Which Social Media Platform Pays the Most in 2024?

No longer for recreational purposes. Social networks that pay out in the market are a big deal. About 75 percent of people say they use social media to make money. This means that you are also entitled to become one of those people. The basic concept of succeeding on any social media platform is demonstrating one’s strengths. It is also cheaper for businesses to interact with consumers and sell products. But it’s hard because of all the distractions that want to be heard.

Many people want to make money from their social media profiles. This is why, to make the most profitable, one must fully grasp how each platform’s functionality works and what preferences users follow. Determining the most lucrative social media platform is still a big question in 2024. This article attempts to formulate an answer to that inquiry. We will also give you tips on how to get paid from social media.

Which social media platforms support monetization?

Let’s start with the basics before we get into the ins, outs, and indirect ways to make money on social media. Which social media platforms support monetization?

social media platforms

The following is a concise summary of the primary players:

  • YouTube: If you think of content monetization, you probably think of YouTube. Unlike most platforms we’ll be looking at, YouTube explicitly compensates creators for each advertisement view. The value fluctuates, but it’s not just ads that make money on YouTube. The bank is refilled with subscriptions, Super Chat, and YouTube Shopping.
  • Facebook: Despite being around longer than any other platform on this list, it offers the most consistent payments. It monetizes through Brand Collabs Manager, Subscriptions, and advertising.
  • Instagram: Instagram is owned by the same company as Facebook, so the monetization options are pretty similar. The platform is also powered by affiliate marketing and sponsored postings.
  • X/Twitter: In 2023, X/Twitter implemented monetization and offers it in two forms: Ads Revenue Sharing and Subscriptions.
  • Snapchat: It may not seem like a very bankable proposition compared to YouTube and Facebook, but Snapchat has a few tricks up its sleeve. There is an official Revenue Share Program, paid partnerships, and other incentives.
  • TikTok: The TikTok Shop, brand partnerships, and subscriptions are just a few of TikTok’s unexpectedly wide range of monetization options.
  • Pinterest: While its primary purpose is to be a discovery platform, it ensures that its owners are monetized through affiliate links and sponsored pins.

Methods of Monetization

The content type and platform determine how content monetization can be done on social media platforms.

Social Media Monetization

The primary monetization methods available to creators are delineated below:

  • Ad Revenue Shares: Advertisement-generated revenue is paid to the creators by platforms like Facebook and YouTube. For those who qualify for the YouTube Partner Program, it’s estimated at $0.018 per advert view.
  • Sponsored Posts: Sponsored content is popular on Instagram and Facebook, where creators can work with brands to promote products or services. Top influencers earn all sorts of income depending on what it is, and some can earn thousands of dollars per post.
  • Affiliate Marketing: Creators can promote products and link to them on websites such as Pinterest and Instagram to earn commissions. Creators earn money by generating revenue from their content.
  • Merchandise Sales: On platforms like TikTok or YouTube, creators are able to sell branded merchandise from their profiles, thus adding an extra slice to their pie, which is ad revenue.
  • Creator Funds and Programs: The Creator Fund that TikTok and Pinterest run pays creators directly based on views and engagement metrics.

Based on the available data, the following is a side-by-side comparison:

TikTok

TikTok is a global social media network that is among the biggest. Most of the funny videos we see online are picked from the app, where thousands of creators are recording and posting videos on various topics, from dance routines to comedic skits.

TikTok

TikTok is widely used in the United States, and many influencers on the Chinese app are succeeding. However, this application is not solely based on influencers to make money.

Participation in the popular social media platform TikTok pays the content creators.

To qualify for these financial incentives, you must satisfy the following criteria:

  • Receive the geographic criteria set by TikTok which include living in certain countries such as the United States, the United Kingdom, Germany and Spain.
  • Videos that follow the community guidelines of TikTok.
  • Have at least 10,000 followers.
  • Post TikToks that get a minimum of 100,000 views within a 30 day period.

Once you have verified that you meet the above-mentioned prerequisites, you can click on the ‘creator’s tool’ icon. Specific factors are considered by TikTok to automatically calculate funds.

While you might not earn as much as an influencer, it’s still a viable way to make extra money. On the positive side, it won’t stop you from working with brands and publishing sponsored content.

Instagram

TikTok is not the only social media platform that will pay you the most in 2024, Instagram is also on the list. If you are creative, you can make money on Instagram. Reports say you can make about $17 an hour or $34,624 a year. It shows that Instagram can be profitable. But it is not easy. You must keep producing content, keeping your audience engaged and not burning out.

Instagram

To be successful on Instagram and make money, you need to do a couple of things first. First, you need to get a lot of followers and understand your mission. Consisting of publishing high quality content all the time and engaging with your followers creates a community of admirers. As you will gather quite a few followers, it is time to collaborate with companies to sell their products through the app or promote their products.

How much money you make on Instagram depends on what you do. We should examine the following: The remaining 45% goes to Instagram, and you get 55% of the revenue from IGTV ads. But Instagram Live insignia creators keep all of the income they make from Instagram Live insignia, even after Instagram takes a cut for transaction processing. Supporters buy these badges during live videos to show their appreciation for their favorite creators uniquely. It enhances the ideas between the creator and the follower, creating a better upcoming content.

