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The internet has generated many opportunities for creative people to get fame as well as make money online. In this era, writers, musicians, filmmakers, and other content creators can share their creative visions with an appreciative audience through various modes.
It has been reported that over 50 million people across the world might consider themselves to be content creators. Of these, 46.7 million think themselves to be amateurs, with over two million considering themselves to be professional creators, earning enough from their passion to consider it their full-time job.
Getting started with monetization does not have to be stressful. Users can go from live streaming to social gaming, to content commerce and the list of opportunities is only growing.
If you are still wondering how to start making money from social media platforms, then here is all you need to know. We bring you the best social media platforms and how you can engage your customers accordingly to gain followers, and monetize the same.
YouTube
As a next step, it’s imperative to think about monetizing YouTube videos at least once in their career. There are several ways to do it- the most effective and common way is through YouTube Partner Program (YPP). It is an upgrade which allows the user to place advertisements on their YouTube videos and make money. Before applying to YPP, a user needs to have 1,000 subscribers, a total of 4,000 watch hours on the channel and abide by YouTube community guidelines. Eligible users can now turn on monetization for as many videos as possible on YouTube. Other ways of monetising your content on YouTube include brand deals, affiliate marketing, and YouTube live.
Twitch
Twitch is a global live streaming platform focused on gamers that are best for follower interaction within your profile. It is owned by Amazon and has become one of the best platforms for streaming. The platform currently has around 17.5 million daily active users. The global app offers an extremely easy set-up with a flexible user interface and is compatible with almost all popular video streaming utilities. The simplest way of monetising content on Twitch is by Bits, which is a kind of currency used within the platform that users can use to get and send For each emoticon/bits sent, the creator of the emoticon receives an economic compensation, specifically $0.01.Users can also make money on the live gaming app through Amazon affiliates, subscriptions, and ads.
Bolo Live
Bolo Live is claimed to be India’s largest video live streaming platform which focuses on democratizing monetization for every content creator by live streaming entertainment, gaming and much more. The live streaming app comes with integrated real-time gamification gamification driven by microtransactions-led gifting options and aims to create the world’s largest active engagement and behavioural science-driven entertainment platform from India, with love from across the globe. Today the largest monetisation opportunity available to the content creators on the platform is where the audiences give virtual gifts to live streamers of their choice.
- In order to give virtual gifts, fans purchase diamonds on the platform by paying actual cash.
- Top creators are already making close to INR 2 lakh per month from the platform, with over 110
- creators making more than 1 lakh per month. Cumulatively, content creators are making close
- to INR 2.75 crore per month from the platform.
Instagram is a behemoth of a social media channel that continues to grow at an unprecedented rate. Wondering what it holds for you? Although it is a platform designed to share photos and videos on, with the right approach, you can even make money on Instagram. Before starting off your monetization journey on the platform, create a community of dedicated and engaged followers. To start off, there are many ways to monetize your content on Instagram- from selling your own products, affiliate products, creating sponsored content, to video product placements. One of the most effective ways to start your monetisation journey is by offering your followers paid membership access to your exclusive, high-quality video content; which is also known as a subscription-style video streaming service. This feature allows a creator to design content of their choice be it education, inspiration, entertainment, or anything in between and earn a consistent wage for their creativity. In this feature, followers would pay a monthly subscription fee for access to quality content at a price as set by the creator.
Meesho
According to a research report, Live or video commerce is expected to gain traction in the Indian eCommerce market, with a potential to reach a size of $4-5 billion GMV by 2025. Live commerce is a form of online shopping which combines instant purchasing of a featured product and audience participation through chats and real-time reactions. One such platform, Meesho, brings in the environment of comfort and fun and leverages the factor of discovery in online shopping which is very different from conversational eCommerce platforms. It is an online resale platform which let people from [various parts of the world start a business without putting in the money upfront.
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