As a business owner, you’re always looking for new ways to make money on the Internet, and video is one of the most effective forms of content out there. So how do you sell videos and create a secondary revenue stream for your business?
There are a number of ways to monetize after you post videos to your online store or a social network. Below we’re going to review 10 of those methods and how they can help you build not only new revenue, but in some cases passive revenue that continues to grow even after you’ve completed work on the project.
1. Run a Crowdfunding Campaign
A growing number of video creators are turning away from selling “things” and asking their fans and subscribers to pay for content through crowdfunding.
Crowdfunding campaigns such as those run on Kickstarter, IndieGoGo and Patreon allow content creators to offer special bonuses and backer only access to advanced content in exchange for contributions. If someone is a big fan of your video series, they could pledge “$5 per video” on Patreon or $10 as part of a one-time campaign on Kickstarter to help you grow your efforts.
2. Sell Merchandise Related to Your Videos
If your videos become popular enough or if your brand is strong in a certain area with a large number of fans, merchandise becomes the logical next step. Merchandise can be produced through sites like Red Bubble or Café Press where it is printed and shipped on demand with your logos or other graphics printed on them. If the demand is high enough, you can order them in advance in bulk and keep the cost down (and profit up).
3. Gather Sponsors for Your Content
Rather than implicitly promoting other products and services through YouTube’s Partner program, you could gather sponsors for your videos directly. Video sponsors come in many forms. You could run pre-roll or mid-roll ads during your video content for a specific business to which you sell ad space or you could more thoroughly integrate them as a sponsor of your content throughout the video.
Again, the efficacy of this strategy depends almost entirely on the type of content you are producing. The quality of production will also affect your ability to land sponsors.
4. Offer Freemium Content through Free Sites
Freemium content is a gateway to bigger, better, paid content.Click To Tweet In the case of YouTube and other free video sites, this allows you to capture attention and drive traffic to paid video or courses that go into greater detail than your free videos can.
There are a number of ways to do this. Free videos can drive to larger offline purchases and training or they could drive to a similar online video library where you sell videos that go into greater depth. They can also be monetized on the platform to which they are posted.
As a YouTube partner, you receive a percentage of the ad revenue for any ads that run alongside your videos. This is a good option for people who generate large volumes of views for videos that don’t offer a significant alternative monetization option.
Because the actual amount of money you earn for your views is relatively low (it ranges between $3 and $5 per 1,000 views), you need several hundred thousand videos regularly to generate a substantial revenue stream here. If you have a library of viral or potentially viral videos, however, it is an option.
5. Sell Products through Affiliate Agreements
Affiliate programs are available for most major online retailers. These programs give you a commission on the sale of any product you drive from your traffic source. So if you promote a certain type of refrigerator being sold by Sears in your online video and a viewer goes and buys that refrigerator after clicking your link, you could receive a commission on that sale.
Affiliate marketing doesn’t require that you have a website, though it can improve the total number of sales and commissions you generate through this monetization method. If you have an existing business, the opportunities here are limited as you don’t want to diminish the focus on what you sell.
6. Drive Traffic to Your Online Store
Yet another way to turn the traffic your videos generate into a revenue stream is to drive traffic back to your website where you can encourage visitors to take more profitable actions.
For businesses with products or services to sell, this method is much more effective than selling all that air space for ad revenue. Here’s a good example.
A typical video in the How-to category on YouTube generates upwards of 7,000 views over its life. If you monetized with the YouTube Partner program, that would generate between $20-$30 on average. However, if you drive 10% of the traffic you generate back to your website and from there 1% of those visitors join your mailing list or convert in some other way, you have 7 potential sales on your hands. For almost any product or service, that’s a much better return than the limited ad revenue you’d generate. Again, this will depend largely on the type of video content and your primary business model.
7. Sell Videos in an Online Library
If you want to have total control over how your videos are monetized, the best way to do so is through a video on demand library where you post videos and sell pay-per-view or subscription access to them on your website.
This allows you to control access, generate larger revenue streams, and build audiences and relationships with viewers directly through your own website. It also allows better synergy between your business brand and the video content you are selling.
8. Hold Live Video Classes
The next step after video on demand library access is a live video course or webinar. Live video has a higher perceived value and allows you to invite and actively engage with up to 1,000 people at a time. Live videos can be used to teach group courses, introduce a large group of sales prospects to a new product or service offering, or provide additional content as a supplement to your other paid videos.
If you’re looking for a way to leverage time and make money on the Internet more efficiently, live online courses are among the most effective ways to do so.
9. Offer Recorded Video Classes in Your Video Library
When holding a live video class or webinar, you can record the content for later distribution. Yondo offers a webinar recording tool that allows you to send that same content to attendees for future viewing, but also offer it in your Video on Demand library as paid content.
Not only can you generate revenue from the first live presentation of your video classes and webinars, but you can monetize them a second time as video on demand content.
10. Drive People to Book 1-on-1 Sessions with You
At the high end of the value chain are live 1-on-1 video sessions with people who have viewed your other video content. Ideal for consultants and other knowledge-based professions, these direct bookings allow you to create an entire business around selling your expertise.
This is also a good option for upgrading people who want more personal attention than your group courses or video on demand library can offer. If combined with Yondo, you can allow people to book their own 1-on-1 sessions based on a schedule you set in advance, eliminating the need to manage bookings and organize your calendar.
How to Make Money on the Internet with Video
Making money with online videos is definitely a great adventure, but it’s not as hard as it seems, since there are so many ways to earn. From monetizing every video you upload to using the free content to drive traffic to a more robust online library of video on demand and scheduled online classes, video is a powerful tool that allows you to build a following and generate new revenue for your business.