Monetization is the process of converting something into money. In other terms, monetization often refers to generating revenue from a non-financial asset, such as data or a customer base. The key to monetization is finding a way to turn something that doesn’t have a direct monetary value into cash. The most common way to monetize a product or service is to charge customers for its use. Monetization strategies for websites usually involve displaying advertising, selling products or services, or charging for access to premium content. . This can be done in a number of ways, such as through advertising, subscription models, or by selling digital products.
Example
- For example, a company may monetize its customer data by selling it to third-party marketers.
- The most commonly monetized social media platform is YouTube with MrBeast and Jake Paul as the highest-paid YouTube stars, estimated by Forbes.
Simplify Your Social Media Strategy.
With Social Champ, effortlessly apply the best practices you’ve just learned. Schedule posts, analyze performance, and engage with your audience—all in one place.