10 Ways to Earn Passive Income for Creators
If you do what you love, you'll never work a day in your life, right? Working in the entertainment industry has always had broad appeal, but the role of social media influencer has made it more attainable than ever. That being said, if you're looking to make a career out of being an influencer, you have to know the best ways to get some money from it. That's where passive income comes into play. Here's a list of our top ten ways to earn passive income as a creator. Find out how to boost your content through these marketing strategies.
Platform-based Passive Income
Whether you are working short form or long form, the platforms you use to build a following are in the business of keeping people scrolling, and influencers play a big part in maintaining viewer attention. As a result, certain features within the platforms you use can lead to financial benefits.
Monetization
Creator funds and monetization on YouTube, TikTok, Instagram, and other platforms provide creators with money based on their well-performing videos, once they exceed certain expectations on the platform. The specifics of when a creator can monetize vary by site, but it depends on the channel's or video's popularity. Once a creator enters this space, it is the most straightforward way to earn passive income from videos.
TikTok Shop
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Commission-based opportunities through in-app stores became popular on TikTok and have since found a space on YouTube. Creators can share a product they make or enjoy with their audience and get a percentage of the sale when people buy through them. Depending on who you ask, using features like TikTok shop as a creator might affect how your video performs and moves through the algorithm, potentially leading to more eyes on your post.
Affiliate Links
Before people could shop in-app, affiliate links were the main way to earn passive income through commissions on products creators used in their videos. Remember the Honey scandal a little while ago? That was all about creator affiliate links and marketing. For long-form videos, this strategy is still the way to go. The ample caption space, direct links, and audience expectation of being on your video for a while make this strategy extremely effective.
Brand Collaborations
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Brand collaborations are the most difficult passive income stream to secure, but can be really beneficial once a channel starts to gain traction. If you're looking for help trying to get and negotiate brand deals, check out the influencer marketing agency NeoReach to find out more. Depending on whether you are working with short or long-form content, the collaboration will look different. For short-form, creators often build an engaging video around a product. It is a video that aligns with the creator's popular content but centers on a product or service they are promoting. For long-form content, creators will likely mention a sponsor at the beginning of the video and then take time out of their content later to talk about the product in more detail. This method works similarly to traditional advertising, generally not aligning with the video's theme or the creator's style. Check out these top-asked questions in influencer marketing.
Fan-based Passive Income
One of the main elements of being an influencer that draws people to the profession is having a large following of people interested in what you have to say. These are people who want to support your work and are often like-minded individuals. Not surprisingly, some of these people will then be interested in helping your channel succeed financially. Understanding this avenue can lead to substantial passive income.
FanSubs
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The most direct way for fans to get involved is through platforms that provide access to additional content or other perks for a small monthly price. While there are a few options out there, FanSubs is our choice for this type of platform. FanSubs builds on a simple model for consistent engagement that generates anticipation among viewers. With low fees and an intuitive design, this platform is one of the best for creating a passive income stream.
Merch
One of the most exciting forms of passive income is making and selling merchandise. Channel-based clothing and accessories are the perfect way for fans to show off their interests and support the accounts they love. From channel logos to popular images and phrases that show up in your work, there are a ton of options for what can make your merch unique and interesting to your people. Having fans wear your merch can spark conversations that could introduce new people to your work, potentially growing your audience.
Substack
Another subscription-based passive income model is the newsletter. Fans of your channel are interested in learning more about you and your current projects. Sending out updates and special information through weekly or monthly newsletters can keep your followers in the loop and excited about what you have going on. Substack is an excellent source to consider because it is well-known and users understand the payment model expectation. It is very user-friendly on both ends and offers a lot of creative freedom.
Skill-based Passive Income
If you're building a career on the internet, you definitely have a lot of skills at your disposal. There are so many aspects that go into creating and building this lifestyle that we can forget others would want to learn. Recognizing what has brought you where you are today can continue to build your income.
Courses
No matter the type of content you create, you are or have become an expert in that field. Others may be interested in learning about the field from you. Offering courses and lessons about your specialty may be an interesting way to earn some passive income. Creating a series of classes that highlight key specialized insights is an effective way to share your expertise with others.
Presets and Editing
Throughout your career, you have likely found a helpful process that has led to success. Your insight into this field is invaluable and unique. Many resources explain the basics of video editing and the other digital tools necessary to build an influencer career. Still, the choices you make as your channels grow are what set you apart, and they could be helpful to someone else looking to develop an engaging style. Giving people an inside look at what has helped you can be a great source of passive income. Check out examples of presets made by other creators.
Book
The process of writing a book is no simple task, but it is a fantastic source of passive income. You already have a following, which in the book world is really important these days, so the first step is deciding what you would want your book to be about. You may want to dig deeper into your channel's content and give people an inside look at how you see the world through that lens. An autobiography would be fascinating. You may want to go in a different direction entirely. Wherever you decide to go, be patient with the process and see what comes of it. There are so many options for earning passive income as a creator; you have to take the first steps. Doing the work now can lead to a prosperous future.