Most Lucrative Social Media Platforms In 2024 [Ranked]

Learn what the most lucrative social media platforms to make money using are. I’ll cover my favorites and why I think they’re worthwhile.

Not all social media platforms are equal.

Some were trends that quickly fell out of favor, while others became a necessary staple to digital commerce and are here to stay.

If you’re curious as to which ones profit the most, we’ve listed an overview of the most lucrative social networks and any notable features about them.

1. Facebook

There was a point when many people thought Facebook was dying.

This is likely because younger generations seemed to stop using it as much and turned to other apps like “Snapchat” and “Instagram.”

If you were one of those people, you might be surprised that Facebook is still the top revenue-grossing platform on the market and shows no sign of slowing down.

This is because Facebook became a titan for businesses and advertisers to promote their products/services and is, to date, one of the best ways to connect with audiences.

2. Instagram

Instagram is an image-based media sharing platform that first made its appearance back in 2010.

Since then, it’s become a hub for socializing, influencers, marketing campaigns, and content creators.

Instagram revolves around “posts,” which are user-submitted images, often with captions and hashtags relating to the photo.

Additionally, users can edit these pictures with various editing tools such as filters, effects, stickers, and cropping.

A more recent development is that Instagram allows users to post videos and stream a live feed for their followers.

While Instagram was built upon image sharing, it seems to have been focusing on video elements more lately.

Another feature of Instagram is “stories,” which are slideshow-Esque compilations of affiliated pictures.

For example, a person may create a story of their trip to New York for their friends to see where they took pictures of all the places they went throughout the day.

Finally, businesses may find the Instagram Shop useful as it’s one of the best ways to market a brand on the platform.

The Instagram shop is like a digital storefront, where companies can post pictures of their products and advertise directly to shoppers who might be interested in their products.

3. TikTok

Originally known as “Musical.ly,” TikTok’s popularity has exploded in the past couple of years, with over a billion active users.

If you’re familiar with TikTok, you probably know the app as a short video-sharing platform for content creators and influencers.

Videos are typically around 15 to 30 seconds long, though they can support lengthier clips (up to 2 minutes now).

The second most popular feature on TikTok is TikTok Live, where users can live stream themselves to their followers, similar to Instagram.

This is often used for Q&A, but many creators also perform music, cook, educate, and other types of content.

Many of the top creators on TikTok use the “creator fund,” which is a revenue-based incentive for users and is contingent on a variety of factors such as the authenticity of views, number of views, and engagement.

4. Twitch

Twitch is a live streaming platform that is predominantly used by video game streamers.

There are other categories, such as just chatting, sports, and music, but gaming is the largest group on the site.

Many Twitch streamers make money through donations given by their viewers.

This should be a given, but higher volumes of viewers usually equate to more donations.

Streamers may also include a variety of incentives for viewers to donate.

Something to note about Twitch streaming is that it isn’t the best for finding an audience and generating followers.

Unless you’re an influencer with tons of pre-existing followers or a well-known business, you will most likely not use this platform to extend your reach.

5. YouTube

YouTube is a video-sharing platform.

It’s an incredibly versatile social media outlet and hosts almost any popular or niche category that exists.

Unlike TikTok, YouTube supports and promotes longer, more in-depth videos.

Many people who upload videos to YouTube are content creators who leverage the website’s algorithm to find and entertain specific audiences.

Many who make a living off of YouTube do so through sponsorships and selling their brand, but there is another popular method.

The YouTube Partner Program is a built-in monetization mechanism for qualifying creators to generate revenue through views and ads.

To become a YouTube partner, there is an application process and a few guidelines to adhere to if you qualify.