29 Apr Ten ways creators can monetize their content on social media
If you can create beautiful content that engages social users, then you can make money from the platforms you share it on.
Influencer marketing is the most well-known, sought-after way to make money online. That’s according to SignalFire’s 2020 report which states the creator economy represents the “fastest-growing type of small business.”
This means the competition is stiff and it’s only getting harder to stand out to brands as more join the online creator community. But brand collaborations are just one way to monetize your social media presence.
Almost every mainstream social platform now offers creators additional avenues to make money – and new features are being added all the time. So here’s a round up of ten ways creators can monetize their content on social media and how you can access them today:
#1 Pinterest’s Creator Fund
Pinterest recently announced its very first in-platform monetisation program called the Creator Fund. This $500k funding program is in testing and was designed to financially support a small group of Pinterest creators from underrepresented communities.
As the Creator Fund expands, Pinterest pledges that 50% of the creators taking part in the program will be from underrepresented groups.
Currently only available to fashion, photography, food and travel creators in the US, Pinterest says, “The creators went through training, creative strategy consulting and received a budget for content creation and ad credits.”
#2 The Creator Accelerator Program and direct payments on Clubhouse
The hot new invite-only audio platform, Clubhouse is already making plans for creators to monetise their content. The app’s Creator Accelerator Program was launched to financially support an expert group of Clubhouse creators helping them “host amazing conversations, build their audience, and monetize their work.”
While this program is only open to 20 creators at the moment, Clubhouse has also just released a new feature in testing that allows users to directly pay creators who open and moderate rooms on the app. Users will be able to send direct payments via the creators’ Clubhouse profile. The creator will need to have this feature turned on for the user to be able to click “Send money”. It’s reported that creators will receive 100% of these payments, as Clubhouse won’t be taking a cut from them.
#3 More opportunities than before with YouTube ads and the Applause feature
One of the most well-known platforms to jump on if you’re looking to monetise your content is YouTube. Ads on the long-form video platform have been around for years.
But just recently, the platform has updated its advertiser-friendly guidelines so more of your YouTube videos can be monetised. Check out the full policy update here. If you want to gain access to ad revenue on YouTube, you need to apply to join their Partner Program.
YouTube is also testing a new ‘applause’ feature with a select few creators via the desktop site. Users will be able to purchase and gift a creator with an ‘applause’ for a standard amount of $2. These tips will be split 70:30 between the creator and YouTube, with creators receiving the 70%. There will be four different types for viewers to purchase and their donations will be public on the content they are supporting.
#4 Facebook’s video ads
Social media giant, Facebook has recently created an opportunity for influencers to make money through short and long-form videos. Videographers can now earn revenue through their video content thanks to newly placed ads. One-minute-long videos will have an ad run 30-seconds into the video, and 3+ minute videos will have an ad play 45-seconds into the video.
The app is also continuing to explore in-stream ad formats that build engagement through rewards or product interactions. These engagements will likely increase your revenue and provide viewers with a higher-quality video experience.
To join Facebook’s program to access these features you must have the following:
- 600,000 total minutes viewed from any combination of video uploads in the last 60 days.
- Have five or more active video uploads or previously Live videos.
- Videos must be published, not deleted, and compliant with Facebook’s content monetisation policies.
#5 TikTok’s Digital Gifts
When hosting a TikTok Live, your viewers can now ‘tip’ you for your content by purchasing and sending you Digital Gifts.
The way it works is a user must purchase TikTok coins which are available for purchase in multiple different bundles under their Settings. After a user has TikTok coins in their wallet, they will be able to send unique gifts to a creator hosting a TikTok live. Then once a creator has been sent a gift, it will turn into a diamond. Once you’ve racked up a certain amount of diamonds, they can be exchanged into cash where you can collect via PayPal or another verified payment method.
This is a great way for TikTok creators to gain financial support from their audience and allow for a deeper connection with followers, given the name of the donor is publicly shown. You can learn more about TikTok’s policies on this feature here.
#6 Instagram’s Live Badges and IGTV ads
Jumping on the Live gifts bandwagon, Instagram’s Live Badges allow creators to generate revenue from hosting a Live. After testing has wrapped up and the feature is launched globally, viewers can purchase up to three different types of badges during your Live. They are:
- One heart = $0.99
- Two hearts = $1.99
- Three hearts = $4.99
They will be super useful for creators who use their platform to educate and teach their audience by hosting lives for exercise classes, photography and videography masterclasses or cooking and beauty tutorials.
Instagram has also come out with IGTV ads and is now starting to share ad revenue with content creators. The app will be sharing an ‘industry standard’ 55% cut with a select few creators around the globe, with a goal to expand this test group to more.
IGTV ads will begin to play when viewers click to watch a video from an in-feed preview. They’ll be vertical and up to 15 seconds long, but developers are working on a ‘skip ad’ feature. Creators who wish to have their IGTV videos monetised will also need to strictly follow Instagram’s monetisation policy.
Learn more about how to make money on Instagram here.
#7 Check out our no-nonsense infographic that swiftly takes you through each social platform and their monetisation features:
#8 Join Vamp’s creator community
When you join Vamp’s creator community, you’ll never be asked to create content for free. All of our brand collaborations are paid and we provide our creators with opportunities on Instagram, TikTok and YouTube. If this sounds like a creator community you want to be part of, download our free Vamp app from the App Store or Google Play and apply to join.