Wondering how influencers actually make money on social media?
From brand partnerships to consulting, we surveyed 350+ US-based influencers about how they monetize in 2024.
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
How Influencers Make Money in 2024
The results are in from 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
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.
7 of the Best Revenue Streams for Influencers & Creators in 2024
Here are the seven best revenue streams for influencers this year — according to both our survey and interviews with creators.
#1: Brand Partnerships
With a social media following comes influence — and brands are willing to pay a pretty penny to have you promote them to your audience.
Case in point: Brand partnerships is the highest earner across niches and followings, with 94% of surveyed influencers and creators cashing in.
#2: Affiliate Marketing
The affiliate marketing industry is expected to reach $36.9B by 2030 — showing massive signs of growth.
Tomi’s advice? Don’t only diversify your revenue streams — diversify your affiliate marketing earnings with different platforms, brands, and content types, too.
TIP: Earn from your favorite brands when you create a Later account.
#3: Consulting, Coaching & Freelancing
Offering consultation services or private coaching can be a great way to provide value — without a full-fledged video masterclass.
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 posts.
Learn more about making money by creating content for brands (without showing your face): What Is a UGC Creator? (+ How to Become One).
#4: Platform Creator Funds
From YouTube’s Partner Program (YPP) to becoming a Twitch Affiliate or Partner, 54% of surveyed creators earn by simply creating high-performing content.
The bad news? Platform creator funds aren’t accessible in every country and are sometimes discontinued.
#5: Selling Products & 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.
Whether it’s Lucas’ digital products or Kwame’s Cameo content — entrepreneurship based on your industry or niche opens up a world of earning potential (and creative freedom).
#6: Creating a Blog or Newsletter
Creators know first-hand that communication with your audience beyond social is important — especially among changing platforms and algorithms.
And with 13% of surveyed influencers currently engaging in exclusive content like blogging and newsletters, we predict it’ll become a bigger trend in 2025.
#7: 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.
Join Later’s Influencer Program to unlock your earning potential. Sign up now.
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).
Tomi, Lucas, Kwame, and Chantal all aim to pursue new opportunities in 2024.
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 Influence 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.
