Being the biggest video-sharing platform in the world, YouTube is a lucrative source of big income for all types of content creators. In 2023, YouTube is most likely to continue its exponential growth, with over 2.4 billion monthly users from all around the world.
If you’re thinking about how to monetize on YouTube, there are some important things you simply cannot afford to overlook. This ultimate guide covers everything about YouTube monetization in 2023.
Understanding YouTube Monetization
YouTube monetization can be best described as the process of making money from your YouTube channel. This can be done in a variety of ways such as through paid content marketplaces (like Paysenger), subscription platforms (like Patreon), merchandising, sponsorships and ad revenue. As a content creator, YouTube monetization can enable you to generate a passive income stream and transform your passion into a high-paying career.
Requirements of YouTube Monetization in 2023
To qualify for YouTube’s monetization policy (and become a YouTube Partner) in 2023, your channel must meet the following requirements:
- 4,000 watch hours: There should be at least 4,000 watch hours on your videos in the past 12 months.
- 1,000 subscribers: You should have a minimum of 1,000 subscribers on your YouTube channel.
- Comply with YouTube’s monetization policies: You must produce content that is in line with YouTube’s monetization policies and community guidelines.
Once you meet these requirements, it’s time to join the YouTube Partner Program.
How to Join the Partner Program?
YouTube Partner Program lets creators put ads in their videos and earn a cut for every view. To join the Partner Program:
- Go to YouTube Studio.
- Select Monetization in the navigation menu to the left.
- If your account is eligible, you will see a blue button.
- Select the blue button.
- Review the terms and conditions.
- Create an AdSense account.
- Connect your AdSense account to your YouTube channel.
- Wait for YouTube to review your application.
If your channel is found to have any discrepancies, you can reapply in 30 days. To avoid this, make sure your channel doesn’t have any copyright claims, all of the content is original and you didn’t violate any of YouTube’s policies before you apply for monetization. This will save you a lot of time.
How to Start Monetizing
You won’t automatically start earning money after joining the Partner Program. You have to enable monetization for each video first.
- Go to YouTube Studio.
- Select Content in the navigation menu on the left.
- Select a video.
- Select Monetization.
- Pick ads to show on your video.
- Select Save.
Enable monetization on all of your videos to earn as much ad revenue as possible.
How to Maximize Your Earnings on YouTube?
If you’re new on YouTube or have a small following then you might find it difficult to scale your earnings without the right monetization tools. YouTube’s algorithm is very complex and it mostly ranks videos from popular creators (with a big subscriber base) higher than newcomers.
That’s because YouTube wants to increase time spent on its platform and in most cases, people are highly likely to spend more time consuming content from creators who are already famous. So, in order to join the ranks of top creators on YouTube, you’ll have to work super hard and be consistent for a long time.
But how do you maintain consistency at that stage when you’re not making enough ad revenue to scale? That’s where monetization tools come into play.
Diversify Your Income Streams Using Monetization Tools
If you don’t want to rely solely on YouTube’s monetization policy (which can be unfair at times for new creators) here are some other ways to monetize your content:
Patreon allows creators to offer exclusive content if they already have a following on YouTube. Basically, if people already know you on YouTube, you can offer extra behind-the-scenes footage or premium content in exchange for a monthly fee.
This allows you to rely less on YouTube’s monetization features and more on donations coming directly from your viewers. However, tread lightly, because working on Patreon comes with a number of hurdles.
Firstly, audiences on Patreon expect something “extra” that’s not available for free. However, since Patreon doesn’t help you find viewers, your only bet is to post free content on YouTube to find new patrons.
This means you will have to double your workload to:
- Produce free content on YouTube to find new followers
- Produce premium content on Patreon to keep your patrons happy
To avoid this trap, consider using a social marketplace like Paysenger that combines both promotion and monetization in one place.
Paysenger is an emerging platform that gives creators additional revenue streams to support their work. It allows creators to earn tokens for completing content requests from fans and promoting sponsored content.
In addition, it offers all social networking features. By posting regularly on Paysenger, you can grow your following a lot faster than YouTube because Paysenger has less competition. Here are some of its features:
- Sponsorships: Sponsored content is a vital part of the creator economy. Using Paysenger, you can collaborate with brands and companies to create paid content.
- On-demand content: Fans and sponsors can easily ask you to create content based on their ideas. You get paid every time you complete a request.
- Subscriptions: Give access to exclusive content to your subscribers in exchange for one-time or monthly donations. This is an excellent revenue source that gives you the freedom to do what you love.
How Do Others Monetize on YouTube?
YouTube has given rise to a new breed of content creators who have turned their passions into lucrative careers. Following are some of the many inspiring examples of creators that successfully monetized their content and made a sizeable earning from their content creation:
Not Another Cooking Show: Stephen Cusato started his YouTube cooking channel in 2018. His message, that cooking is a basic life skill and should be learned by everyone, resonates with his viewers. His straightforward manner gives his channel a sense of authenticity and his unique cooking style, which he describes as ‘Modern Grandma’ has earned him a lot of popularity. He monetizes his YouTube fame using YouTube ads, working with sponsors and by offering more exclusive content on his patreon page.
Jeremy Blum: If you are into robotics or engineering, you probably know about jeremy blum. He started his channel by uploading YouTube tutorials about his different robotics and engineering projects. His Arduino tutorials were a major success among engineers and robotics hobbyists alike. In 2006, when he started his channel, he was one of the earliest YouTubers in his specific niche. He monetizes his content using YouTube advertisements and selling his merch online on Zazzle.
Vagabrothers: Alex and Marco Ayling, started their travel vlog in 2013. Their high-quality videos, their cinematography and video editing skills, and their passion for exploring different cultures are what their fans love about the channel. They monetize their channel using YouTube ads, sponsors and selling merch.
These individuals are just some of many who demonstrate how YouTube can serve as a launching pad for creative careers. By harnessing their talents, putting in hard work, and developing effective strategies, individuals from all walks of life can monetize their channels and thrive on the platform.
Building a Loyal Audience on YouTube
Creating content to earn money can be highly lucrative. However, most creators desire to build a loyal audience on YouTube. It can take some to achieve this, but you can fast-track the process using the following tricks:
- Engage with your subscribers: It’s a simple way to interact with your subscribers. You can do this by replying to them in comments and DMs.
- Collaborate with other creators: Once you’ve set your foundations on YouTube, start thinking about ways to maximize your earnings. You can invite other creators for a collaboration. It will increase subscribers on both sides. This can easily be achieved by using collaboration tools like Paysenger.
- Promote your channel: All of your strategies will be in vain if you don’t promote your channel. It’s so easy to promote yourself these days. You can do it by sharing the link of your YouTube channel on other social media platforms.
YouTube monetization pays big rewards to content creators. However, you need hard work, dedication, and a deep knowledge of YouTube’s monetization policies and guidelines. To get the most out of your YouTube journey, combine it with monetization tools like Paysenger.
Kick-start your journey as a content creator by signing up for a Paysenger account. Sell on-demand content, build your audiences, collaborate with sponsors, take paid messages and redirect audiences to your YouTube channel.