Alessandro Biascioli / iStock.com
Gen Z knows how to make money when the going gets tough, and 2023 is looking like it’s going to be a tough year indeed. With inflation still raging and a global recession looming, this young generation is having to work extra hard to make ends meet – and for many, social media will play a big part in making money in the new year.
Looking back: year in review 2022
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According to a new report from Instagram, 64% of Gen Zers plan to make money from social media in 2023. What options do they have to do this? Let’s have a look.
Metaverse monetization
“Metaverse monetization can be accomplished through the creation of virtual goods and services,” said Sam McGraw, Founder and CEO of Design Hub.
“For example, players can create and sell virtual items such as virtual clothing, furniture, and weapons, and offer services such as fast travel, custom orders, and more. In addition, the monetization of a metaverse can be promoted by encouraging users to participate via rewards or virtual currencies. This could be used to buy goods and services or enhance their avatar.”
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become an influencer
It’s a bit obvious, but hey – it holds!
“Gen Z should think about upgrading their social profiles [if] They enjoy spending time online and create content a lot,” said Carl Jensen, founder of Compare Banks.
“By focusing on a specific niche market, they can target specific people by targeting their problem areas and producing more specialized content. As their fan base grows, they can start experimenting with different types of content to see which generates the most engagement, and sponsorships will find their way. [However], it will take time to turn a profit and turn it into a legitimate business. Additionally, [one] should conduct preliminary investigations as there is fierce rivalry in some areas.”
affiliate marketing
“Affiliate marketing is easy and doesn’t even require an upfront investment to get started,” said Alex Micol, a 25-year-old self-made millionaire who made $30 million last year from affiliate marketing on social media platforms.
“By leveraging their existing social media platforms, Gen Z can work directly with brands and businesses they care about to offer referral codes to their followers as part of a paid sponsorship deal. This is a win-win as the Gen Z social media influencer will monetize based on click through rates and referral code usage as the brand sees an increase in traffic and purchases.”
User Generated Content
“One of the best ways Gen Z can make money on social media is through user-generated content, but not through the typical lens of influencer marketing,” said Sarah Walsh, brand strategist at Branch & Bramble. “Instead, Gen Z supports lifestyle brands that need a diverse representation of their target audience who use their products in their daily lives. A profitable business can be built with a phone that takes quality pictures and a curated social media feed.
“Take a home products company as an example,” Walsh continued. “They want to appeal to a Gen Z audience that prioritizes eco-friendly cleaning products, but they can’t keep showing the same few brand images over and over again. Instead, they turn to these Gen Z UGC creators to take photos or videos of how they use the products in their lives. Maybe it’s an everyday video of them cleaning their home, or maybe it’s a highly stylized photo that perfectly captures the brand aesthetic. Because there’s a high demand for UGC, Gen Z creators who have a curated social feed as an example of their work can realistically charge several hundred dollars for a small bundle of photos and thousands for an aesthetically pleasing, high-quality video — especially the one Working with bigger brands. From there, the price point only increases based on the skill level of the creator and the exclusivity required by the hiring brand.”
to blog
“Many Gen Z writers have generated revenue by sharing their thoughts [via blogging] about travel, finance, gardening, etc.,” said Adam Garcia, CEO and owner of The Stock Dork. “It’s quite popular because blogging gives you flexible time, which means you can write whenever you want and pause when you get tired.”
How Much Can Gen Z Make From Social Media? It depends
“Because the industry is so young, we see that variability is a big part of how much these creators make,” said Gigi Robinson, a 24-year-old who has built his business through social media over the past two years. “Not to say that won’t become more standardized over time, but right now there’s too much at stake to say exactly how much you can earn and when.”
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