Top Ways Influencers Make Money
The influencer marketing sector has boomed over the past few years, and in more ways than one. Not only do more people want to become an influencer, brands’ influencer marketing spend has also been increasing year after year.
As a brand, it helps to know what some of the popular ways influencers make money are, as this can guide your offer to them when approaching them for their services.
Here’s a look at the top ways influencers make money.
Ways influencers make money: top seven revenue sources
Topping the list of the most popular ways influencers make money is brand deals. This is how the majority of influencers earn an income, with over two-thirds (68.81%) of them citing this as their highest-earning source of revenue in their capacity as content creators.
In fact, the same study also analyzed influencers’ income ranges, and the results show that the majority of influencers make up to $10,000 a year solely from their collaboration with brands.
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The second most popular way influencers make money is through ad shares. 7.28% of them say it’s their biggest source of income. This is followed by revenue from their own business and affiliate links, which 4.78% and 4.57% of influencers name as their highest-earning sources, respectively.
The fifth- and sixth-most popular ways influencers make money are through courses, which 4.37% of influencers say is their biggest revenue source, and financial advice from fans, listed as the top income source by 3.53% of influencers.
Subscription services round out the seven most popular ways influencers make money. 0.21% of influencers say this is their top revenue source.
Ways influencers make money: top platforms
In terms of platforms used, the majority of influencers say Instagram is their go-to platform when they’re looking to monetize. More than half of the influencers surveyed say they would use Instagram to generate revenue over any other platform.
Incidentally, Instagram also ranks among the fastest-growing social media platforms in the US and is one of the top social media marketing platforms among brands.
The second-most popular platform for monetization is TikTok. This is followed by YouTube and the music-streaming app Spotify.
Whether you’re looking to engage with Instagram influencers, TikTok influencers, or YouTube influencers, it would help to know what the average influencer engagement rates are on each of these platforms to better gauge your campaign results.