How To Make Social Media Pay Your Bills
Social media giants like Facebook, Instagram, Youtube, and Twitter have taken over mainstream media. Every day some Youtube videos get more views than the entire TV and Cable networks. Quite a few social media influencers have more followers than people that watched the Super-Bowl or the World Series. Things have definitely changed in the last 5 or 6 years for content creators.
Even though there are more content creators than ever, the problem of monetization still plagues the majority. Most creators still cannot earn any money from their work. 10 thousand followers does not add up to $10,000 and more often than not, has no financial payoff. So far, Youtube is the only major platform that pays creators a share of its ad revenue but it’s still not easy for small channels to earn more than $10 or $20 per month. The average Youtuber getting 3,000 views per day earns about $6 per day or $2,000 per year. It’s better than nothing but it’s definitely not enough to live on.
There are also services that help creators onboard subscribers like Only Fans, Patreon and Xclusive TV. These services allow users to charge a subscription fee based on tiers of access or in the case of Xclusive TV, it is a flat monthly rate. These services tend to produce the most income for smaller content producers with loyal followings or people who produce content that may not be advertiser-friendly. Only Fans specializes in monetizing homemade adult content. Patreon is used mainly by YouTubers that produce content that cannot be monetized by Youtube or want to provide additional private information for a fee, like courses or investment tips. Some also use Patreon to premiere their content before releasing it on Youtube at later date. Xclusive TV is a mix between the two, it offers users the option to post free content as well as subscription-only content. All 3 platforms offer upload of Audio, Photo, and Video content. Of the services Xclusive TV allows creators to keep more of their earnings because it charges a lower processing fee and does not require them to offer rewards.
Overall the subscription model seems to work better for the broader community of creators because they offer more control over their content, a recurring revenue stream that is more predictable and the money comes from actual people that truly enjoy what they are producing. In contrast, the advertising model that Youtube provides does provide a more hands-free solution but it is very restrictive and much less predictable since it depends on the ad inventory available and the popularity of individual videos causing some to feel pressure to change their content to keep certain types of advertisers with higher pay rates.