By Xavier Hance 
It’s 2024, and YouTube is still one of the best platforms to make money online.
And trust me, I’ve been around the block when it comes to figuring out how to actually make YouTube work as a side hustle, or even a full-time income.
There’s a lot of noise out there about what you should do, but I’m here to break it down for you.
The strategies I’ll share are things I’ve either tried myself or learned about through countless hours of trial, error, and (occasionally) pulling my hair out.
Whether you’re just starting out or you’ve been on YouTube for a while, these monetization strategies are worth paying attention to, especially because YouTube keeps tweaking the rules.
These five strategies are how creators are making money in 2024—and, no, it’s not just about ad revenue anymore.
1. Ad Revenue – The Classic Way (But with Some Important Updates)
Yeah, I know. Ad revenue is probably the first thing you think of when you imagine making money on YouTube. But in 2024, it’s not the goldmine it used to be for smaller channels.
It used to be you could slap a few ads on your videos and just watch the money roll in, right? Not so much anymore.
In 2024, you need a minimum of 1,000 subscribers and 4,000 watch hours in the past 12 months to qualify for the YouTube Partner Program (YPP).
Alternatively, YouTube’s Shorts monetization has its own set of rules, requiring 10 million views over 90 days. Sounds tough?
It is, but once you hit those numbers, you can make decent money with ads, especially on longer videos.
Here’s the trick though: longer videos (over 8 minutes) allow you to insert more mid-roll ads.
I learned the hard way that cranking out shorter videos will limit your earnings because they don’t qualify for as many ads.
Plus, with YouTube’s latest push towards YouTube Premium, expect some of your viewers to be watching ad-free. You still get paid for that, but at a lower rate.
Pros:
- Simple to set up once you qualify
- You get passive income as long as your videos keep getting views
- YouTube handles the backend for you
Cons:
- Low CPM (cost per thousand impressions) for smaller channels, especially in niches with limited ad competition
- High thresholds for joining YPP
Pro Tip: If your content is over 8 minutes, strategically place mid-roll ads to maximize revenue without annoying your viewers. Spread them out.
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2. YouTube Shorts Monetization – Fast & Furious Views
YouTube Shorts are YouTube’s answer to TikTok and Instagram Reels, and wow, they’ve taken off.
If you’re not making Shorts yet, it’s time to jump in. Shorts have their own monetization rules now, and in 2024, YouTube’s really pushing this format hard.
Here’s why Shorts are awesome: You don’t need fancy equipment or long editing sessions. You can literally film from your phone and upload directly. And they’re getting insane reach.
I’ve had Shorts that get more views in a day than my full-length videos get in a month. YouTube also rolled out a new revenue-sharing program for Shorts, so you get a cut of the ad revenue generated by Shorts views.
The downside? Shorts CPM is lower than long-form content.
So while you can get tons of views, you won’t make as much per view as you would on longer videos.
However, the exposure can bring in subscribers who will watch your long-form content, so it’s a solid growth strategy.
Pros:
- Quick to produce and upload
- Great for gaining exposure and subscribers fast
- YouTube’s new monetization rules mean you can make money from Shorts
Cons:
- Lower CPM than long-form content
- Less room for mid-roll ads (obviously!)
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3. Channel Memberships – A Steady Stream of Income
Channel memberships are one of those features that don’t get enough attention, in my opinion.
If you have a loyal fanbase, they’ll be happy to support you by paying for exclusive content. And the best part?
You get to choose what kind of perks to offer. This can be anything from behind-the-scenes videos, members-only live streams, or custom emojis during chats.
One mistake I made early on was not offering enough value to my members. People aren’t just going to fork over $4.99 a month because they like you (I wish).
You have to give them something that they can’t get anywhere else. I started doing members-only live streams, and that worked pretty well.
And in 2024, with the competition for views and ad revenue tougher than ever, a steady stream of income like memberships can give you financial security.
Plus, YouTube takes a smaller cut (30%) compared to other platforms like Patreon.
Pros:
- Steady, recurring income
- Gives you a direct connection to your most loyal fans
- You can create multiple tiers for different membership levels
Cons:
- Requires a strong, dedicated audience
- Need to consistently deliver exclusive content to keep people subscribed
4. Affiliate Marketing – Make Money Selling Other People’s Stuff
Affiliate marketing on YouTube is a game-changer.
You don’t even need a massive audience to make money. It works like this: you recommend a product or service, and if someone buys through your special affiliate link, you earn a commission.
Here’s where people mess up (including me, at first): don’t promote products you haven’t tried or don’t believe in. Viewers can smell a sell-out from a mile away.
I’ve learned that the hard way—lost a few subscribers after promoting something I didn’t even use.
In 2024, the key to making affiliate marketing work is to focus on high-value products and services. Don’t just recommend the cheapest thing; aim for quality.
For example, if you’re in the tech niche, reviewing premium gear like cameras, software, or editing equipment can bring in significant commissions.
Pros:
- You don’t need your own product to make money
- Can be integrated smoothly into your content (think product reviews)
- Passive income potential from old videos
Cons:
- You need to build trust with your audience first
- Some affiliate programs have high payout thresholds, so you might not get paid immediately
Pro Tip: Use tools like Amazon Affiliate or niche-specific affiliate networks to find products that are a good fit for your content.
5. Selling Your Own Products or Services – The Big Money Maker
This is the strategy where people make real money. Selling your own products or services on YouTube is more work upfront, but the payoff is so worth it.
In 2024, this could mean anything from selling merch, offering online courses, or even doing consulting services.
Personally, I dipped my toes into selling digital products, and I’m still learning how to refine the process.
You want to start with something simple, like an ebook or a digital guide that complements your content. Once that gets going, you can scale up to bigger things, like an online course.
In my experience, the most important thing is to over-deliver with value. When I launched my first product, I went all-in, offering a ton of bonus content that people weren’t expecting.
It’s not just about making money; it’s about creating a product that helps your audience and builds your brand long-term.
Pros:
- You control the pricing and distribution
- High potential profit margin
- Builds your brand and authority in your niche
Cons:
- Requires upfront investment of time and money
- You need a loyal audience to sell to
- More work involved compared to affiliate marketing or ads
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Final Thoughts on YouTube Monetization in 2024
Monetizing YouTube in 2024 isn’t as straightforward as it used to be.
But if you’re willing to adapt, there are tons of ways to make money. Ad revenue alone isn’t going to cut it for most creators, so try out a few of these strategies.
Whether it’s through channel memberships, affiliate marketing, or even launching your own product line, the key is to diversify your income streams.
Trust me, you’ll thank yourself later.
And remember, don’t be afraid to make mistakes. I’ve made plenty.
But that’s how you learn what works. So get out there, experiment, and find out which strategy works best for you.