Which Social Media Platform Pays the Most in 2024? The Ultimate Guide to Earnings

In an era where social media platforms are the most efficient marketing tools, reaching directly and efficiently to your target audience, questions like “Which of the social media platform pays the most in 2024?” and “How much can you profit on social media platforms?” become more present, and especially in the younger generation. With platforms like Instagram investing over $1 billion in creator earnings programs and TikTok boasting over 2 billion monthly users, the landscape for creators is rich with monetisation opportunities. But which social media plaform generates the most money?

Join us as we explore and compare popular platforms like TikTok, Instagram, Youtube and Facebook to figure out which social media platform pays the most in 2024. 

TikTok

TikTok has emerged as an empire in the realm of social media, especially when it comes to monetising content creation. Central to a TikTok influencer’s income are brand partnerships and sponsorships, with payments varying significantly based on follower counts. So how much TikTok creator pay? For instance, social media influencers with 1,000 to 10,000 followers might earn $20-$150 per post, whereas those with over a million followers can earn $1,200 and upwards with no upper limit.

Payment Structure and Opportunities

1. Creator Fund and Marketplace: TikTok rewards creators through its Creator Fund based on video views, engagement, and other metrics. Additionally, the TikTok Creator Marketplace serves as a platform for brands to collaborate with creators, where payment is influenced by follower count, account statistics, and the specific niche of the brand.
2. Live Gifts and Diamonds: During live videos, viewers can send gifts, which TikTok converts into Diamonds, valued at $0.05 each. Creators can cash these out once they accumulate a sufficient amount.
3. Merchandise Sales: Social media influencers with a large and engaged fanbase also have the opportunity to sell branded merchandise ranging from t-shirts to hoodies.

Earnings Potential

• Average and Median Salaries: While the average salary for TikTok influencers stands at $121,765, the median salary ranges between $15,000 and $25,000, indicating a wide disparity in earnings among creators.
• Creator Rewards Program: This program significantly boosts earnings for those producing high-quality, original content. Reports suggest some creators have earned up to $19,000 in just four months through this initiative.
• Biggest Earner: Charli D’Amelio, a popular TikTok user, was reported to have earned $17.5 million in a year, making her the highest-earning TikToker.

Demographics and Growth

TikTok’s user base primarily consists of young adults aged 18-24, accounting for the largest share of its advertising audience. The platform’s rapid growth, with a 100% increase in users from 2020 to 2022 and an additional 13% uptick in monthly active users by 2023, underscores its expanding influence and potential for content creators to profit.

Social media influencers make money on TikTok, and creators can leverage these diverse revenue streams to maximise their earnings, making it a lucrative platform for those looking to profit from social media in 2024.

YouTube

YouTube stands as a formidable contender as the social media platform pays the most in 2024. With a staggering user base nearing 2.5 billion globally, YouTube offers multiple streams of income through ads, memberships, and more, making it a lucrative platform for content creators.

Revenue Streams on YouTube

1. Ad Revenue: Predominantly, 56% of channels earn through YouTube ads, with creators taking home 55% of the ad revenue. This translates to approximately $0.018 per ad view, accumulating to about $18 per 1,000 ad views.
2. Sponsored Content: Channels focusing on sponsored videos see an average monthly earning of $1,684, highlighting the lucrative nature of direct partnerships with brands.
3. Merchandise and Digital Products: Selling physical products and digital offerings is significant, with average earnings of $2,178 and $1,850 per month, respectively.
4. Affiliate Marketing: Channels leveraging affiliate links generate an average of $725 monthly, proving effective for product-focused themes.
5. Memberships and Patreon-Style Support: These platforms provide a steady income stream, with average monthly revenues of $1,264, though they require more engagement and upkeep from creators.
6. Biggest Earner: MrBeast is presently the most highly-paid YouTuber. He produces highly engaging content by utilising well-established content themes on YouTube. His videos are characterised by frequent fast-paced editing, ironic humour, and pranks or surprises that involve unsuspecting individuals from the public. It is estimated that the world’s most popular YouTuber earned approximately $82 million in 2023.

Optimising Earnings on YouTube

• Quality and SEO: Utilising high-quality production tools and optimising video SEO are crucial for maximising visibility and earnings.
• Engagement: Active engagement with the audience boosts video performance, directly impacting revenue potential.
• Diversification: Encouraging a mix of revenue streams, such as ad revenue, memberships, and merchandise sales, can help stabilise income.

