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11 Ways Influencers & Creators Can Make Money in 2023 — Horizontal
Influencer Marketing Blog Posts

11 Ways Influencers & Creators Can Make Money in 2024

Updated on January 4, 2024
8 minute read

These tips make perfect cents 💸

Published January 4, 2024

Wondering how to make money on social media? 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're sharing 11 ways influencers and creators can make money in 2024.

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Content Creators vs Influencers: What’s the Difference?

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.

The takeaway? There’s money to be had in the content creation space, and plenty of ways to earn it. 

Whether you’re just starting out, or venturing into full-time creator status, here are our top 11 tips, below.

How Creators and Influencers Make Money in 2024

#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: 

Retro Roller repurposing a video on TikTok and Reels.

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.

Launched in June 2021, this feature lets you co-author content with fellow Instagram users, which means that the post will show up on all of your profiles.

Instagram Collab between Blair Imani and Tobi Green-Adenowo.

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

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. 

Side by side of Tashi using Supergoop products.

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.

And with brands earning an average of $4.87 for every $1 spent on campaigns, these types of partnerships will only continue in 2024.

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.

Affiliate marketing links on @gen.tbh's Instagram.

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?

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 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. 

Screenshot of Thinkific courses.

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.

Screenshot x2 of sponsored Instagram posts.

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. 

On the flip side, you can venture into freelance work and create UGC-inspired content for brands in need of bulking up their media library.

And that’s that — everything you need to know to make money as a creator in 2024. 

Let the money roll in.

Unlock your earning power with Later’s creator tools. Save time, connect with brands, and grow your brand when you sign up:

Never Miss a Trend AgainJoin over 1 million marketers to get social news, trends, and tips right to your inbox!Email Address

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