YouTubers rarely make enough money through YouTube, and most of them err by believing that they’ll magically start making money when they get to 1M subscribers or any such arbitrary number. Here, I’ll tell you how you can leverage YouTube’s strengths and actually make money.
Not on YouTube
YouTube has ads. You would have already turned it on and are probably making some money from it already. That’s great. The number one thing you must understand on YouTube is that since it is free for users to watch, there is only so much you can actually earn through ads. You must not try to earn with YouTube. You must look to build a wide audience with YouTube by posting free videos, but you’d really make your money on other channels. Socionity is one such channel which lets you leverage your audience and charge them directly.
YouTube is only to be used for discovery and audience building.
Netflix et al
Gone are the days when everyone expected all the content online to be free. With the advent of Netflix, Prime and other such apps that charge the users for the content, people are now finally ready to pay.
Wallets and mobile payments
Payment has become easy. There’s Google Pay, Apple Pay, Wallets and ofcourse your credit cards. Payments are now much simpler and secure. Payments work. People are now much more accustomed to paying online.
People paid a whooping US$1,058,288 Million in 2019 alone – online.
A lot of your loyal audience will want to get exclusive access to you. Content that they’ll be the first to catch.
Having a community of loyal audience is far more powerful than a huge following of people who kind-of-like-you. With a loyal community you can have a meaningful dialogue. You can charge for the content, because these people see value in it and will be willing to pay.
Over time more and more people will want to enter this exclusive club. And slowly your revenue will start growing really fast as more and more people refer their friends to your own app.
Don’t err by thinking you can earn with YouTube by just posting videos every week. You need to work hard and build a loyal audience and charge them directly.
Keep it simple, keep it direct. Don’t play the guessing game of which video will go viral and how much money you can make from each of those videos.
When you start selling to an audience, you can actually just talk to them and see what they want and build exactly what they want & will be willing to pay for.
The number of people who’ll pay you will be far less than the number of subscribers on your channel. However, the amount of money you’ll make from these loyal fans will far outstrip the amount you make through ads.
No free lunch
As they rightly say, there is no free lunch. If you are creating value, you should be rewarded for it. Your content is watched and loved by people around the world, why shouldn’t they pay you?
A lot of YouTubers we talk to are very skeptical about whether their audience will pay for their content. It’s a good question to ask. If the answer is no, there’s a much bigger problem. If you think people will not pay for your content, you should re-evaluate the kind of content you are making. If people love you and your work, they’ll definitely follow you and pay you for your content.
There will be trolls who will, like anywhere on the internet, come and rant about how selfish you are by charging for the content. These are the people you want to separate from your loyals. Your loyals will love the fact that you are taking a bold new step. They will be happy to help you. These are the people who realize that making content isn’t easy. It takes time and effort and you are being fair by asking them to pay up for it.
“When in doubt, double the price“
Never hesitate to charge for your work.
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