If you’re creating quality content and sharing your stories online, the next logical step would be to get compensated for your time and effort – but where do you start? To have a thriving creative business, you need two things: an audience and an income.
If you’re already creating quality content and sharing your stories online, the next logical step would be to get compensated for your time and effort – but where do you start?
What is content monetization?
Content monetization is when you make money from the digital content you create, whether it’s videos, live streams, blog posts, podcasts, or newsletters. Monetizing your content can mean accepting money directly from a piece of content, but most commonly it means building an audience and driving sales using your content.
Most content creators have multiple revenue streams to build a secure content monetization strategy. If one source dries up or becomes ineffective, there are other ways to generate income. In the past year, creators have been eager to add revenue streams to their businesses. By creating content on other content monetization platforms, you can balance your income, help your audience in new ways, and learn new skills.
7 ways to monetize your content
There are many ways to monetize your online content, from selling online courses and affiliate marketing to creating digital products, generating revenue through an ad network, or monetizing social media posts.
As the creative economy grows (200 million and counting), so do the ways to monetize your content. Whether you’re looking for an easy way to earn side income or want to build an empire of products and services, there’s something for everyone.
1. Advertising revenues
One of the most common ways for creators to earn income is by receiving a portion of the revenue from an ad network. This is especially popular on YouTube, where creators can show ads at the beginning, middle, and end of their videos once they reach 1,000 subscribers and 4,000 watch hours.
Ads pay per video view or click. Pay per click pays more, but it’s easier to generate views than clicks, so your results may vary.
2. Affiliate marketing
Affiliate sales are another common way for creators to monetize their content. This is a unique URL that is linked to a product or company, and when someone buys something through that URL, the creator receives a commission.
The biggest benefit of affiliate marketing is that you don’t have to create a product yourself. You can leverage the success of others’ products and promote them to your audience. It helps if the products you promote resonate with your audience and their needs — for example, an audience of dog lovers will be much more interested in affiliate marketing promoting organic dog food or dog toys than affiliate marketing promoting leather bags.
3. Selling products
If you’re adept at crocheting cacti or consider yourself a bit of a fashionista, you can showcase your creativity in the form of physical products. There are crafters selling everything from paint kits to handmade dolls to mugs and t-shirts.
But if you want to keep everything online, digital products may be a better option. This includes downloadable products, e-books and templates, online courses, masterclasses, and stock photos.
Creating merch is a popular option for creators because you don’t need to have a large audience to make money.
4. Brand deals and sponsors
Brand deals are perhaps the most well-known way for creators to make money. Product placements and sponsored content dominate celebrity feeds, and now it’s increasingly common for creators big and small to do the same.
You earn money by partnering with relevant brands and promoting their products to your audience. You can get paid in two ways this way. First, you can enter into a flat fee arrangement where you will be paid a certain amount per post or per month at the beginning of brand collaborations. The second option is to work on an affiliate basis where you get a unique link to share with your audience and earn a commission for every sale.
5. Native platform features
Today, there are high-quality content platforms with their own native monetization features, including Snapchat’s Spotlight feature, TikTok’s Creator Fund, and YouTube’s affiliate program. These social media platforms realized that they were making money off of creators’ hard work, and have since implemented ways to pay the creators who keep their platforms alive.
6. Subscriptions and memberships
Subscriptions are a great way to generate recurring income from the high-quality content you create. By paying a monthly fee, your audience can access premium content like a monthly newsletter, an exclusive blog post, or behind-the-scenes content. Alternatively, creating membership sites can generate income every month.
Some creator platforms have subscription and membership features built in. For example, Substack creators can earn recurring income through subscriptions, while TikTok’s LIVE Subscription feature lets people show their appreciation for free content.
7. Donations and tips
Finally, you can ask your followers to donate or tip you if they like your content. At the end of a YouTube video, subscribers will see a note that says, “If you liked this content, consider buying me a coffee.”
Crowdfunding platforms like Patreon make it easy for creators to monetize their content at a variety of price points. For a monthly fee, followers can gain access to premium content and additional rewards depending on their pricing level.
