Wondering how to make money on social media? You’ve come to the right place.
Whether it's brand sponsorships or freelancing, we're sharing how influencers and creators make money in 2023 — and how you can get paid too.
Table of Contents
- Content Creators vs Influencers: What’s the Difference?
- How Much Money Do Influencers and Content Creators Make?
- #1: Grow Your Social Media Following Across Multiple Channels
- #2: Collaborate With Other Influencers and Creators
- #3: Sell Your Products and Influencer 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
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?
The short answer: it depends.
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.
However, Later's Creator Rates Report found that 44% of creators earn over $200 USD from a single Instagram Reel in 2023.
The takeaway? There’s money to be had for the content you make and promote, and there are plenty of ways to earn it.
Whether you’re just starting out, or venturing into full-time creator status, money talks — and so do our 11 tips, below. 💰
#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 $$$.
From product launches and online courses to hosting an Instagram giveaway — the amount of exposure is a no-brainer.
Our advice? Take advantage of Instagram Collabs.
Launched in June 2021, this feature lets you co-author content with a fellow Instagram user, which means that the post will show up on both of your profiles.
You’ll share views, likes, and comments — allowing you to engage each other’s communities (and potentially make $$$) all in one place.
Speaking directly to your target audience while earning an extra buck? No-brainer.
#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 to 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 and influencers can make up to $1K per month with Patreon depending on their following.
Need we say more?
#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.
For example, see how TikTok creator Tashi seamlessly integrates Supergoop into her morning GRWM:
How Much Money Can You Make From Brand Partnerships?
While the answer isn’t black and white when it comes to how much influencers actually make, brands have adhered to the one cent per follower (or $100 per 10K followers) rule as a starting point when partnering with creators.
FYI: Later makes planning and scheduling your brand collaborations easy. Plan and schedule your sponsored content in advance when you create a free account today:
#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.
From TikTok's Creator Fund to the YouTube Shorts Fund, there is money to be made by simply creating high-performing content.
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.
Luckily, we’ve dug into the TikTok Creator Fund already, so you can get an idea of how much you can make.
#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?
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.
#11: Become a Consultant, Coach, or Freelancer
Consultation services or private coaching can be a great way to provide your expertise — without the full-fledged video masterclass.
Why not offer simple portfolio reviews? Or, you can take it a step further and do one-on-one consulting video calls.
Your followers are bound to appreciate the opportunity to learn from you one-on-one.
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 2023.
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: