How much does YouTube pay partners for their content?

On average, you can earn $.80 per 1,000 views monetized by banner ads, or, $5-$8 per 1,000 views on a video monetized by rollout ads (the commercials before the video). So, on a video with 1,000,000 views monetized by rollout ads, you could earn $5,000-$8,000.

Youtube/Google shares ~45% of their ad revenue from the content with the content creator. The ad revenue is collected when a viewer clicks on an ad. This is known as Cost Per Click. Now, CPC can vary based on the ad.

You can expect an accounting firm to pay a higher CPC than a toothbrush company because their Customer Lifetime Value (CLV) is higher. Youtube/Google is going to choose the ads they place based on the highest likelihood of a click. Factors that come in to play include the individual viewer and the data Google has on them, and the subject of the video.

Now, in my opinion, these earnings are all too low. I would not use this as my primary monetization strategy. Getting a lot of views is hard work. And if I want viewers to be loyal to my content, annoying commercials might not be ideal. Instead, I'll take my $.80 per 1,000 views and be happy.

Here's why:
Take a topic you know and love. Something you would enjoy building content on, and for which you have a unique expertise, a unique perspective, or a great personality for. In this case, let's say your content will be about sports. Build a channel focused on a sports niche and over time, gain a loyal following (subscribers on Youtube as well as a blog you link in every description).
There are much more profitable ways to monetize a Youtube video than on views alone. It is really easy to source products and services directly to an audience nowadays, through the two models I have written about already (drop-shipping and affiliate marketing). And because you are building a very targeted audience, you will be able to connect your viewers with products and services that will enrich their lives (and make you a profit).
How is your sports content going to lead to revenues on products and services for you personally? Two ways.
1) People put a lot of trust into Amazon reviews, no? But they also LOVE and trust video reviews. Youtube is something like the 2nd most used search engine on the planet (and less competitive than Google). If you optimize your Youtube titles and descriptions for the right keywords, you can drive a lot of natural traffic to your videos on YouTube. Traffic that is looking for or is interested in sports related products and services.
Create awesome, helpful reviews on these sports products and services and you can conveniently link them to a) Your site where you sell the product/service personally (See first linked answer above), or b) an affiliated product or service (for which you make a significant commission on the sale).
2) Create content that has educational or entertainment value for your sports-loving viewers. Again, you can conveniently link them to a) Your site where you sell the product/service personally (See first linked answer above), or b) an affiliated product or service (for which you make a significant commission on the sale).
To learn how to promote affiliate products with large commissions, check outAffilorama. For selling your own product, start buy sourcing from a drop-ship directory like SaleHoo. They have relationships with over 8,000 suppliers who will ship directly to your customers when you make a sale. For your online store, you'll want to use Shopify. Drag-and-drop design (looks great), no code necessary. They will process your payments and everything. Just send invoices to your Salehoo supplier when a customer makes an order; they will ship the product right to them.
Read more about those models here:
Zach Pinnell's answer to What is the fastest way to make a million dollars?
Zach Pinnell's answer to What are some good ways to make more money on top of your annual income?
You can mix 1 and 2. Doing #1 well will likely lead to less views but higher conversion rates (higher percentage of people buy). #2 will be more viral, leading to more views, but it isn't catered directly at an audience looking to buy now (lower conversion rates).
In addition to encouraging viewers to subscribe to the channel, you should also send them to your own site for exclusive content. The blog (and a newsletter) and your Youtube following is where you will build your "tribe" so to speak. People you can continuously promote to within the valuable content she provides to them.
This is certainly not a strategy for overnight success, but it is a great way to build a consistent income stream. They say 6 to 12 months in you will see substantial money rolling in. You need time to build subscriber base. Pick the right topic and there will be better reasons to make content than for money.
There's a lot more where this came from! Look out for 5 more of my favorite business models by subscribing to my blog (pre-launch) at http://www.eduhustle.com/. I'll send them your way shortly after your sign-up, and let you know when the site launches.

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