Wondering how to make money on social media as an influencer or creator? You’ve come to the right place.
As the creator economy grows, the time to go full or part-time into content creation is now.
Whether it's brand sponsorships or freelancing, we surveyed 350+ US-based influencers about how they monetize. Plus, we also interviewed four creators to learn all their money-making tips.
One thing's for certain: Having multiple revenue streams is the way to go.
Cash in on all the details, below.
Table of Contents
- What's the Difference Between Creators and Influencers?
- How Much Money Do Influencers and Content Creators Make?
- How 4 Creators Break Down Their Revenue
- #1: Grow Your Social Media Following Across Multiple Channels
- #2: Collaborate With Other Influencers and Creators
- #3: Sell Your Products and Merch
- #4: Make Exclusive Content on Patreon
- #5: Cultivate Brand Sponsorships
- #6: Sign Up for Platform Creator Funds
- #7: Consider Affiliate Marketing
- #8: Monetize with Instagram Subscriptions
- #9: Teach a Course on Skillshare or Another Learning Platform
- #10: Promote Your Posts with Social Media Ads
- #11: Become a Consultant, Coach, or Freelancer
- #12: Creating a Blog or Newsletter
- #13: Speaking Opportunities
- 5 Earning Tips for Influencers & Creators
What's the Difference Between Creators and Influencers?
You may have heard the terms “content creator” and “influencer” used interchangeably, and while they are similar, there is a difference between the two.
Essentially, a content creator is anyone who creates digital content, whereas an influencer is a social media personality who influences their audience to purchase the products or services they promote.
However, there’s often a lot of overlap between the two as most creators and influencers have a good blend of personal branding, content creation, and promotion.
FYI: Later makes creators' earning potential easier with a customized link in bio page, content creation tools, and your personal best time to post. Create an account and get started today:
How Much Money Do Influencers and Content Creators Make?
Since the creator industry is still fairly new, there’s no universal one-size-fits-all pricing rule — and it depends on the creators' niche, strategy, and experience.
For brand partnerships, many brands will adhere to $250-$450 per 10K followers as a starting point.
That said, if a creator has multiple streams of income, like social media consulting, downloadable templates, or a course, they could be making a lot more.
We surveyed 350+ influencers and creators — here are the key takeaways and high-level trends:
Key Takeaways & Trends
91% of creators and influencers have 1-5 revenue streams
94% earn from brand partnerships, making this the most popular revenue stream among influencers and creators
Affiliate marketing and freelance content creation (including user-generated content) are tied as the second most popular revenue streams (68% each)
95% of creators and influencers who earned more than $50K in 2023 (via brand partnerships) are over the age of 25
99% of influencer and creator revenue comes from short-form video content
The takeaway? There’s money to be had in the content creation space, and plenty of ways to earn it.
PRO TIP: Get discovered by top brands and monetize your content — all in one place. Join Later's influencer program, today.
How 4 Creators Break Down Their Revenue
We interviewed four creators about their content creation journey (scroll for more tips!) and various revenue streams.
Here’s how they break it down:
Tomi Obebe — Lifestyle Creator & Blogger
70% brand partnerships
20% affiliate sales
10% freelance content creation and consulting
Lucas O’Keefe — Social Media Strategist & Community Manager
80% brand partnerships
10% digital product sales
5% speaking engagements
5% consultations and retainer jobs
Kwame Appiah — Creator, Love Is Blind Alum, & Later’s Head of Influencer & Creator Engagement
75% full-time employment
20% brand partnerships
3% TV appearances
2% Cameo
Chantal Hermetz — Creator & Later’s Social Media Specialist
80% full-time employment
20% brand partnerships
The takeaway? Multiple streams of revenue is key for influencers and creators looking to maintain a steady, fruitful income.
How Creators and Influencers Can Make Money: Top Revenue Streams
#1: Grow Your Social Media Following Across Multiple Channels
When you're just starting out, focusing on one social channel is a great way to build an engaged community.
But as you grow, cross-promotion is key.
If your main platform is Instagram, try repurposing your Reels for other platforms like TikTok or YouTube.
