How to Make Money on YouTube in 2024 [16 Effective Strategies]

Welcome to the world of YouTube, where creators have the opportunity to turn their passions into profit.

In this article, we’ll explore 16 effective strategies for making money on YouTube in 2024.

Whether you’re an aspiring content creator or an established channel owner, we’ve got loads of simple tips and real-life examples to help you turn your channel into a cash cow.

Let’s see how to get paid on YouTube!

16 Strategies to Earn Money From YouTube

1. Be a Part of the YouTube Partner Program

The YouTube Partner Program (YPP) is a platform that allows content creators to make money with YouTube. Here’s a brief overview of how to join the program and start earning money:

1. Create a YouTube Channel: Sign in to your Google Account, go to YouTube, and set up your channel with a name.
2. Apply for the YouTube Partner Program 

once you meet the eligibility requirements

• Click your profile picture and go to YouTube Studio
• In the left menu, click Earn
• Select Apply to get started
• Click Start to review and Accept Base terms
• Click Start to set up an AdSense account, or link an existing active one

3. Wait for Approval: YouTube will review your channel for several weeks. After approval, you’ll start earning revenue based on ad views, clicks, and watch time.

2. Create Sponsored Content

Nielsen reports that 83% of consumers trust recommendations from people they know, which includes content creators they follow. This partnership mutually benefits brands with increased sales and YouTube influencers with compensation or products for review, establishing a win-win dynamic in the world of sponsored content on YouTube. 

When making sponsored content, it’s important to pick brands that fit well with your content and connect with your viewers. Be clear about the work, timing, and pay when talking with the brand. Don’t forget to keep your unique style while including the brand’s message smoothly and tell your viewers that it’s a sponsored video.

For instance, beauty YouTuber “Kathleen Lights” did a great job featuring Native products in one of their videos, showing how a partnership can work well.

3. Attach an Affiliate Link on Youtube

Affiliate marketing on YouTube has gained significant popularity as content creators seamlessly showcase products or services in their videos, ultimately earning commissions based on the sales or leads generated through their exclusive affiliate links. 

Authority Hacker reports that 36.9% of affiliate marketers use YouTube videos for affiliate promotions. Also, hootsuite reveals that  68% of users watched YouTube to help them make a purchase decision. Thus, becoming an affiliate partner is the easiest way to make money on YouTube. 

To illustrate this, consider the case of the YouTuber “Peanut Butter,” who created engaging unboxing videos of accessories, thoughtfully embedding affiliate links within the video descriptions to enhance their revenue stream.

4. Sell Your Own Products 

If you’re a content creator with aspirations of launching your own business, this avenue is tailor-made for you. Selling your products on YouTube offers an intriguing method of making money from YouTube while pursuing your entrepreneurial dream. 

This approach involves the creation and promotion of products that cater to the specific needs and interests of your audience. Many content creators have harnessed the power of YouTube’s Merch Shelf to great effect, allowing them to prominently showcase and sell their merchandise directly beneath their videos.

5. Open YouTube Membership for Your Audience

“Fan funding,” often referred to as crowdfunding or direct financial support from your viewers, is a way for content creators to receive financial contributions from their most dedicated fans. This system allows you to set up multiple membership tiers, each offering unique rewards.

For instance, you can provide exclusive content, early access to videos, personalized shoutouts, or exclusive merchandise to those supporting you at higher tiers.

As an example, YouTuber “Butter Peanut” introduced a YouTube Membership program with three tiers: “Butter Home,” “Butter Village,” and “Butter Club.” These tiers offer her audience exclusive content, live events, and downloadable digital files as part of their support on YouTube.

6. Licence Your Content to the Media

Another way to make money from YouTube is to license your content to the media. This involves allowing media organizations, like news outlets, to use your content for their publications. To make this happen, many content creators sign up with licensing platforms such as Newsflare, Jukin Licensing, Storyful, or ViralHog. These platforms serve as intermediaries, connecting creators with media outlets searching for suitable content.

After creators submit their content and it’s approved, media outlets can purchase the rights to use it in their stories. Licensing terms and fees are negotiated between creators and media buyers. This approach allows creators to monetize their content while providing media outlets with valuable material for their publications and broadcasts.

7. Crowdfund Your Next Project

Crowdfunding is the process of gathering funds online from a broad audience to support a specific project or endeavor. Whether you’re seeking assistance to upgrade equipment, hire talent, or cover production expenses, your own audience and the crowdfunding community can contribute, provided your project is compelling.

Notable platforms like Kickstarter are renowned for financing innovative products and creative ventures. It’s crucial to establish a realistic funding goal, as you only receive the funds if you meet or surpass that goal. Indiegogo is another versatile crowdfunding option, offering flexibility in funding methods.

8. YouTube Shorts Fund

YouTube Shorts are short, vertical videos created primarily with smartphones and uploaded directly to YouTube via the app, similar to Instagram Stories on Instagram, with a maximum duration of 60 seconds. Creators can earn money through the YouTube Shorts Fund, which allocated $100 million for 2021 and 2022. 

To qualify, creators must meet specific criteria, including uploading eligible shorts, adhering to YouTube guidelines, ensuring original content, and being at least 13 years old. Monetization for YouTube Shorts commenced in May 2021, opening up opportunities for eligible creators to earn from their engaging short-form content.

