Confused about how to make money on social media?
Of course one way is to get paid through brand promotions.
But the other more consistent option is to monetize your content via in-built features.
Here’s how you can make money on some of the popular social media platforms through their especially designed monetization features:
Till 2020 the only way for creators to earn money on this app was through paid collaborations and affiliate marketing. Instagram realized this challenge and launched the “Live Badge” feature that allows your followers to tip you during live videos. When a follower pays you money, a heart appears in front of their name in the comment section. This is a three tier feature with the option of paying for up to three hearts ranging between 73 to 371 INR. So far the 100% of earning from “Live Badge” goes to the creator.
Like Instagram’s “Live Badge”, Facebook has “Stars” that allows you to monetize live streams. Initially it was launched for gaming streams. However the increasing popularity of the live feature during lockdown compelled Facebook to provide this option to other creators as well. You can enable the star option on your page with 100 followers and 6,00,000 minutes of total combined views. Although the price varies depending upon the type, you earn 0.74 INR for every star you receive. Not just that, followers can also attach virtual gifts like animated cards, gifs, etc. to the star amount.
This is a fairly recent addition to the social media world but its craze has been growing with every passing day. To attract even more creators, Clubhouse too launched the monetization option this year. Users will easily be able to send payment to you by clicking on the “Send Payment” option on your profile. And the best part is that you will receive the entire amount. No 30% deduction like YouTube super chats. As of April 2021, Clubhouse payment option was made available to a few selected creators as a testing feature but it will soon be launched for everyone.
This platform, meant for gaming broadcasts, has a “Bits” feature through which users can pay you. These are like donations or tips that you can request from your followers by setting up a PayPal or other payment link. Every time someone uses Bit gem emotes while you are streaming, you will earn 0.74 INR. Furthermore, your loyal fans can also buy a subscription of your channel for the cost between 371 INR to 1,859 INR. But you must be eligible to become a Twitch affiliate for enabling “Bits” on your page.
All of the above options are lucrative and will help you in earning a good amount of money. Still remember that these will only provide benefit if your followers love your content and are voluntarily agreeing to pay for it. So work on your content first and then think about monetization.