Want to Monetize Your Videos? Ensure You Avoid These Mistakes

If you’re a creator looking for how to monetize your videos but you have no idea where to start – then you’ve come to the right place!

Firstly, you should know that you’re not the only one looking to monetize videos going into 2023. If you’re here, you’re probably well aware of how massive the video streaming industry has become. In fact, a Fortune Business Insights report shared that the video streaming industry is expected to grow with a CAGR of 19.9% between 2022 and 2029. That’s a significant number, and as a creator, it’s good news for you! 

More growth means more customers and more potential revenue. 

But wait. Over the years, we’ve learned that jumping into YouTube and creating a channel shouldn’t be your first step. We’ve seen many creators make a few massive mistakes while running their channels, reducing their chances of success.

In 2022, you can use many other video monetization platforms (other than YouTube) to monetize videos. These platforms are designed to make your video creation an enjoyable and profitable experience.

So, in this post, we’re going to get right down to the detail of what video monetization really is, how video monetization software can help you make a profit, and what colossal mistakes creators like you should avoid. 

Let’s get down to it!  

What is Video Monetization?

In a nutshell, video monetization is the process in which a creator generates income through the videos they share online with an audience across any platform. This monetization is typically achieved through subscriptions, direct transactions for content, or advertising. 

So, put plainly, video monetization is when you get paid for the videos you create and share on a platform for others to access.

Video monetization has become increasingly popular because when more people view your videos, you gain more traction within that target audience. With video monetization software, you can quickly target and engage with your audience on an individual or group basis, making the experience more personal than with a YouTube channel. 

The bottom line is that video monetization is successful when you set your audience up for success and take the time to engage with them. But to understand this better, let’s get into more detail about monetizing your videos.

How to Get Your Videos Monetized?

The VOD and live streaming industry has a few video monetization models available to creators, which include three major models; SVOD, TVOD, and AVOD. But in addition to these three video monetization strategies, there are other ways to monetize your videos, and here they are: 

• Have a custom VOD platform

Your first step should be creating your own custom-built platform. This can be done using a white label video on demand platform. You can access free membership site software, but if you want a high-quality experience, go for one of the premium video on demand platforms out there.

This software is designed to help you host and monetize videos from a single space. This way, you can acquire your own space on the web instead of fighting for real estate on a platform like YouTube. Some of the best platforms to monetize videos also allow you to brand your site, upload videos in bulk and manage your memberships via the software. It’s more of managing a holistic business here rather than just a channel of videos.

• Build subscriptions to monetize videos more regularly

The next step is to determine how you’ll make revenue from your audience. How do you actually get dollars in your account? Well, the answer to this is a simple one – build out subscriptions! 

We mentioned SVOD (subscription-based video on demand) earlier. This is where a customer pays a fixed annual or monthly fee to you to gain access to your content. They can join in on live streams and watch all your VOD content anytime – provided they have a membership. It’s recurring revenue that you should always be aiming for. 

You can also use TVOD (transactional video on demand) as a complementary revenue stream. This is where you sell individual videos or video series for a single transaction to your audience. These one-time purchases are great for viewers who don’t want to commit to a subscription – and you still get to gain revenue.

• Provide promo codes and coupons to your audience

When you have an audience engaged with you and your video content, you need to bump up the value and show them why they should get a membership and transact with you. One way of doing this is by offering video streaming coupons to them. These coupons can be for anything, including seasonal discounts, your business anniversary sale, pre-launch offers, etc. These coupons and codes should continuously be tracked and measured so you can tell which discounts performed the best over the last year, for example. Then, use what worked best for future marketing campaigns. And so the success builds.

• Offer a PVOD catalog

This video monetization strategy works well on some of the best software for membership sites – because it’s all about exclusivity. PVOD (premium video on demand) is a streaming model designed to offer consumers content that can be streamed at an earlier date than the provided official launch date. 

This video monetization model is often used for movies and theatre productions, but you can also use it for your content. It’s an excellent way of building up the hype and creating a community of customers who are your “premium” or “exclusive members.” We all love a bit of exclusivity in life – why not offer it to people actively interested in your content?

Colossal Mistakes Creators Like You Make 

Now that you know how to monetize your videos, it’s time to understand what mistakes you should avoid when starting this journey. Believe it or not, thousands of creators worldwide have made one or two mistakes while setting up their video monetization strategy. The thing is, some of those mistakes may be minute. But others may be colossal and take a lot of time to repair what is already said and done. 

So, we’ve taken the liberty of making a list of the most significant and impactful mistakes you should avoid when starting your video streaming business. Here they are:

Mistake #1: Assuming immediate success is what you deserve & what you’ll receive

Okay, this is a big one. And it’s a bit of a reality check, but it has to be said: You cannot expect to be immediately successful on channels like YouTube. Why? The answer is actually relatively straightforward – you need to prove the value you bring to your audience. It won’t come easy if you’re new because your viewers haven’t had the time to build trust with your content and brand. Platforms like YouTube are also free to use for consumers – so they really don’t have to get heavily invested in one channel. They can simply move on to the next video with little to no guilt. 

