YouTube is still one of the best ways to make some extra money or even rely on it as your main source of income. There are plenty of YouTubers who do both.

It is completely possible to live off of revenue/s from YouTube if you dare to put some effort into it. There are many YouTubers who have millions of subscribers who are in a position to live off of revenues from YouTube. One common feature amongst all these YouTubers is that they divest their sources of income even on YouTube.

YouTube is kind enough to give its content creators a few different ways to earn money on their platform. But there are many external money-making opportunities that you can integrate into the success of your YouTube channel. In this article, we will go through 8 different ways you can earn money on YouTube.

8 Ways to Earn Money on YouTube

Before we jump into the details, here is a summary of what we have to offer you. These are our picks of ways to earn money on YouTube;

1. YouTube monetization
2. YouTube Partner Program and enable memberships
3. Livestream donations & Superchat
4. Product placement/sponsorships
5. Sell merchandise
6. Sell your expertise
7. Affiliate marketing
8. Copyright/licensing revenue

Now, we will go into more detail on each of these revenue sources.

(1) YouTube monetization

The primary and most popular way to earn money on YouTube is through monetization of your videos which places advertisements on your content through Google AdSense. There are certain minimum requirements you have to meet to be eligible to earn money this way, but if you want to make any serious money from YouTube, you will have to meet these requirements anyway.

Some of the biggest stars on YouTube, such as PewDiePie are estimated to earn around $70,000 per video. This is with an estimated viewership of over 2.5 million views and more on a video. Another popular Minecraft YouTuber Dream is estimated to make around $250,000 per video, with over 25 million views on one video. So, some big paychecks are still plausible with YouTube monetization.

On average, it is estimated that YouTube ad revenue will earn you around $3 – $5 per thousand views. These rates are pretty standard with what you earn with Google AdSense or even better advertising networks such as Ezoic or AdThrive. However, as usual, these ad rates vary largely on the type of content you put out. Generally, finance, insurance, banking, health, and investing niches tend to earn higher CPM rates even on YouTube.

(2) YouTube Partner Program and enable memberships

YouTube Partner Program goes hand-in-hand with enabling YouTube monetization that we discussed above. However, as a Partner, you will receive some additional earning potential. Now you can enable channel memberships.

Subscribing on YouTube is free, and memberships are not. YouTube memberships can earn you $4.99 per member joining your channel. However, YouTube takes 30% of this which leaves the content creator with an earning of $3.49 per member. This is a monthly subscription that can turn into a pretty significant source of recurring revenue.

To sell channel memberships to your audience, you must be over 18 years of age, and you need to have at least 30,000 subscribers.

(3) Livestream donations & Superchat

Another perk that you get with becoming a Partner with YouTube is the ability to receive Superchat donations. This is just another fancy way of saying donations. But, Superchat donations have much more visibility during live streams. Their donation and their message stay pinned on top of the live chat for a period of time depending on the amount donated.

Even from these donations, YouTube takes their cool cut of 30% and you get to keep the balance.

Up until now, we were monetizing content on the YouTube platform itself and had to give their share of fees as well. Now, we enter into the arena where you take control of things and your revenue too.

(4) Product placement/sponsorships

If your YouTube channel has a substantial fan base or even a substantial viewership, you can be approached by different companies to promote their products and services.

Sponsorships can be as simple as mentioning your sponsor’s name and product somewhere in the video. It can be a quick mention of the company and its services to your audience. But this can be BIG money if your audience size is right.

Sponsorship earnings are off the jurisdiction of YouTube, so how much you negotiate is 100% yours.

(5) Sell merchandise

When you have a loyal fanbase, you can start selling some cool merchandise. From t-shirts to mugs to hats to socks to beanies to anything you can think of. The potential for revenue really depends on how creative your ideas are and how loyal your fans are.

You can talk about these merchandise in your videos and link to where your fans can buy them in the video description.

(6) Sell your expertise

Another very good way to earn money on YouTube is by selling a service that you are good at. This could be based on what your YouTube channel is about or even something different.

For example, most investing-related channels sell related expertise such as stock picks, custom investment portfolios, personalized investment advice, expense trackers, and much more.

You can even sell an ebook you have created on a specific subject, sell your photographs if you are a photographer, sell your paintings if you are a painter, and the list goes on and on.

These services will be hosted outside of YouTube, which allows you to rake in 100% of the revenue you make from these.

(7) Affiliate marketing

Ah, the classic! Affiliate marketing is where you earn commissions for promoting the products and services of companies. Sponsorships will pay you upfront, but affiliate marketing pays you later, a % of the revenue the company makes from your recommendations.

You can recommend products and services related to your YouTube channel niche. Maybe a good photography book you read, a camera you use, a financial tips book you read, a movie you watched, a piano course you can recommend, and so on. Talk about these products on your videos and place affiliate links in the video description.

Popular affiliate marketing platforms are Amazon, Clickbank, eBay, and sometimes individual companies also offer affiliate programs.

Any commissions you earn from these sales are also off-bound to the YouTube team.

(8) Copyright/licensing revenue

If you are a music producer or a singer, your music on YouTube will earn you revenue from all the above sources. However, you can also earn revenue from licensing your intellectual property. Any time someone else uses your music, you will receive a portion of the earnings they get on their video.

Even if you’re singed with a record label, YouTube will send out any revenues your music earns throughout YouTube. The record label will be paid and your share will be paid out by your label, depending on your contract with them.

Copyright laws do not limit only to music or songs. Even your videos are your intellectual property. So, if someone else is using your stuff, you have the right to take them down or get paid for your work.

So, these are some of the top ways to earn money from YouTube. Always have more than one source of income even though you build your platform on one source such as YouTube.

Let us hear your questions and feedback in the comments below.