This way, you can build your following across multiple channels and open yourself up to more potential ad revenue, partnerships, and brand opportunities.
See how creator Retro Roller repurposes her roller skate videos on both Instagram and TikTok:
TIP: Use Later to schedule your content on TikTok, Instagram, Facebook, LinkedIn, Pinterest, and Twitter all in one go. Sign up today!
#2: Collaborate With Other Influencers and Creators
Teaming up with other influencers and creators in your niche is not only a great way to leverage and engage prospective followers — it provides the perfect opportunity to make money.
From product launches and online courses to hosting an Instagram giveaway — the amount of exposure is a no-brainer.
Our advice? Take advantage of Instagram Collabs. This feature lets you co-author content with fellow Instagram users, which means that the post will show up on all of your profiles.
You’ll share views, likes, and comments — allowing you to engage each other’s communities (and potentially make money) all in one place.
#3: Sell Your Products and Influencer Merch
While being an influencer is its own full-time (or part-time) job, 26% of surveyed creators leverage their influence into their own businesses.
If you’re an artist, you’re probably already familiar with the power social media has to put you in front of potential customers.
But the ability to sell doesn’t stop there.
T-shirts, hoodies, phone cases, eBooks, downloadable templates, you name it — there’s no shortage of opportunities.
Think about what’s representative of your niche and community. Odds are your followers will be excited to support you.
Some creators and influencers have even become full-fledged entrepreneurs in addition to their social media status.
Take YouTube comedy duo FYE Media for example, who made a name for themselves beyond social media when they created handmade clothing items under the same name:
With an ode to “fashion at the intersection of cultural identity and community,” these creators reached a whole new audience beyond YouTube.
Followers turned brand ambassadors? Yes, please.
TIP: Create a newsletter or mailing list — it’s a great way to communicate product launches, restocks, and sales with your community.
#4: Make Exclusive Content on Patreon
Have an established online community? With a paid membership to your Patreon, your most enthusiastic followers can access exclusive content they won’t find anywhere else.
Varying from bonus podcast episodes and BTS videos to additional articles and vlogs, you can earn a steady income from this method of creation.
How Much Money Do Most Creators and Influencers Make on Patreon?
With reward tiers valued at $2, $5, and $10, creators can make up to $1K per month with Patreon depending on their following.
#5: Cultivate Brand Sponsorships
With a social media following comes influence — and brands are willing to pay a pretty penny to have you promote them to your audience.
Brand sponsorships can include anything from in-feed posts on Instagram to TikTok videos.
How Common Are Brand Partnerships?
Creators and influencers alike often point to brand partnerships as a main source of income. With Later for Creators, you can connect with brands, manage campaigns, and earn more doing what you love!
And with brands earning an average of $4.87 for every $1 spent on campaigns.
So, if you're considering working with a brand, now's the time.
TIP: Create a media kit and pitch to brands you'd like to work with.
#6: Sign Up for Platform Creator Funds
ICYMI: content creation is real work, and platforms are paying creators and influencers for their top performing posts.
And while TikTok's Creator Fund is no more (RIP), there is plenty of money to be made by simply creating high-performing content.
To name a few:
How Much Do Influencers Make From Creator Funds?
To put it simply, creator funds are relatively new and the ability to make money depends on a slew of factors.
Our advice? Check out the linked sites above to get a taste of the potential!
#7: Consider Affiliate Marketing
Ever have a follower ask where your snazzy new t-shirt is from? With affiliate marketing, you can turn your reply into some extra cash.
In other words, you can earn commission on the traffic (and sales) you drive on behalf of brands.
Influencers will use uniquely trackable links (known as affiliate links) or bespoke promo codes to track how many clicks or purchases were made.
How Much Can You Make With Affiliate Marketing?
The affiliate marketing industry is expected to reach $36.9B by 2030 — showing massive signs of growth.
Although affiliate links can be highly lucrative, it’s important to keep in mind that they aren’t a get rich quick scheme — patience is key here.
The main thing to note is that most affiliate marketing programs require a sale to be fully closed before any commission payment is released.
And while you typically have to hit a minimum payment threshold of $100 to cash out, it’s a simple cost to pay for popping a link sticker on your Instagram Story.
