Hello, greetings to one and all. This is Jack Lookman, welcoming you to our series:
Jack's Curated Business Ideas.
Today's topic is:
Collaborative YouTubing - Blogging - Vlogging - Youtube
1. THE IDEA
It is basically about profit sharing from the proceeds of a successful YouTube channel. The profit shall be shared by team members, stakeholders, and interviewees. The profit-sharing formula app could also be used.
2. REQUIREMENTS
You need a YouTube channel, human resources, an internet connection, a digital device or devices, the profit sharing formula app, content creation, and a positive mindset.
3. MODE OF OPERATION
Firstly, create a YouTube channel in the niche(s) of interest and have as many interviewees as necessary. You also need to have a team for execution. You need to encourage viewers to subscribe to your YouTube channel as well as to: like, share, subscribe and repost the content shared. You may also have stakeholders such as investors where necessary.
Monetising your YouTube channel is another thing you need to do.
Once the channel becomes monetised, you will share the profit pro rata by leveraging the Profit Sharing Formula App based on the relevant agreed terms and conditions.
The sharing formula should directly relate to the cumulative number of views, the views per video, monthly income generated, etc. This shall continue for as long as this YouTube channel is monetised. There shall be minimum YouTube channel income thresholds for ease of administration.
4. BENEFITS
All concerned parties shall benefit financially for as long as the income is generated. The team and stakeholders shall be incentivised to promote the videos, including the interviewee. The burden of promoting or marketing the YouTube channel could be lifted off the content creator. Therefore, the content creator can focus on content creation and this gives all stakeholders, including the team and interviewees, a sense of ownership. This process is a fair way of remunerating all stakeholders. The profit sharing, especially for a very successful YouTube channel could be for a lifetime. Residual or passive income may be generated for stakeholders.
5. THREATS AND WEAKNESSES
There could be fraud, dishonesty, conflict, and greed. The YouTube channel could be terminated, there could be administrative errors, miscommunication and there could be breach of trust.
6. LEGALITIES
This shall include an exit strategy, for those wishing to opt out, or if there’s conflict, death, ill health or otherwise. There shall be agreements, Terms and Conditions, and contracts in place. These shall be useful in managing conflict. You need to effectively manage expectations and to include disclaimers to indemnify yourselves.
7. CASE STUDY
Let us look at a case study of a YouTube channel, where successful husbands are interviewed to share experiences. The team is composed of the content creator, who is also the interviewer, the video editor, the investor, and the interviewee (Let us call him Mr. Lagbaja).
After 6 months, the YouTube channel is monetised and there is usually one interview per week with different husbands.
Let us focus on Mr. Lagbaja. The agreement is that the profit is shared in a ratio of 1:1:1:1, which means each of the stakeholders gets 25% of the profit per video. This will be prorated based on the monthly income from YouTube.
For example, in the sixth month or when YouTube starts paying, assuming the gross number of views for the channel was 600,000 and assuming the views for Mr. Lagbaja's video was 120,000 and assume that the income from YouTube during the sixth month was £1,000. Now, if you are going to calculate the money for the sixth month due to Mr. Lagbaja, it will be one-quarter times 120,000 views divided by 600,000 views and then multiplied by £1,000.
Therefore, out of the £1,000 for the sixth month, Mr. Lagbaja gets £50.
For the seventh month, let us assume the total number of views for Mr. Lagbaja's video is 125,000, let us assume the gross views for the YouTube channel is 700,000, and let us assume the YouTube payment to be £800. If you use the same calculation, it is going to be 125,000 views for Mr. Lagbaja divided by 700,000 views which is a gross number of views, times £800 divided by 4 and that comes to roughly £35 for Mr. Lagbaja.
Please be mindful that Mr. Lagbaja is only getting a quarter of the prated views for his videos, which in this case is 125,000. Do not forget that there are other people you have interviewed and also their views shall accumulate as well.
For month eight, let us assume the total number of views for Mr. Lagbaja is 130,000 cumulatively. Let us also assume that the gross views for the YouTube channel is 950,000. Now, assuming the YouTube payment for the eight months is £900, using the same calculation, Mr. Lagbaja gets approximately £30 in the eighth month. The same calculation can be applied for the remaining months.
8. CALCULATION FORMULA
a = number of video views
b = number of Youtube channel views
c = agreed percentage per video - Mr Lagbaja = 25%
d = payment from Youtube (£)
e = date of payment
f = amount due to Mr Lagbaja
f = c /100 * a/b*d/1
You could also create a spreadsheet with the formula, to ease the process.
9. DISCLAIMER
This presentation is just an idea. Nothing is guaranteed. It is up to you to carry out due diligence. Monetisation requires many hurdles. We do not take any responsibility for loss of income or any related disappointments. It is up to you to perfect the idea and use it to your benefit.
10. ADMINISTRATION
You might want to collect contact details of all stakeholders, such as their names, email addresses, mobile numbers, bank account details (to make payments to them when necessary), etc. You might also decide to get the details of the next of kin of the stakeholders, in case, the stakeholder becomes unwell or in case he passes on and you want to continue the legacy. You may also consider administrative charges to be deducted in administering the process and this might be a percentage of whatever money you make, or you may cost it accordingly. You can also consider deducting tax either from the source or maybe that will be the responsibility of the stakeholder.
11. POINTS TO NOTE
If the video editor chooses to be part of the profit share, then he does not get paid directly for his services. His payments or remunerations shall be the profit share which he will get monthly depending on payments from Youtube. There may or may not be a need for an investor if the content creator has the financial resources required, for example, the gadgets he is going to use for the content creation, payment for human resources, any incidental expenses, etc.
Finally, because of the above, the profit-sharing calculations may be amended accordingly. For example, if there is not going to be an investor, that means you might share the profit between the three parties. For example, if you are going to pay the video editor up front, then he may not be included in the profit sharing.
I hope you have gotten the idea of how collaborative YouTubing works. You know you are going to leverage profit sharing and you are going to leverage the Profit Sharing Formula App as necessary; that way, whenever you make a profit, you share this pro rata with all the concerned parties. Though we used Mr. Lagbaja as a case study, you might replicate the same thing for other interviewees in the process.
For example, if there was Mr. Lagbaja, if there was Mr. Lasogbe, if there was Mr. Femi and each of them was involved in different interviews, you might also want to replicate the same process for them.
If you do not interview people but what you do is create content, then it shall be up to you, the video editor, investor, and other stakeholders, to share the profit accordingly. If you decide to do all the work and investment, then you have all the money to yourself.
If you are involving team members or stakeholders, this is a formula for sharing profit. One of the other benefits is that you do not need much capital to start your YouTube channel. Therefore, those who invest in the process (the stakeholders), can share the proceeds of the business, and everybody is happy.
12. Useful Links:
Jack’s Curated Business Ideas - Over 100 Curated Business Ideas
Jack’s Mentoring 101
Juwon Ogungbe
Profit Sharing Formula App
Jack Lookman’s Social Media
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Curated Business Ideas - Videos
Book A Chat With Jack Lookman
Business Collaboration With Jack Lookman
Jack Lookman’s Courses
Jack Lookman Limited
Jack Lookman’s Paperbacks
Jack Lookman’s eBooks
Youtube channel
Thank you very much for your time. I hope that you got some value.
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