It depends, but writing (i.e., Medium) works best for me. However, YouTube is more advantageous for others.
Before focusing on crypto writing, I started making YouTube videos in 2019 until August 2022.
As I’ve contemplated returning to make videos once again about this industry, I asked myself these two questions:
1) Which is more profitable for me: Writing articles or making videos about crypto?
2) Which option will provide the best long-term growth strategy?
I mention YouTube and Medium, as we know that these are the biggest content-creation websites for video streaming and writing, respectively. However, I know Twitch, TikTok, IG, Dailymotion, Vimeo, WordPress, Substack and other platforms exist. For simplicity, I will stick to the first two.
YouTube – The Good, The Bad and the Downright Ugly
If there’s a place where you could find anything…legit, it would be YouTube.
From its humble beginnings in 2005, broadcasting quirky viral videos in 144 or 240p, to where it is today, with over 113 million content creators reaching 2.7 billion users worldwide, the service remains one of the biggest sources of info for crypto news and advice.
From a YouTuber’s perspective, the massive audience is both a blessing and a curse. Initially, it will be a real slog to work your way up the ranks, continuously build an audience and remain competitive.
Having said this, if you offer consistently high-quality and unique information for an audience delivered engagingly, then go for it.
For starters, there is the upfront investment in equipment, which should be the bare minimum if you play to pursue this path:
- A high-quality mic (a must in 2023)
- A good full HD/4K web camera if you’re gonna put your face in front of the screen
- Reliable and (ideally comprehensive) video-editing software
- Lighting
- Miscellaneous overheads
Photo by Eyestetix Studio on Unsplash
Then there’s the audience. Don’t pursue this if you’re overly sensitive to people’s comments and get too worked up about it.
Many keyboard warriors are f&$king ruthless when it comes to leaving bad comments. Dislike counts can be off-putting unless (for some bizarre reason) you plan to wear the idea as a badge of honour.
To put it bluntly, if you can’t handle the heat, get out of the kitchen or adapt and get used to it.
Crypto YouTube is a mixed bag – you get insight from some of the brightest minds with good intentions through to the most egregious, unscrupulous pieces of s&#t to traverse this Earth and everyone in between.
Once established, producing regular videos can provide ample revenue opportunities via ads, affiliate links and paid sponsorships. Calculated ads and paid sponsorships done in moderation can offer additional income streams unavailable on Medium, at least not directly.
Still, building a solid audience (both on the platform and social media) and regularly posting top-notch work on any platform will yield positive results over time.
YouTube earnings
$0.
No, this is not a joke. Despite getting more than 1,000 subscribers, I never exceeded 4,000 viewing hours in a 12-month period.
Pathetic, nonsensical, say whatever you want, I don’t care. I did it as a hobby and realised that writing is more up my alley, and I find it much more productive than producing videos. Nonetheless, I might return to making YouTube videos one day.
Writing on Medium
Ahh, this is where it gets much better. Then again, the only way is up from $0.
For starters, I prefer any service that does not bombard its readers with a combination of ads, clickbaity thumbnails and constant requests to “like” the video and subscribe to appease the algorithm.
Before you beat me to it, I know there’s YouTube Premium to avoid ads, but it’s far more expansive than Medium. Even then, the latter doesn’t have ads, even for its non-members.
Yes, I get that clickbait also exists on writing platforms in general, but to a lesser extent.
Medium attracts a better informed and “mentally mature”* audience, which rewards strong storytelling, thought-provoking pieces and well-informed educational pieces.
*Yes, it still has its share of charlatans, shills and bots, but far less junk than YouTube, at least from what I’ve observed.
There are not as many options as on YouTube regarding crypto and tech commentators, but it is expanding over time, and I see more excellent work published here. Then again, let’s focus on quality over quantity.
Jayden Levitt, Ignacio de Gregorio, Ann, Ren & Heinrich and Crypto Beat are some of the best and most consistent crypto and tech writers I have encountered here. I imagine more will join this platform in due course.
Regarding revenue, there is a much lower entry barrier to earning money on Medium, i.e., you can start earning as soon as you become a member, complete the relevant tax forms and begin publishing your creative work.
I believe this lower threshold than YouTube could encourage more people to persist with their work over time, even though you generally earn peanuts in the early days. Still, you’re getting some rewards from the beginning.
I prefer the platform’s model of encouraging its writers to become paid members to become eligible for the Medium Partner Program (MPP) and rewarding creators that provide more engaging and insightful content.
The modest $5 per month or $50 per year is a small price to help sustain this service that refrains from displaying ads, with this ongoing membership being used to distribute revenue amongst writers in the MPP.
Photo by Glenn Carstens-Peters on Unsplash
Medium earnings
Over $1,200 since January, but before that, it was sweet FA. For context, I barely wrote before 2023, which explains the negligible earnings.
I know $1,200 isn’t much, but it’s a start and far more than YouTube. For perspective, this puts me in the top 9% of writers that make more than $100 per month. Bear in mind that this is my average figure.
It is rare to achieve massive growth in a short period, as for most writers, your first 15-20 articles will earn you very little unless you are already well-versed in writing.
Remember that you need to provide quality rather than quantity. So, 15-20 is an arbitrary number.
Furthermore, the reality is that whatever you produce, you need to play the long game to make it big. Of course, there are exceptions to the rule, but don’t expect generous rewards upfront.
Image by author.
Final thoughts
Good things take time, whether you produce audio, visual or written content.
As per the former, podcasts, infographics and charts represent entire categories, which I have not yet explored.
Regarding the second question, “Which option will provide the best long-term growth strategy?” this will vary depending on a commentator’s or writer’s strengths.
For me, the truth is that I prefer writing articles and am much more productive at doing that than making videos. Moreover, it is much easier to link citations with words, and you can readily make changes to an article after publishing, unlike videos.
However, for many people, it’s the opposite. Some individuals have a knack for being in front of the camera and delivering their message in an energetic, entertaining and effective manner.
Others are great all-rounders and can readily adapt their work to cover several media types in their creative repertoire.
I mentioned a handful of writers earlier, but many more excellent people in the crypto space make a positive difference. Here is a list of my favourite crypto commentators across multiple platforms. It’s a 2023 piece, so the information is still relevant.
How do you prefer to produce and disseminate crypto information and news? I look forward to your comments and general feedback.
Thanks for reading, and happy crypto investing/trading.
Lorenzo
Disclaimers
- N.B. None of this is financial advice; I am not a financial advisor. You are solely responsible for crypto investments, let alone in any asset class.
- The opinions expressed within this piece are my own and might not reflect those behind any news outlet, person, organisation, or otherwise listed here.
- I received no incentive to discuss any of the products listed here.
- Please do your research before investing in any crypto assets, staking, NFTs and other product affiliated with this space
Featured photo by KAL VISUALS on Unsplash.