Kasfia Rashid - “Money Matters with Kash the Bookkeeper”
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Hello and welcome to week 8 of our 10 week Build a Business boot camp!
Right now, there are people making a living on social media without selling anything.
We’ve all seen those profiles of seemingly regular people with tons of followers.
It always seems as if they’re traveling or doing something fun. But what exactly do they do to fund this fairytale lifestyle? They are social influencers. Experts predict that in the next two years, global influencer marketing will be a $5-10 billion dollar industry. (insert shocked face emoji here!)
You don't need a huge audience to start making money from your social media audience. In fact, it’s worth noting that many micro-influencers get better results (i.e. earning a higher rate per 1000 followers) than influencers with larger followings.
So, what’s stopping you from becoming the next Trendsetter? By the end of this show, not-a-thing! Let’s get into how to start a social media influencer business!
Show Objectives - The Why
Social media has become an integral part of all of our lives. We use it to connect with friends and family, to catch up on current events, and, perhaps most importantly, to entertain ourselves. This is why just under 70 percent of Americans, and more than 2.6 billion active users globally, use social networking sites. However, this wasn’t always the case.
Back in just 2005, social media penetration in the U.S. was just 5 percent, and most of the rest of the internet didn’t even know what it was.
Today, by producing eye-catching content and using such tools as Instagram Stories and the Facebook Market Place, anyone from the humble start-up to well-known brands can compete against one another on an even playing field.
Previously, small companies would struggle online with a low advertising budget. Still, today they are more likely to survive than they would on the high street, as social media platforms have helped them spread the word about their offerings.
People tend to be more influenced by what they read on social media than through casual conversations or what they watch on TV.
This has created a HUGE opportunity for content creators! One we are going to discuss today.
Chances are even if you don't "follow" a social media influencer or even totally understand what they do you're likely to understand the concept. Influencers are those individuals who have essentially established credibility in a specific area or industry. To be successful they need to have access to an audience, preferably a large audience – hence their "influence. "With time and commitment, and consistent effort, it is possible for an average person to become a successful influencer," said Sinead Norenius-Raniere, vice president, influencer marketing & paid social at Valassis.
There's a segment of professionals who have risen to the level of a social media influencer as a byproduct of their expertise in a given subject.
"They are corporate executives, thought-leaders, scientists, academics, corporate executives, and others," noted Schreiner. "The Internet and platforms like Twitter and LinkedIn, provide these influencers with a social media presence and a stage to communicate their expertise to a wider audience than if they just wrote a book, for instance. For these influencers this social media presence may result in becoming a mini-celebrity and the rewards of receiving increased professional recognition along with additional associated professional benefits."
What You Need to Know -Choosing your Social Media Platform
For many creatives, earning money from their hobbies is now more realistic than ever. But which platforms will pay for content?
These days, working with brands and sponsored campaigns is not the only way you can get paid for creating and sharing content. Some social media platforms will also reward creators for their hard work with financial incentives.
But which companies pay for content, and how can you earn money from these platforms? Here are nine social media platforms that will pay you to create content.
According to CNBC, Snapchat pays up to $1 million per day for content created on the platform. Snapchat users can submit their best snaps to Spotlight, an entertainment platform that shares this kind of content from around the world.
Creators entertain, inspire and express themselves, and TikTok supports and rewards these individuals for their efforts.
As outlined in a post on the Official YouTube Blog, the YouTube Shorts Fund is worth $100 million and is being distributed in 2021 and 2022. Eligibility is open to anyone who creates unique YouTube Shorts content for the community.
To show monetary support to a content creator on Instagram, users can purchase badges during live videos. This allows fans to show their support while participating in a live stream.
Twitter's Tip Jar is a way to receive and show support on the app using money. Essentially, Android and iPhone users can send and receive Tips. This feature is currently available to numerous users, including creators, journalists, experts, and nonprofit organizations.
6. Spotify Greenroom
Spotify Greenroom is an app where live conversations are had about music, sports, and culture. You can browse groups on any topic, and also get notified about relevant rooms to join.
Clubhouse pays users with the Creator First accelerator program. Payments can be sent by all users, and the app will pay the full amount to the creator—without taking a cut.
Facebook is helping content creators diversify revenue by offering tools and support to those who build communities on the app. There are a number of ways to earn money from Facebook, from in-stream ads to branded content, as well as fan subscriptions and groups.
Pinterest’s Creator Fund is limited to a small number of creators from underrepresented communities in the US. This support includes strategy consultations, an advertising budget, and compensation for content creation.
Read the full article here: https://www.makeuseof.com/social-media-platforms-that-pay-creators/
Not interested in traditional social media accounts? Okie! Check this article out for additional platforms that may work better: https://www.webemployed.com/content-creators-platforms-earn-income/
What You Need to Know -How much can you earn?
Social media influencers can make big money on platforms such as TikTok, YouTube and Instagram. But it all depends on followers and views. According to a new “social salary” calculator from music licensing platform Lickd.co, here’s how many followers you need on YouTube, Instagram and TikTok to generate $100,000 in earnings.
To calculate the estimates, Lickd.co used data from Influencer Marketing Hub’s YouTube Money Calculator, Creator agency SevenSix’s influencer pricing report and influencer branding platform SocialPubli’s blog post on “How many followers do you need on TikTok to get paid?”
According to the calculator, You need a minimum of 1,000 YouTube subscribers and about 24 million yearly views to generate $100,000.
In order to make money on YouTube, you need to be enrolled in YouTube’s Partner Programme (YPP), which allows you to make money through ads on your videos. To join YPP, an influencer needs at least 1,000 subscribers, accumulated more than 4,000 “valid public watch” hours in the last 12 months and have a linked AdSense account, according to YouTube.
Influencer Marketing Hub’s YouTube calculator estimates that the average YouTuber generates $7.60 per 1,000 views with 45% of that revenue going to Google.
You need a minimum of 5,000 Instagram followers and 308 sponsored posts a year to generate $100,000.
That may be easier than you think: A recent HBO documentary showed how everyday people can manipulate Instagram and other platforms to become famous online influencers.
An influencer with over a million followers can reportedly make more than $250,000 per post from brands.
To make money on Instagram, switch your account to a professional account and select business.
You need a minimum of 10,000 TikTok subscribers and over 270 million views a year to generate $100,000.
TikTok, like YouTube, has a partnership program called the TikTok Creator Fund. To be eligible, creators need to be based in either the U.S., U.K., France, Germany, Spain or Italy, be at least 18 years old, and have at least 100,000 followers and a least 100,000 video views in the last 30 days. The account also has to be aligned with TikTok’s community guidelines and terms of service.
To find out how much money your followers can get you on various social media platforms, you can use Lickd.co’s calculator.
Top Instagram influencer pay out list: https://www.hopperhq.com/instagram-rich-list/
More ways to leverage your social capital : https://buffer.com/library/make-money-social-media/
How to become an influencer: https://influencermarketinghub.com/how-to-become-an-influencer/
Written by Kash the bookkeeper
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