August 10, 2017

Top 5 Ways to Make Money on YouTube This Year

YouTube can be a profitable platform, but only if you use it to its fullest potential. 

As of 2016, there were 3.25 billion hours of video watched on YouTube each month. Are you getting your fair share of the pie? Filmmakers and content creators have much to gain financially from YouTube; nonetheless, missed opportunities abound. 

Justin Odisho, a YouTube content creator himself who is well-versed in post-production workflows, hopes to share the wealth with a new video about the best ways to monetize your YouTube content. Odisho details five potential revenue streams—AdSense, affiliates, products, services, and brands and sponsors—that he believes to be the most fruitful. Watch the video below, or scroll down for our roundup. 

1. AdSense

Odisho says that AdSense, a Google-run advertisement service, is "a great, easy way to start making money off of your following and traffic." That said, it shouldn't be your only source of income; you'll only get paid about $1 per 1,000 views.

2. Affiliates

If you register for an affiliate account with an online store such as Amazon, you can link out to products and earn a small commission (5-10%) if someone purchases something after watching one of your videos.

3. Products

Think of your audience like a business. What are you trying to sell? According to Odisha, who has sold color-grading LUTs and other software via his YouTube channel, you should think about any opportunities to sell a physical or digital object.

4. Services

Beyond products, you can also sell your services as a filmmaker. Once you've built an impressively-sized audience, advertise your hard skills (editing, color grading, etc.) or soft skills (consulting services). If you're a public speaker, pick up speaking gigs. Oshido himself consults on cuts with filmmakers by live-streaming their videos. He also holds mini-consultations to advise clients on growing online audiences.

5. Working with Brands and Sponsors

Once you've mastered AdSense, you're ready to think about sponsorship opportunities. Instead of letting Google choose your pre-roll and mid-rolls, keep the control in your hands by working directly with a brand or sponsor on a paid promotion deal. "The brand could give you free products to review, paying you a specific amount to talk about a certain product or service that the brand or sponsor offers," says Odisha.      

Featured image from iStockPhoto

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