Social media influencers are active on TikTok, Instagram, YouTube, etc. Events, brand partnerships, TV shows, and magazine articles all expand the influencers’ sphere of influence. Big money follows clever social influencers everywhere they go.
The average person may still question whether social media influencers can be a successful career because they see it only as a hobby. Evidently, that is not the case. For people who are skilled at persuasion, incomes can exceed that of toilsome corporate employment. So, let’s take a peek at some of the metrics and find out how much money you can make as an influencer.
Types of influencers
There are three categories of influencers depending on the size of their following.
These three categories are:
- Nanoinfluencers: 1000 to 10000
- Microinfluencers: 100,000 to 1 million
- Megainfluencers: 1 million plus
Nanoinfluencers, who have smaller audiences, can earn between $30,000 and $60,000 annually. The income range for micro-influencers is $40,000 to $100,000. Influential celebrities earn more, way more. But let’s spread it all according to their respective platforms since it is quite different.
How to make money on Instagram
Sponsorship
The average payment for influencers with 100,000+ followers is $500 per post. This usually includes a content package with posts, stories, reels, etc.
IGTV Video
The average payment is usually between $100 and $250, depending on engagement rates.
Affiliate Promotion
The average payment varies depending on interest and follower count. But it can range from $50 to $5,000 per month. This includes sharing product affiliate links to earn money when a sale is made.
Merchandising
There is no way to tell for sure how much money influencers can make through merchandise. Depending on their audience, they could earn thousands of dollars.
Collaborations with Brands
The average annual payment for this usually ranges between $500 to $5,000+, depending on the brand agreement. What an influencer does in this context is partner up with a brand and consistently recommend their products or talk about them in videos and photos.
How to make money on TikTok
The amount TikTok pays creators varies from person to person and has not been (officially) disclosed. However, influencers who have used TikTok’s fairly new Creator Fund have said that they make between 2 and 4 cents for every thousand views.
Influencer marketing
If they have a sizable following, a business could want to pay them to advertise their goods or services. This is known as influencer marketing. Most TikTokers make their living through influencer marketing. For a branded video, a TikToker could earn between $100,000 and $250,000, with celebrity TikTokers earning up to $500,000 for each post.
Creator Marketplace
Both companies and influencers can benefit from this in-app platform. It is a wonderful approach for brands to locate influencers who are right for their goods or services. But, there is no definitive information on how much this pays.
Live Gifts
On their Live streams and videos, viewers can give gifts to their favorite creators. Creators will receive diamonds, which they can then turn into coins and exchange for actual money. 1 Coin Equals 2 Diamonds. One TikTok coin is now worth 1.3 cents, and 10 TikTok coins are worth $13.5.
Merchandise
Selling products is a great way for creators with a sizable and devoted fanbase to earn additional income. They can make and sell their products, ranging from t-shirts and hats to coffee mugs and phone cases.
How to make money on YouTube
Your niche, audience, and number of subscribers all affect how much money you make on YouTube. The YouTube Partner Program allows anyone to start a side business, but they must first satisfy the basic requirements.
To get accepted into the program, a creator needs the following:
- 1,000 minimum subscribers
- 4,000 hours or more of watch time in the last year.
- a Google AdSense account that is linked to for payment
- to adhere to and accept the monetization guidelines for the YouTube channel
Ads
If you can increase your subscriber base to a sufficient level to reach at least 100,000 views and earn $3–$5 for every 1,000 views, that works out to $300–$500 for every 100,000 views. If your video has 100,000 daily views, you’ll get between $9,000 and $15,000 a month.
Sponsorship, merch, etc
How much brands pay for a sponsored video on YouTube is really hard to tell. Since YouTube does also have metrics based on how much a target audience is likely to spend. So, a sponsored video can pay anywhere between $100 and $5000.
The same applies to merch and similar money-making strategies. It’s also worth noting that most YouTube also use other social media sites like Instagram to broaden their reach and maximize profits.
Patreon
Most YouTubers also use Patreon, where their subscribers pledge to donate a certain amount of money each month. Most YouTubers show how much money they make on their Patreons, so if you’re interested make sure to check it out.
Final Thoughts
Social media can be a very lucrative career, but it’s easier said than done. The most important factor in making it on social media is that people have to like you and relate to you.