Social media as a money-making machine is very common for creators. Some social media, such as Instagram, Facebook, and YouTube, are here to facilitate and offer various benefits for users or content creators to earn money under certain conditions so that personal posts, traveling, traveling around the world, and even just walking around your nearest park can have economic value for users and be seen by many people.
If you have to choose from these three platforms, namely Instagram, Facebook, and YouTube, which of these social media is the best for making money? Let's discuss.
1. Instagram
Instagram is a platform for exchanging photos and short videos, and as of July 2024, it had 1.68 billion users globally. An Instagram account is typically referred to as a celebgram (Instagram celebrity) or influencer when it develops a devoted following and exerts influence over its followers. In addition to being a potentially lucrative career path, this prominence may also draw in brand collaborations. Among the several methods to monetize Instagram are:
First, working together with brands or obtaining endorsements is the first method. Alright, we don't have to envision global brands. It might be a starting point for you to become a lucrative influencer or celebgram user as long as the brand is reputable and the products are trusted. The important thing is that you have to have an intriguing quality and high-quality material. Encourage brands to work with you in order to receive the anticipated payment for endorsements.
Second, paid material is the second method. It is a form of paid contact if you have ever seen a content creator promoting a product in a post that is connected to a brand account. In exchange for reviews and eye-catching photo or video advertising with a high engagement rate, many large corporations are willing to pay a lot of money for their product material. The potential worth of this sponsored content is determined by your Instagram following size and level of influence.
Third, participating in an affiliate program is the third option. Reviewing products is already a way to earn money. Adding e-commerce affiliate links allows you to receive a commission if interested users click the link in your bio and purchase one of the products. The anticipated revenue that can be made can be determined using the Instagram Earning Affiliate Calculator, however, the metrics are inextricably linked to the average commission from each conversion, engagement rate, and CTR and CVR.
The fourth method is to enable Instagram Shopping, which is a business tool that allows you to manage Instagram stores by tagging product names and prices in product photographs or videos to pique people' interest. Users can make payments immediately through this feature without having to ask the account administrator because there is a menu in the post that, if clicked, will take them to the product description. You can sell a wide range of goods, including e-books, digital goods, and clothing.
To enable Instagram Shopping, you will have to go through business due diligence by following the requirements set by Facebook.
Fifth, activating professional mode is the fifth method for accessing Instagram's professional dashboard. You will be enrolled in a program that requires you to adhere to Meta's guidelines in order for films or photographs to have commercial value. For example, you will be able to receive gifts from users who are interested in your posts, with a starting value of $0.01. If you switch to a business account, you will be able to use the Professional Dashboard feature.
2. Facebook
By 2024, Facebook, which has 3.07 billion users globally, may be a dependable medium for users who have made money from their accounts and businesses. Some strategies that users can employ include:
The First Method Businesses can use Facebook Ads, an online advertising platform, to build and run ads that are tailored to particular audiences based on a variety of demographics, interests, behaviors, and other factors. Offering advertising services, becoming an influencer who helps firms sell their goods, and using affiliate marketing—in which Facebook provides affiliate links so you may be paid are all ways to make money with Facebook Ads.
You may reach a wider audience and boost likes, comments, shares, and sales by placing ads on other Facebook services, including Feed, Reels, and the Facebook partner network. Businesses must pay money on advertising through Facebook Ads, but this is arguably proportionate to the outcomes that will be obtained. Facebook Ads payment estimates are based on a number of factors, including industry, audience, and advertising quality. CPC (Cost Per Click) and CPM (Cost Per Mille) are used to determine expenses.
Facebook Ads Cost Per Click ranges from $0.50 to $3.50, according to the 2023 report. The industry average CPC is $0.40. The cost of Facebook Ads CPM varies from $12 to $20 per 1000 impressions.
The second method is In Stream Ads, which may be applied for through Facebook's Meta Business Suite by accounts who have made money using Professional Mode (Facebook Pro) and are eligible. In Stream Ads will show up on your Facebook Reels if it satisfies the conditions. The average revenue from in-stream advertisements is between $0.01 and $0.03, but don't give up because Facebook influencers and vloggers with a large following can earn $10,000 a month from in-stream ads and fan support.
Even someone with specialized skills, like a fitness trainer or chef, who sells his goods in a Facebook shop, can earn between $5,000 and $8,000 a month.
The third option, activating a Facebook subscription, allows content creators to receive a fixed monthly income from their Facebook account followers after fulfilling the eligibility requirements.
The Fourth option, digital content producers that meet the requirements can earn money through Facebook Stars' Fourth Way. With this tool, your fans can express their gratitude to you as a creator. Your balance will rise in accordance with the cost per star icon each time a user awards you a star. According to Facebook, a one-star rating brings in $0.01. Engage Facebook users with captivating and high-quality videos to get them to send you stars on a regular basis. The Instagram Gift option is identical to this one.
It's probably not too hard to gain followers on Facebook, which has over 3 billion people globally. Joining Facebook communities and engaging in meaningful conversations with members is one strategy to gain followers once you've switched to the Professional Facebook mode.
3. YouTube
There are various approaches to learning how to make money on YouTube, including:
First, YouTube, which was started in 2005 by Chad Hurley, Steve Chen, and Jawed Karim, launched the YouTube Partner Program in 2007. This program enables content creators to make money through advertising, but YouTubers need to turn on the monetization function. First, YouTubers need to have at least 1000 subscribers and 4000 hours of views over the last 12 months. They will be paid according to the quantity of views the advertisement receives after it is shown in the video. Because YouTube Ads revenue is calculated on a cost per thousand view basis, advertisers must pay for each 1,000 ad views. Every country has a different price per thousand views.
The second is through sponsored endorsements or promotions. Each YouTuber has a very different approach to this. First, brands will look at the YouTuber's number of followers and whether or not they have an influence that can help sell brand products.
Third-way affiliate marketing: Affiliate marketing is the practice of showing links in video displays that take viewers to links for product sales. Following a purchase made using the link, the YouTuber will get a commission in accordance with the terms of the arrangement. Typically, the commission falls between 5% and 30%.
Fourth, it won't be hard for YouTubers to sell their t-shirts, mugs, clothing, and even e-books once they have media, a devoted following, and high-quality videos.
Fifth, Revenue from video watchers is the fifth method. In addition to being able to be seen on the website page, YouTube video revenue can be computed using the formula below:
Impressions times cost per mille (CPM) plus Impressions times cost per click (CPC) plus Impressions times cost per view (CPV) is the total number of ad impressions. In typically, novice YouTubers make between $3 and $5 for every 1000 views on their videos. YouTubers with a million or more subscribers make an average of $5,000 every video, while videos with an average of one million views might bring in between $1,000 and $10,000. The income collected per video starts at $0.2.
Conclusion
In essence, consumers now have the same choices thanks to Instagram, Facebook, and YouTube; nevertheless, when making a choice, one must take into account factors like:
1. Viewers
The majority of Instagram users are women under 35, and they are drawn to visually appealing, current, and personalized content, somewhat distinct from the Facebook audience, which is primarily over 25 years old based on age type and typically favors fun and instructive Facebook content. YouTube users range in age, with adults and millennials making up the majority of the audience. You can decide what kind of goods or content you can provide based just on this.
2. Conditions and Requirements
Facebook, in my opinion, has a better chance of gaining followers in terms of prerequisites, you may join the community there and begin talking with people to ask them to follow you. As opposed to YouTube, where gaining fans is more difficult.
Above all, these three platforms require consistent, high-quality, and unique content submissions. There is no time for inconsistent people on social media, where millions of people are searching for work.
