YouTube stars are today’s self-made celebrities—people who have built an online following by making content aimed at teaching, entertaining, reviewing, and generally being wonderful.
The majority of these on-screen celebrities do what they do just to satisfy a need to create and perform in front of an audience.
While making money may not be your primary motivation for launching a YouTube channel, the wealth of earning potential is a pleasant surprise once you learn how many there are.
According to Forbes, these 10 channels were the top earners on YouTube 2020
You may have a lot of questions regarding how these YouTube celebrities made their money after reading this list. Let’s see a few of them.
YouTube does not compensate content creators for their work. Videos aren’t automatically monetized. You must enable monetization in your YouTube account settings in order to begin making money on the platform. You can then join the YouTube Partners Program or have your content appear on YouTube Premium.
Even if you ignore the millions of money and subscribers garnered, there are a few insights from Forbes’ list.
First, even if you don’t have millions of subscribers, you may monetize your YouTube channel. Your earning potential is decided not only by the number of subscribers and views you have, but also by the level of engagement you generate, the niche you cater to, and the revenue streams you pursue. That isn’t to imply that having a large number of subscribers isn’t important; take a look at our YouTube subscriber advice.
You’ll be in a terrific position to monetize your material in a variety of ways once you’ve built up your own audience. However, you’ll be able to maximize your opportunities only if you know who your target audience is.
The more narrow your YouTube channel is, the better position you’ll be into work with marketers trying to target certain audiences, according to many YouTubers looking to make money (more on that later).
Pay close attention to the following:
You’ll have a better grasp of your own audience and be able to deal with companies more effectively if you have this demographic information on hand. Your YouTube analytics can provide you with all demographic information, but use a service like Social Blade to compare your channel to others.
Now that we’ve cleared things up, we can move on to discussing the various ways your YouTube channel might generate revenue.
Your audience may be able to unlock the earning potential of your YouTube channel, similar to how to make money on Instagram or through blogging. It’s easier to monetize when you have various money streams, such as side hustles or enterprises.
Fortunately, there are various options for doing so:
Let’s look at each of these streams in more detail.
Ads are most likely to be your first source of money. Joining the YouTube Partners Program and setting up monetization is essential whether you want to make money on YouTube without making videos or as a content creator. After reaching 1,000 subscribers and 4,000 watch hours in the previous year, you can apply for monetization.
How can I turn on YouTube monetization?
Return to the dashboard and, on the left, pick the Analytics tab. Then, from the top-level tabs, select Revenue, then scroll down to the Monthly Estimated Revenue chart to obtain a sense of your expected revenue.
The amount of views you get has nothing to do with the amount of money you make. You will not get any money if your video receives thousands of views but no one sees or clicks the ad. This is due to YouTube’s billing criteria: to be paid, a viewer must either click on an ad or watch it for the whole duration (10, 15, or 30 seconds).
With the launch of YouTube Premium, you no longer have to rely on advertisers to generate compelling or tempting ads in order to earn money.
YouTube Premium is a paid subscription service that allows users to watch and support their favourite video creators without being interrupted by advertisements. There are few changes for producers, since they will continue to be compensated for content watched by non-members on YouTube as well as content on YouTube Premium.
YouTube Premium creators are compensated based on the number of times their material is seen by YouTube users. Consider YouTube Premium money as a supplement to ad revenue.
While it’s simple to get started, becoming a YouTube Partner and making money through advertising isn’t the most lucrative way to make money.