According to Forbes, the highest-earning You Tuber last year was 9-year-old Ryan Kaji, who took in an estimated $29.5 million between June 1, 2019, and June 1, 2020. His channel, which includes videos of DIY science experiments and toy reviews, reportedly had 41.7 million subscribers, and his videos received 12.2 billion views. Meanwhile, Jimmy Donaldson, known online as Mr Beast, was ranked as the second-highest earner, bringing in $24 million and garnering 47.8 million subscribers and 3 billion views thanks to his high-quality productions of humorous stunts.While the aforementioned YouTube superstars represent a slim minority, there are many more moderately successful channels in which you can earn extra income through this Google platform.
Choosing a Niche
If you’re looking to monetize your channel, you’ll want to take into consideration that some niches are more profitable than others. Gaming, for example, has been one of the most lucrative YouTube topics. Other profitable genres include life hacks, humor or pranks, fail compilations, product unboxing (specifically kids’ toys), how-to and tutorials, kitchen tips and food reviews, lists of top things, animal videos, news, and celebrity gossip.
Taking advantage of paid promotions such as product placements, sponsorships, and endorsements also can be an effective way to generate extra income. Certain niches, such as review-type channels or how-to tutorials, lend themselves particularly well to paid promotions like affiliate marketing. Securing paid promotions can be accomplished in several different ways—you can reach out to brands with a proposal, or if you become recognized enough in your field, you may find yourself being approached by companies. When you identify your content as including paid promotions, YouTube will display a disclosure message at the beginning of the video. You Tubers, along with the businesses they partner with, are responsible for following any other local and legal obligations as well. The Federal Trade Commission (FTC) can be a helpful resource to make sure you’re legally compliant regarding content that involves paid promotions.
Selling a Product or Service
If you sell a product or service, YouTube can be an ideal location to market your business, assert your expertise, and drive traffic to your site. Helpful video content such as Q&As or tutorials can lead potential customers to your business. If you’re an expert in a topic, consider making an online course you can sell to followers. You can also bring in some extra cash by speaking at events and conferences.