With YouTube bringing in 1.8 billion users every month, and social media platforms such as Instagram and TikTok captivating a generation, it is becoming more and more lucrative to become an online influencer. Across each platform there are a myriad of ways to make money; with YouTube bringing advertising revenue, and for Instagram the opportunity of product promotion. In either case, never before has it been easier to set up an enterprise for such little cost. Below we will go into more detail on the ways you can monetize the various social media platforms:
Instagram is third biggest social media platform by user count (with around a billion monthly users), behind Facebook and YouTube, yet offers one of the best opportunities to build a brand and to make money. One of the main ways to make money out of Instagram is to have sponsored posts and shout-outs to other brands in return for a payment. Such a method of money making comes about once you yourself have a clear brand on Instagram, and a large follower count- which may make this route to monetization hard for someone just starting out as an influencer!
Another way to generate money out of Instagram is to use it as a way to advertise your own business, provided you already have one. Instagram is a fantastic tool for creating your own brand as it enables you to post engaging content centered entirely around your products and your business.
Of course, for both of these routes to monetization to be successful, you will need a strong follower count, which will only come about if you either have an already popular business or a unique idea for a new Instagram page. But with this in mind, it is therefore the case that there is one important thing you need to make money out of Instagram… your imagination!
A relatively new platform for influencers is TikTok (previously known as Musical.ly), but has already surpassed Facebook, YouTube and Instagram to become the world’s most downloaded iOS app. Hugely popular with younger users (60% of the app’s monthly active users in the U.S. are 16 to 24 year-olds), giving your brand a great way in to targeting this demographic.
The monetization opportunities of TikTok are much the same as Instagram, with sponsored posts and promotion of your own brand being the two main benefits. However, the way the app differs from Instagram is through the way your content is shown. Whereas on Insta your feed is a mix of still pictures and videos of varying length, on TikTok your posts are just short, engaging videos that appear one by one on your users feed, and therefore a brilliant way to capture your viewer’s attention.
Of the three platforms mentioned in this post, perhaps the most renowned for monetization is YouTube. Not only does the site give the same opportunities as TikTok and Instagram, it also gives you the chance to earn money through advertising revenue from the adverts your viewers see before and during your video. This is therefore a brilliant way to make money from doing something you love! You can set up an account based all around a theme you enjoy, attracting subscribers who all love that too, and from their views then get revenue!
With all this in mind, if you would like to find out more about monetizing your social media presence then please Click Here to see an event that we are hosting on this very topic! We will be inviting three YouTubers to come and talk to us about the entrepreneurial aspect of being an online influencer, as well discussing more broadly what goes in to establishing an online presence. Please come along and join us!
by Adelina Fughina