YouTube has been around since what feels like the Mesozoic Era but don’t rush burying it alongside the dinosaurs as this platform still has a few surprises up its sleeve and 2022 is shaping up to be the year of YouTube! Did you know that you can use YouTube not only as a video platform to share your expertise and behind the scenes of your business but also as an extra income stream for your business? Here is everything you need to know about making money on YouTube in 2022.
2.3 billion people watched at least one video on YouTube in 2020. This is a massive and exciting platform for creators from all over the world that provides a lot of monetisation opportunities. In this article, we’re not going to focus on all of them.
After all, we realise you’re already working on your own business full-time (and probably, even more than that!), so we’re not suggesting you create any extra digital products, online courses or physical merch you can sell via your YouTube videos – those are all valid and effective money-makers but you definitely have no time for that. So, let’s focus on income streams that don’t require any extra effort on your side. If you’re already making videos for your YouTube channel or just thinking about venturing into this new exciting world, here are a few ways you can earn money on YouTube as a business owner or an entrepreneur without doing anything extra outside the video creation.
YouTube ads
Did you know that content creators are being paid for allowing YouTube to show ads at the beginning (pre-roll ads) and/or throughout their videos (mid-roll ads)? Just like the banners on your website, providing a platform for other brands to advertise is rewarded.
YouTube ads are the most obvious way to make money on YouTube and doesn’t require any extra effort from you. You just need to make sure all the content you’re posting is royalty free or your own and you own full rights to post it. You will also need to have at least 1,000 subscribers and more than 4,000 valid public watch hours in the last 12 months (the combined watch time on all your videos) to qualify for the YouTube Partner Program.
How much can you make this way? Of course, it depends on how many views you’re getting. On average, every half a million views will earn you around $1,000. We know, we know, 500,000 views sounds insane but if you have a look at the popular videos on YouTube – some of them have more views than there are people on Earth! So, the sky is the limit here. Just start sharing your expertise, be useful, be creative, do it regularly – and you’ll get there!
Channel membership
Once you reach 30,000 subscribers, you can start creating membership-only videos for your channel, which means only those who pay a monthly subscription fee will be able to watch them.
Go Live
YouTube Live is not only a fun and progressive way to connect with your audience, it can also bring your business some extra income! With the Super Chat tool, your viewers can pay to have their question or comment highlighted in a chat, making it more visible to others and yourself. Obviously, the more viewers you have in your livestream, the more likely they will pay for that, making sure you are not going to miss their question.
If you’ve never done Lives before, you might need to verify your account first. To double-check whether your account is already approved for Lives, click the button you use to upload your videos (top left corner of the screen) and see if it gives you a ‘Go live’ option. If it’s not there, you’ll have to go through the verification process first but it’s easy and pretty straightforward – you will most probably be able to do your first Live in around 24 hours.
Sponsored videos
Instead of waiting for YouTube to place ads in your videos and wasting time watching your views slowly increase, why not take matters into your own hands? If you have an entrepreneurial friend, whose business might benefit from you talking about it in one of your videos, said friend can pay you for sharing what they do with your audience. Just like radio ads, you can insert a few paragraphs with the info about your ‘advertiser’, thanking them for sponsoring your video, somewhere in between the tips or stories you’re sharing today.
Educational channels, tutorials and experts in their niche are known to benefit from this YouTube monetisation strategy the most.
Affiliate links
Did you know that you can add active links to the captions of your videos? That means you can use this space not only to share links to your own website and social media but also to some websites you’re an affiliate partner of, getting a small commission every time someone purchases a product you’ve linked in your caption.
Content creators usually share the links to the equipment they use to film their videos, so that their audience can get inspired and start creating videos as well. If you’re sharing skincare tips, you might become an affiliate partner of makeup and beauty brands you’re using in your videos; if you’re a life coach, you can send your audience to a website that has journals, planners and other useful things that you’re talking about in your videos.
Learn more about affiliate marketing here.
Bonus content
Just like with Instagram, if you’re offering high-quality, informative, educational content on YouTube, your audience will be keen to learn more from you. So, think about offering exclusive extra content on Patreon or other membership-only platforms. You can advertise these paid videos in your public YouTube videos. For example, if you’re sharing ‘Six amazing tips’ today, you can invite people to learn six more tips on the same topic on your Patreon or other platform.
