of the Multi-Channel Network
• Approve the AdSense account and link it to your YouTube account

Steps to Avail Fan Funding on YouTube

Here’s how you enable fan funding on your YouTube account:

• Sign in to the YouTube account
• Click on the profile icon in the top-right corner and click “Creator Studio.”
• Look on the left and click on “Chanel.” Then select “Status and features.”
• Find the Fan Funding option in the list of features and click “Enable.”
• If you cannot find the Enable button, it means that your YT channel isn’t eligible to raise Fan Funding yet!
• If you get the Enable button, read the instructions and accept the YT Fan Funding agreement.
• Finally, click on “Community” and then “Fan Funding.”

#7. Organizing and Designing YouTube Channels

Constantly optimizing and designing the YouTube channel is a very underrated factor in enhancing your YT channel’s performance and functionality. It helps users engage better with the content and the easy-to-find information sets the stage for better subscriber retention rate and maximized revenue. 

Eligibility Criteria

You aren’t required to follow any eligibility criteria when you are thinking of decorating and designing your digital store.

Suggested ways to organize YouTube Channel

Here’s how you can enhance the look and feel of your YouTube page:

• Create an attractive channel art that communicates your niche, providing more information on who you are and your channel.

• Introduce a trailer to your YouTube channel for new viewers who are not your subscribers to understand your channel better.
• Create a pleasing page layout, similar to a website, so that viewers who have watched your trailer will find it interesting to look at your page. 
• Optimize your YouTube video with better Thumbnails, SEO-driven titles, and a satisfactory and fulfilling description. This will have a huge impact on your YouTube page. 
• Use well-researched keywords as YouTube video tags that help viewers find your content easily.

#8. LisenceYour Content

Licensing your content could benefit any of your unpredicted content going viral. In the dynamic social world of digital media, it is unforeseeable to think which content will go viral. And, if you haven’t licensed your content, you can’t benefit monetarily.

Licensing content will enable an exchange for money for videos that go viral on your YouTube account. 

Morning shows, TV news outlets, online news sites, and other creators will seek video rights for all viral clips. There are two types of YouTube licenses – Standard license & Creative Commons License.

A standard license is an allowance a creator gives to YouTube to take over the content. When you get a standard license for your YouTube content, no one can use content from your channel without permission.

YouTube Creative Commons is the video licensing that permits other YouTubers to use the content on your video with legitimate permission. 

Eligibility Criteria

There are no eligibility criteria to license content on YouTube. You can apply for licenses if you have an account and content uploaded. 

Steps to Avail Content License on YouTube

Here are the steps to get a content license on YouTube

• On the web browser, open the YouTube tab
• Log in to your favorite or most famous account
• Go to the creator’s studio
• Select video manager
• Once you find insights of all your videos, tap on the one you want to edit
• Get to the advanced settings
• Make your way to the “license and rights ownership” option.
• Choose the standard license or Creative Commons license from the settings
• Save the changes

5 Best Practices to Make Money From YouTube in 2024

While making money on YouTube is substantial and the ultimate goal, you cannot forego the importance of creating content and laying special emphasis on optimization to bring traction to your YouTube videos.

Here is a list of 5 best practices to help you make money in 2024 and beyond.

#1. Post Consistently

Fix and maintain a YouTube calendar for yourself. Post YouTube Shorts every day; YT Shorts are 30-second videos requiring minimum shooting and editing time. Plan a long-form video once a week.

#2. Create Engaging And Informative Content

Don’t compromise on content; create the highest-quality content. Use a microphone, good editing software, and a high-quality camera. If you cannot afford everything at once, take it one at a time.

#3. Implement SEO and Keyword Optimizations

If you want your YT videos to start ranking, use related hashtags and keywords in your titles and content descriptions before uploading. The YouTube algorithm gives a very good response to YouTube SEO optimizations in less time.

#4. Collaborate with other YouTubers

YouTube collaborations with fellow YouTubers help you reach out to a new set of audience and expand your fanbase on the platform. Do not miss the opportunity and reach out to more and more YouTubers with collaboration requests. 

#5. Review YouTube Analytics

Stay attentive to the YouTube insights. You get to view the following in YouTube analytics:

• Average Percentage Viewed
• Average View Duration
• Audience Retention
• Re-watches
• Engagement
• Impressions Click-Through Rate
• Card Clicks
• Playlist Engagement
• Unique Viewers
• Views Per Unique Viewers
• Subscriber Growth
• Traffic Sources
• Keywords

All of the metrics can immensely help you understand which kind of content works the best and how you should plan your YouTube work calendar. 

How Do You Get Paid By YouTube?

How do you get paid by YouTube is one question that has been around with not a very simple answer. Making money on YouTube depends on several factors. This includes:

• Number of views on your YouTube videos
• Engagement you get from your audience 
• Video topics
• Monetization process
• Base country

There is a multiverse to read and know about how you get paid through YouTube. The first and foremost step here is to monetize your YouTube channel and set up your Ads account. Here’s how you get paid after that: 

#1. CPM & CPC

CPM is the Cost Per Mile (Mile is a Thousand). For example, if the advertiser pays you $5 per one thousand views on their ad, you will get $5 when the advertiser’s ads get 1000 views.

CPC is the Cost Per Click that an advertiser pays you for every click on their ad. For example, if CPC is $5, you will get $5 for every person who clicks on your video.

#2. Estimated Earnings Per Subscriber

The more subscribers you have on YouTube, the more money you can make. This helps your videos show up in search results and other video sections. 

Subscribers contribute to high view counts that further translate to more money for you on your YouTube channel. 

#3. Variance in Video Engagement

The earnings on your YouTube videos are based on ads. The more the ad views on your YouTube videos, the more your earnings. The more engagement you would be able to draw on your YouTube ads, the better money you will get. 

Better watch-time, viewer retention, and click-through rates can result in more money. 

Read More:

• 6 Easy Ways To Watch YouTube Videos On A TV
• How to Watch Deleted YouTube Videos with a URL? (2024)

Conclusion

All these money-making strategies on YouTube were unique techniques that most YouTubers tend to miss out on. 

It is true that as you start doing well on YouTube and see a spike in engagement, watch time, and viewership on the channel, you must be sorted with YPP (YouTube Partnership Program), monetization, and others listed in the blog.

The best you should do as of now is to complete all the steps you are eligible for and strive to make yourself eligible for others listed here.