TIP: Use Later’s Linkin.bio tool to organize your affiliate marketing links into a clickable landing page.
#8: Monetize with Instagram Subscriptions
Similar to Patreon, Instagram creators have the option to monetize exclusive content.
It’s called Instagram Subscriptions and it provides a whole new way to make money from Reels and feed posts.
According to TechCrunch, creators can select from eight price points for subscription content, ranging from $0.99 per month to $99.99 per month — making the income potential hard to pass up.
And with the ability to do it all straight from the Instagram app, there’s no excuse to start earning.
#9: Teach a Course on Skillshare or Another Learning Platform
Online learning is where it’s at. And platforms like Skillshare and Udemy have democratized the way people learn (and teach!).
Becoming a teacher on an online learning platform can help position you as a thought leader, and build life-long, engaged followers across your channels.
Not to mention, top-earning teachers can make a significant amount of money on platforms like Skillshare: up to $100K USD per year.
With courses on everything from fashion design to email marketing, your class is officially in session.
#10: Promote Your Posts with Social Media Ads
In order to make some money, you might have to spend some — and social media advertising is a great place to start.
With tools like Facebook Ads Manager, you can target Instagram and Facebook users who haven't heard of you, are within your target audience, or have visited your website.
This way, you can fast-track putting your target audience in front of your products or services in just a few clicks.
#11: Become a Consultant, Coach, or Freelancer
Offering consultation services or private coaching can be a great way to provide value — without a full-fledged video masterclass.
Why not offer simple portfolio reviews? Or, you can take it a step further and do one-on-one social strategy audits.
However, if you’re a faceless influencer or a newer creator who is still growing your audience, 68% of creators and influencers opt for freelancing or creating UGC-inspired content for brands in need of bulking up their media library.
#13: Speaking Opportunities
Speaking on a panel, at events, or in webinars is a great way to share your knowledge, gain exposure, and earn some extra income.
At Later, we love tapping in influencers for paid speaking opportunities — whether it’s for live events like Reel Talk, or on-demand webinars.
5 Earning Tips for Influencers & Creators — According to Creators
Get ready to take notes. Here are the best money-making tips from four interviewed creators:
Tip #1: Diversify Your Earnings
When you're just starting out, focusing on one social channel is a great way to build an engaged community — but as you grow, diversification is key.
This way, you can build your following across multiple channels and open yourself up to more opportunities (and income).
As Lucas puts it, a lack of revenue streams (especially beyond social) can mean uncertainty in the creator space:
“It does feel scary at times because so much of my income is dependent on factors that are largely out of my control, like social media algorithms, engagement, and the loss of platforms."
Tip #2: Always Negotiate Your Rates
When it comes to your rates, Tomi’s golden advice is to always say a number that scares you.
“Don’t think you have too little followers or sell yourself short. If a brand reaches out to you, they want to work with you,” Tomi says.
Chantal is aligned, adding: “The answer will always be no if you don’t ask.”
While there’s no industry standard influencer rates, our Creator Compensation Report is the perfect guideline to get the most out of your brand partnerships.
Tip #3: Collaborate With Other Influencers
Teaming up with other influencers and creators is not only a great way to leverage and engage prospective followers — it provides the perfect opportunity to make money.
Kwame is all-in on this sentiment, advising to “connect with other creators in your niche, strategize, and create content together.”
The opportunity is two-fold: You can “engage each other’s communities and unlock earning potential,” he adds.
Tip #4: Don't Be Afraid To Say No
As a creator, it can be tough to say no. This is your reminder that it’s okay to push back.
Not every opportunity will align with your niche, schedule, or desired pay.
Ask yourself: “How much time will I have to put into this, how much are they willing to pay me, and is it worth it?” Tomi says.
Tip #5: Join an Influencer Marketing Platform
Take it from Chantal: An influencer marketing platform is “a great opportunity to get your name out there and put your profile directly in front of brands.”
Later is the leading platform for brands, influencers, and creators to build meaningful partnerships and drive results.
The best part? It’s completely free to join our influencer database and start working with your favorite brands! Create an account, now.