This is exactly why you need to work hard for your success. Building relationships is of the utmost importance here. There’s no guarantee that every viewer will take to your channel and content. But one way in which you can start establishing yourself and getting people to pay for your content is by using one of the best software for membership sites out there. This way, access to your content is monetized, and your audience is genuinely invested in you.

Mistake#2: Removing content from your channel or school

This sounds obvious, but you will be amazed to see how many creators delete older content from their channels. This is an absolute no-go. And here’s why: 

When you create a channel and start uploading content, the search engines’ algorithms begin to rank you based on your content. They consider how often you upload content, how much engagement you receive on that video, how many people view your video, and more. Now, if you had to remove older content, it would affect your channel’s metrics and ranking. Suddenly, you seem like a brand that isn’t consistent (we’ll talk more about this later) and one that is giving its viewers a weaker video streaming experience. 

By this, we mean that your deleted content could be content that a viewer wants to go back and reference at a later stage. Imagine how frustrating it is to visit someone’s channel to find a specific recipe uploaded a year ago, but now it’s vanished. There’s nothing worse, and this could lead to people distrusting your channel. 

So, in a nutshell: Don’t delete your content. Instead, let it build a good reputation for you online.

Mistake #3: Making it all about the dollars

Revenue is always good – it motivates people, drives them to do more, and pays the bills. But when monetizing your videos, remember that you won’t be making a ton of money upfront. To attract people, you need to show them what you’re worth and why they should invest in your information versus the next creator. 

The thing is, money will come and go. The best thing you can do is set up your monetization strategies and let them run. The rest of your time should be spent building relationships with your audience. You can do this by:

• Asking for your audience’s feedback
• Answer any questions or queries they have
• Prompt them to answer a poll 
• Share thoughts and ideas, and ask for feedback  

All these engagement strategies can help your audience understand you and your content better. It will also help you build trust and, hopefully, prompt your viewers to refer their friends and family to your channel. This is a much more rewarding way of getting more revenue than constantly pushing promotional offers in a viewer’s face.

Mistake #4: Changing your content topics

When you watch YouTubers, you may see many of them changing the direction of their content topics now and then. This could happen because of a particular experience in their life or for other reasons. The point is people tend to make off-topic content when their channel is getting a bit boring. But the problem with doing this is that your channel starts to lack focus. 

Another risk is that your off-topic video starts to do better than your usual videos. Now, you’re sitting with the issue of choosing between two paths. Should you change the focus of your channel or simply ignore how well your off-topic piece did? 

The best solution? Don’t do off-topic content at all. It strays too much from your main focus and starts to confuse your audience as well. If you want to advance your content, try to create complementary content. For example, if your channel is about fitness workouts, your complementary content could be about good nutrition. An off-topic content to avoid would be something like a vlog about your latest vacation to Cuba.

Mistake #5: Being inconsistent

We spoke a little about inconsistency earlier on. And this can become an issue because what you’re aiming for is the focus. If you have a niche, the idea is to stick with it. This keeps your brand consistent for your audience, and they can feel comfortable knowing exactly what to expect every time they visit your channel. If you’re inconsistent, the change can sometimes drive them away. 

Off-topic content is an example of being inconsistent. So are different formats of your videos. If you have a particular structure, it’s essential to try and stick to it. This way, people can learn from your content without feeling too far from the norm. 

Think of it like this – every class is scheduled at the same time, on the same day of the week. Your class format is generally similar, and you know what to expect when you walk through those doors. In the same way, your videos should be uploaded on the same day each week, with a similar format to other videos. This helps viewers see a routine and sense of regularity on your channel. It does wonder for keeping things consistent and professional.

Mistake #6: Taking a lengthy break from your channel

This last one may seem challenging, but it is an important one. So many creators started their channel five years ago and have thousands of subscribers. But recently (say, in the last few months), they’ve only received a few hundred views per video. This isn’t a great ratio – but why would this be happening? 

Well, if you take a lengthy break from your channel, the channel’s algorithm may change. It may see your channel as dormant and not favor your content as much as it did five years ago. Building your channel up again can take a lot of time, and it may harm your video monetization strategy. To avoid this, try not to take a long break from your channel. 

Don’t sweat it yet. You can still go on a vacation! Just ensure that you have enough content to be scheduled over those weeks. This way, people can still see content being uploaded to your channel, but you can still take time off. Just be sure to add a note saying you will get back to any comments and queries in a few weeks.

Start Monetizing Your Videos with a Premium Video on Demand Platform

If you’re looking to start a channel and monetize your videos confidently, this guide is a great starting point. But suppose you want to learn more about analyzing your video performance, targeting a niche audience, and boosting engagement from one space. In that case, you should consider a video on demand platform. 

Our video experience platform is designed to do much more than host your videos. Mastera is built to empower creators and allow them to monetize their passion while still owning their customers, content, and pricing. We offer you unlimited customers, video hosting, and content. Make your payments seamless with integrated auto-pay, and live stream confidently with our Zoom integration feature. Here at Mastera, we have a lot to offer – and we’re ready to start with you!

Schedule a demo with our team to find out how to monetize your videos on the right platform, the right way.