YouTube

The best platform for content creators of all types is YouTube. A report says that YouTubers make an average of $68,714 a year. If they have one million subscribers, they could make more than $900,000 a year. But your income can swing wildly. Once you meet the prerequisites for the YouTube Partner Program, you usually get about $0.01 to $0.03 per view. You can also make money through channel memberships.

YouTube

In order to start making money on YouTube, you must follow the rules set by YouTube Partner Program (YPP). You need at least 1,000 subscribers and 4,000 hours of content viewed in the past year. Once you’ve reached these milestones, you can activate ads and set up channel memberships in YouTube Studio. Following these regulations will help you start earning money and growing your audience.

Adverts and channel memberships are your primary sources of revenue. Advertisements make money when they appear next to videos. Channel memberships work in a similar way to subscriptions. Fans have to subscribe in exchange for exclusive content and benefits. Creators get a portion of the revenue depending on the form of advertisement and the audience.

You set up channel membership prices and keep 70% of the revenue. The remaining 30% is captured by YouTube.

Snapchat

Statistics show that Snapchat pays $1 million daily for content created inside the application. It makes it an excellent platform for content creators.

Snapchat

Snapchat’s recently implemented feature, “Spotlight,” does all of this. This aspect of the platform allows for users everywhere to post their best pictures to be seen by the public.

When submitting your photographs to the Spotlight platform, there are only two factors to consider:

  • It must comply with the guidelines.
  • It can be moderated to meet the criteria.

If your Snap goes viral on Spotlight, Snapchat contacts content creators to pay them.

Individual challenges carry a prize sum of $1,000 to $25,000. They are much more likely to qualify if they have an online presence.

Pinterest

For creators from underrepresented communities in the United States, Pinterest is a great resource. It is a beloved venue, allowing creators to show off their talents to receive huge payouts.

Pinterest

Pinterest’s Creator Fund program is meant to fully fund these creators. It includes advertising budgeting assistance, strategy consultation and economic incentives for content creation.

The fund is able to support 18 creators who can create unique content that attracts public attention. However, you will need to apply to take advantage of the program’s benefits.

Unlike other programs, this one is meant to help new creators, not established social media personalities. Therefore, it is a good choice for those who are new to the industry and want to earn money online.

X

On X (formerly known as Twitter) you don’t get paid upfront, but you can make money from your posts. Sponsored tweets usually pay $0.50 to $1.50 per 1,000 followers. If people like your work, they can leave a gratuity, just like you can leave a tip at a restaurant. Twitter’s Tip Jar, and other ways to monetize your tweets, make this possible.

X social media

In order to make money on Twitter, you have to follow specific rules. You need at least 10,000 followers, and a particular number of tweets per month. The Twitter Tip Jar is also only available to users of the English language app at this time, but Twitter plans to make it available to other languages in the future. Some limitations exist, but there are viable revenue streams offered for creators using Twitter.

Therefore, in 2024, there are three viable options for earning revenue on Twitter:  You can either participate in affiliate marketing, manage their accounts, or use Twitter Ads. You can also set up your personal identity, sell digital products, or organize paid events. You can also participate in the X’s Creator Ads Revenue Sharing Program to generate advertising revenue. You can just use your strengths and build a connection with your followers to explore revenue streams on the platform.

Facebook

Facebook

Partnerships with organizations and corporations are what generates your revenue on Facebook. Also, people who watch your videos make money. You’ll earn $1-$7 for each 1,000 views, but that figure may change based on the type of video and when it is recorded. Creators can make money on Facebook in several ways. They can include brief advertisements, known as ‘ad breaks,’ in their recordings and that brings in income. Exclusive content may also be provided to fans who pay a subscription charge.

Your most effective way to generate revenue is through videos. There are four primary methods for achieving success: making money by selling merchandise, getting viewers to subscribe, and putting ads in your videos, as well as live streams. To run ads, you need at least 10,000 followers, 600,000 minutes viewed recently, and five active videos. 10,000 followers or 250+ regular viewers, and lots of engagement, like 50,000 likes or 180,000 minutes viewed recently, are needed for fan subscriptions. You can view viewers who have the option to purchase stars and send them to you during live streams, which will increase your revenue. Facebook wants to help creators make money by keeping user’s attention.

Another way is to work with brands to advertise their products. But the amount of money you make is dependent on the regulations and the Facebook system. Thus, to keep earning revenue, it is necessary to keep the audience interested and follow the rules.

In conclusion

In 2024, it makes sense to make money on any social media platform, whether you are a business or a creator. We talked about the most profitable social media platforms, and we found that TikTok, Instagram, YouTube, Snapchat, X and Facebook are like treasure containers that need to be unlocked. TikTok’s Creator Fund, YouTube’s ad revenue, Snapchat’s Spotlight, and many more are all opportunities for you to profit. But it’s important to note that the secret to success on these platforms is to create content that speaks to your audience.

Ready? Let’s talk about
your dream project.