YouTube’s comprehensive analytics and monetisation tools equip creators with the necessary resources to thrive financially. Whether through traditional ad placements or innovative formats like YouTube Shorts, the platform remains a top choice for those looking to profit from social media in 2024.

Instagram

Monetisation Opportunities on Instagram

Instagram offers a variety of monetisation tools that empower creators to generate revenue through diverse channels. Here’s a breakdown of how Instagram facilitates creator earnings:

1. Brand Collaborations: Social media influencers engage with brands to promote products or services. Earnings are influenced by follower count and engagement rates.
2. Affiliate Marketing: Creators earn commissions from sales via product tags in posts, stories, and reels.
3. Badges in Live Videos: Available to creators with at least 10,000 followers, these badges can be purchased by viewers during live streams to show support.
4. Merchandise Sales: Creators can open an Instagram shop to sell products directly to their followers.
5. Reels Ads: A new initiative where creators make money on social media based on the viewership of their reels, image and video ads.

Earnings Potential Based on Influence

• Micro-Influencers (1,000 to 10,000 followers): Can earn an average of $901 per post.
• Mega-Influencers (over 1 million followers): Average monthly earnings are around $15,356.
• Biggest Earner: Cristiano Ronaldo is a globally recognised football player who needs no introduction. For those who are not familiar with sports, he is a Portuguese footballer and one of the greatest players of all time. On Instagram, he has an estimated average price of $3,234,000 per post.

Subscription and Exclusive Content

Creators can also monetise exclusive content through Instagram Subscriptions, choosing from eight price points ranging from $0.99 to $99.99 per month. This feature allows fans to access unique content, further boosting potential earnings.

Engagement and Growth

Instagram’s high engagement rates, notably four times higher than Facebook’s, play a crucial role in the platform’s monetisation effectiveness. The platform’s focus on visual content like Reels generates significant interaction, with these posts garnering more likes and saves compared to regular posts.

By leveraging these monetisation strategies, Instagram offers substantial earning potential for creators across various niches and follower counts, making it a competitive platform for monetising social media presence in 2024.

Facebook 

Monetisation Opportunities on Facebook

Facebook’s expansive reach and diverse user base make it a prime platform for monetisation, offering various avenues for creators to generate income. Here’s an overview of how Facebook supports creator earnings:

1. Ad Revenue and In-Stream Ads: Creators can earn from ads placed in their live or pre-recorded videos. Facebook shares a part of the ad revenue, incentivising creators to produce engaging content. 
2. Performance Bonus Program: Recently expanded, this program rewards creators for high-engagement posts across various formats, including photos, text, and videos. It’s now accessible to more creators globally, enhancing earning opportunities.
3. Stars and Fan Subscriptions: Viewers can purchase Stars to send during live videos as a form of support or subscribe for exclusive content, creating a steady income stream for creators.
4. Sponsored Content and Brand Partnerships: Leveraging its massive user base, Facebook facilitates lucrative brand collaborations, allowing creators to monetise their influence directly.
5. Facebook Marketplace and Affiliate Marketing: Creators can sell goods or promote products, earning through direct sales or affiliate commissions.
6. Biggest Earner: So where can you profit more from Instagram or Facebook? We couldn’t find any data regarding who the biggest earner on Facebook is, but according to popular YouTuber Nas Daily, who presented his top social media statistics in March 2023, 42 million viewers in Facebook Reels generated $0!

Enhancing Earnings on Facebook

To maximise earnings, creators should focus on several key strategies:

• Engaging Content Creation: High engagement rates directly correlate with higher earnings, making compelling content crucial.
• Regular Posting and Community Interaction: Consistency and interaction with followers build trust and enhance community support, boosting overall engagement.
• Utilisation of All Monetisation Features: Diversifying income sources through ads, subscriptions, and sponsorships can lead to more stable earnings.
• Strategic Use of Analytics: New metrics in In-Stream Ads Insights help creators adapt their strategies to succeed under the evolving payout models.

By integrating these monetisation features and focusing on community engagement and high-quality content, Facebook provides content creators with substantial opportunities to profit in the competitive landscape of social media in 2024.

Wrapping Up: Which Social Media Platform Pays the Most in 2024?

Monetising content on social media platforms like TikTok, YouTube, Instagram, and YouTube offers various opportunities for creators to earn money. However, the amount of money earned depends on the number of followers, content quality, and engagement rates. It’s best to have a digital presence on multiple social media platforms but prioritise ones with the highest potential for profit and engagement. Don’t forget to have fun too!