Millionaire Millennials: How The Internet Created A New Wave Of Entrepreneurship

But this certainly isn’t true for today’s YouTube and social media stars. Many started by filming videos as a hobby and have slowly created business portfolios worth millions. The short-term loan broker Money Pod has recently investigated this phenomenon of young people making their fortune online.

They found that many social media stars were using multiple income streams to build not only their following but also their fortune. For YouTubers, the payments directly from the video streaming site isn’t actually that enticing, with every 1000 views of the ad at the start of a video equating to €.80 to €8. And that’s only if viewers watch the whole ad.

To supplement this income, there are many opportunities to make additional money. Sponsorship means companies asking influencers to feature a product on their social media account or in a YouTube video. This will be paid for and can be very lucrative for those with a following in the millions. There are also affiliate links where a product will be featured, and a link included for viewers to purchase, every time a customer purchases through the link, the video or post creator will be rewarded.

Diversification As The Key To Success

These are the obvious starting points for making money through social media, but many of these young entrepreneurs have been even more inventive. Merchandise stores sell t-shirts emblazoned with catchphrases, books, and additional online content. Many influencers are also partnering with businesses to create limited edition products, such as makeup palettes and fashion lines.

And there are big bucks to be made online. Take Zoe Sugg, known as Zoella. She is a lifestyle YouTuber and her wealth is estimated to be €3,200,000 with approximately 12,000,000 subscribers to her YouTube channel. Zoella has diversified with product ranges selling in Superdrug and publishing several books. She also has more than one YouTube channel, offering vlogs of her day to day life and pairing up with friends to create more content.

It’s not just influencers who can make their mark on YouTube, though. There are some well-known stars who started their careers online, some of whom might surprise you. Most memorable of all is perhaps Justin Bieber who began singing online as a child and was quickly picked up by his now manager. More surprisingly, Ed Sheeran and Lana Del Rey both launched their careers online.

For much more information on this entrepreneurial trend, check out the full infographic:

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