From the inception of Facebook to the arrival of the behemoth newcomer Tiktok, it is clearly evident that today’s social media platforms are dominating the internet space. Of the 4.54 billion internet users in the world today, a massive 3.724 billion of them define themselves as active social media users with the average person having 7 to 8 social media accounts. Social media has definitely found a way to stay involved in multiple aspects of our lives.
Want to rant about a policy that makes no sense? Jack Dorsey’s Twitter gives you the space for that. Need ideas for a DIY Project? Pinterest’s got you. Want to share some thoughtful lessons with people who happen to work within the same industry as you? LinkedIn is there for you.
The point is, social media has given all of us a voice and the power to express ourselves creatively. And with this comes the ability to build an audience of people who relate to what we say or do. These people are called many different names on different platforms; fans, followers, subscribers etc.
Here’s what you should remember though, regardless of how connected social media makes us feel to our friends, families or our most cherished celebrities and influencers, it is still a business, not a charity project. As a result, the issue of monetization has been a major source of controversy in tech circles with some not agreeing with the methods some of these companies use while others remain in full support.
The point is not whether or not these companies are right. The point is if these companies are getting paid from the content you are producing, shouldn’t you get a piece of the pie too?
In 2020, Tiktok star Addison Rae Easterling reportedly made $5 million. According to GQ, Twitch sensation, Felix Lengyel also made $1.98 million last year alone. Celebrated soccer star, Cristiano Ronaldo is said to have been charging upwards of $400,000 per Instagram post in 2020 (yes, PER POST!) With all these case studies to draw from, we must admit that it is absolutely possible for creators to monetize their social media channels.
Unfortunately, however, deciding to monetize your social channel gives rise to another problem…Some people will definitely be willing to purchase your goods or services and might even donate to your cause but the question is- How do you get the money?
The likes of YouTube, Instagram, Twitch and other social platforms may have their own monetization and checkout options but all these come at a significant cost. Instagram and Facebook, for example, do allow sales of goods but charge a fee of 5% of income per shipment and $0.4 per shipment of anything less than $8.
Twitch implemented their own solution for donating called Bits. What happens is that viewers purchase bits, which is more or less a Twitch currency and use them to donate to their favorite streamer. Twitch does take a small percentage from this, depending on the streamer.
On average, expert streamers can make between $3,000 to $5,000 each month playing around 40 hours a week. That specific number doesn’t include ad revenue, which averages about $250 for every 100 subscribers. Twitch Partners and their subscription payments normally result in streamers taking home a generous 50% of the $4.99 per month cost while the platform takes the remaining 50%.
We’re not going to pretend that these tiny dents in your income will not affect you. They possibly might. But don’t panic, we have good news. There is a way to get access to all of your money. No commission cuts whatsoever!
PeachPay is a creator-found platform that seeks to empower freelancers and creators by helping them convert their passion into recurring income. PeachPay offers a very interactive easy-to-use platform with in-built e-commerce and monetization capabilities that helps creators receive payments quickly through a simple but accelerated checkout method. PeachPay doubles down on its promise of empowering creators by charging zero commission on the sale of their products. What that means is, if you make $500,000.00 selling your merchandise on Instagram, we’re not going to take a 5% commission. That money belongs to you. The only fee you will have to pay is a tiny payment processing fee that is charged by Stripe, PeachPay’s payment partner.
We recommend PeachPay not only because it’s going to save you a boatload of money but also because it’s a platform made by creators to serve creators. Ready to join the PeachPay Community? Click here and let’s help you get started