9. Sell Online Courses

Creating and selling online courses on YouTube is an excellent way to boost your income. These courses enhance your skills and appeal to your audience. If your course provides real value, your subscribers are willing to invest. 

Formats may include e-books or videos, but quality content is key. Underdelivering can damage your reputation, leading to missed income opportunities. Offering valuable online courses can be a win-win for both you and your audience on YouTube.

10. YouTube Premium Revenue

YouTube Premium offers creators the chance to earn extra income by replacing YouTube ads with ad-free viewing for subscribers. With YouTube Premium, users enjoy ad-free content, and a portion of their subscription fee goes to the creators whose videos they watch the most.

If your content is viewed by YouTube Premium members and you’re a monetized creator, you can benefit from this additional revenue source. It’s a seamless way to earn money while providing an ad-free experience for your viewers.

11. Super Chat and Super Stickers

Boost your YouTube earnings with Super Chat and Super Stickers, an option available to YouTube Partners during live streams. For a small fee, your subscribers can make their messages stand out in the live chat, receiving special badges and emojis during the session. They also enjoy members-only perks, including exclusive live chats with you. 

To qualify, you must be at least 18 years old and live in a region where Super Chat is supported. This interactive feature enhances engagement and income while enriching the viewer experience.

12. Post on the Right Time

Optimizing your YouTube posting schedule is essential for YouTubers aiming to maximize their income. It involves analyzing audience behavior, factoring in time zones, and adhering to a consistent schedule. Experimentation helps identify the best posting times for your specific channel and niche. The timing of your posts significantly influences initial engagement, algorithm ranking, and overall video performance. Hubspot reveals that the most favorable posting times are 6-9 p.m. and 3-6 p.m. on Thursdays, Fridays, and Saturdays, while less favorable times are 6 a.m. to 9 a.m., 9 p.m. to 12 a.m., and 9 a.m. to 12 p.m.

13. Improve Video’s Search Ranking by Doing Research

YouTube SEO, optimizing videos for search, can significantly boost views and income. YouTube, a powerful search engine, relies on this strategy. Businesses, bloggers, and video marketers use it to rank higher in search results.

The key to success is researching and using relevant keywords when uploading or editing videos, aligning with YouTube’s algorithms. Incorporating keywords in the title, description, tags, and thumbnail is crucial.

Tools like Mandala Analytics can assist you in keyword and hashtag research to increase visibility, attract more viewers, and boost earnings on YouTube.

14. Audience Growth and Engagement

YouTube algorithm uses engagement signals like likes, comments, and shares to decide which videos to promote. To increase your YouTube earnings, it’s crucial to prioritize audience growth and engagement.

Building a loyal subscriber base is key; interact with them, reply to comments, and engage on social media to nurture loyalty. Encourage likes, comments, and shares by posing questions and making requests in your videos.

Leverage social media platforms like Instagram, Twitter, and Facebook for cross-promotion, expanding your YouTube content’s reach and ultimately boosting your income. Fostering a robust and engaged community enhances viewer retention and opens up more monetization opportunities.

15. Create Quality Content on YouTube

Cross-promotion and collaborations on YouTube can significantly boost your earnings. Partner with fellow YouTubers and influencers to promote each other’s content. Leveraging different social media platforms for cross-promotion is particularly effective.

Collaborations introduce your content to new audiences, leading to increased subscribers and views. As a result, your channel’s performance and income potential will steadily grow over time. Building a network of collaborators can be a win-win strategy for content creators.

16. Research Future Trends 

To make more money on YouTube, keep an eye on what’s coming in 2024. Learn about the changes YouTube plans, like new rules or ways to show videos. Make sure you know what’s happening on the platform.

Adjust your videos to keep up with what your viewers like. This will help you keep your audience interested, get more views and subscribers, and make more money on YouTube. Staying informed and adapting to changes is the key. You can find the idea of creating videos on YouTube video ideas.

Tips for Maximizing Income

To enhance your earnings on YouTube, adopt these simple yet effective strategies. First and foremost, craft enjoyable and engaging videos that resonate with your audience, as captivating content attracts more viewers.

• Consistency is key, so stick to a regular posting schedule, allowing your audience to anticipate your uploads.
• Utilize the right keywords in video titles and descriptions, considering what people are likely to search for. This enhances your video’s discoverability in search results.
• Engage with your viewers by responding to comments, liking their interactions, and sharing videos on social media to maintain their interest.
• Diversify your income sources by using ads, channel memberships, and other YouTube tools to maximize your earnings.
• Promote your channel across platforms like Facebook, Instagram, and Twitter to expand your reach.
• A well-crafted video thumbnail is crucial, as it entices clicks.
• Analyze your channel’s performance data to understand what works best and to adapt accordingly.
• Increasing your subscriber count means more people watching your content, increasing your income potential.
• Lastly, stay updated with YouTube’s latest changes and adhere to their guidelines for a safe and successful channel, as keeping current helps your channel thrive.

Monetize with Mastery

Successfully making money on your YouTube channel requires more than just learning. It demands implementation and adaptation to your specific circumstances. The strategies provided should be seen as a foundation upon which to build, customized to suit your content and audience. Diversification is key; don’t rely solely on one income source. 

Explore various monetization avenues, from ads and memberships to merchandise and affiliate marketing. This multipronged approach enhances earnings and ensures a sustainable income stream. By mastering these strategies and embracing a diverse approach, you can transform your YouTube passion into a rewarding and lucrative endeavor.