Content creators are learning about new revenue streams and diversifying in order to make content development more lucrative and stable.
Making videos on the internet is sometimes dismissed by Boomers, Gen X, and other non-digitally native generations. However, if you’re a dedicated content creator yourself, you’ll know that it takes a lot of labor and ingenuity to make money in this profession. People in this business are always looking for new revenue streams.
Take, for example, Nas Daily. Since quitting his IT job to tour the world and make a single one-minute video every day, he’s amassed a following of millions. However, he’ll also tell you that each video takes him an average of ten hours to create.
It’s true that the media loves to highlight the few elite creators who make millions through corporate partnerships. However, they are in the minority. Only about 2 million (about 4%) of the world’s 50 million or more creators make enough money to consider it a full-time career. A lengthy line of semi-pro, side-hustle, or monetization-curious creators come behind them.
Despite the fact that the creative “middle class” is growing, it is still quite small. Only 43% of the 4 percent of creators who work full-time make a livable income of $50,000 or more. The rest are eking out a living on a minimal budget.
Is a sponsored brand the answer?
Many people see sponsored brand collaborations as the path to success. However, this revenue stream has its own set of problems.
Additionally, many creators with ostensibly lucrative contracts have cash flow challenges. This comes as a result of brands dismissing their contributions as inconsequential and putting them at the bottom of the monthly payment list.
Approximately 77 percent of content creators rely on commercial relationships for income. This, therefore, exposes them to payment delays.
All of this supports the concept of diversifying revenue streams in order to make content development lucrative and stable.
With that in mind, consider the following three options for monetizing your content.
1. The YouTube Partner Program: Revenue stream for those with a following.
This is a program that allows you to work with YouTube. It’s a popular platform for content providers. Therefore, the YouTube Partner Program is extremely beneficial. You’ll get a cut of the money from adverts that YouTube chooses to show on your videos if you join the YPP.
Additionally, YouTube will begin displaying banner advertising on your channel page. It also may put in a pre-video ad or an in-video banner overlay ad once you sign up.
Ad placement, ad optimization, and interaction tracking are all handled by the platform. Furthermore, payment is sent immediately through your Google AdSense account.
Furthermore, the software also includes comprehensive customization options. These allow you to change the design of your entire channel to better your branding. In addition, it offers more resources for producers to study visitor behavior and develop more relevant and interesting content.
To be qualified for the YPP, you must have at least 1,000 subscribers and 4,000 valid public watch hours. Therefore, not everyone who is just getting started qualifies.
YouTube, on the other hand, claims to have surpassed 2 million partners by August 2021. In addition, it’s one of the most lucrative revenue options for producers.
2. Include a tip jar in your social media bio.
“Link in bio” pages have exploded in popularity as a method to direct people to your content. In addition, upcoming events, subscription options, online stores, and product sites are among some of the other things that can be put there.
It’s a fantastic method to monetize your audience. That’s because you can encourage them to sign up for your newsletter, buy your stuff, employ you for assignments, or attend your webinar all from a single page linked in your bio.
Links in bio pages started on Instagram, where you are limited to only one clickable link in your entire profile.
However, that didn’t last long. Use the URL in your TikTok, Twitter, Twitch, or Snapchat profiles. Once you’ve created a link on the bio page, you are ready to go.
In addition, Lightricks’ Link in Bio function now allows you to shake a lovely tip jar in the direction of your fans. It’s easy to set up, and there are plenty of adjustments and styles to choose from. Therefore, your bio page link is elegant, appealing, and consistent with your branding.
Furthermore, the program interfaces with Stripe. This allows you to quickly begin earning those tips. Finally, it’s completely free.
You may add the Lightricks Link in Bio tool to your toolbox as a standalone web app. However, if you utilize Facetune2 for content creation, it’ll already be there.
3. Subscriptions to premium content include new revenue streams on Patreon.
Patreon is the godfather of content monetization. However, the Premium tier elevates it to new heights.
Premium Patreon members get their own Partner Manager. This partner helps them increase their reach and disseminate their brand. In addition, it gives them a one-on-one analysis of unique data. This can help them understand their audience and spot the ideal possibilities to grow.
Merch for the Membership program, a form of unique fulfillment scheme for customized swag. It is one of the best Premium features. Patreon takes care of tracking, shipping, and customer service. This makes it simple for you to provide your top supporters with high-quality, customized products.
In addition, it offers smart pricing optimization. This means that Patreon’s algorithm suggests which products to give to specific levels. This saves you time and effort so you can concentrate on creating content.
Furthermore, the Premium plan costs 12% of your revenue. In order to be eligible, you must have a particular number of followers and engagement.
Diversification is an important strategy for every company. Content development is no exception.
You can grow your creator business to join the ranks of full-time creators. You can do this by optimizing your link in the bio to look even more attractive.
In addition, you can include more ways for followers to pay you. Further, you can be maximizing income from your YouTube videos. Finally, use Patreon’s tools to start merch sales and find more ways to increase revenue.