When your YouTube videos begin attracting a large audience, you can turn those clips into an extra source of revenue by enabling monetization on your account.
Monetization is a simple process that starts once you to agree to YouTube's terms and conditions for advertising. Following this, you can allow ads to run with your videos, and YouTube will share of portion of the ad revenue with you.
Here are the steps that you can follow to monetize your YouTube account −
Sign in to your YouTube account, and then click your name in the sidebar to open your YouTube profile page.
Click the "Video Manager" link, click "Channel Settings" and then click "Monetization" to open the Monetization page. This page contains information on the types of videos that are eligible for ads. Generally, you can allow ads only on videos you create yourself, and you must have written permission to use any copyrighted material in the video.
Click the "Enable My Account" button at the top of the page, and then check the boxes indicating agreement with YouTube's terms and conditions.
Click "I accept" to enable monetization for your account. Even though monetization is now enabled for your account, you won't produce any revenue until you enable advertisements for individual videos.
Click "Channel Settings" in the sidebar and then click "Verify." Enter your phone number, select either "Voice Call" or "SMS," and then click "Submit." Google calls or texts you with a six-digit verification code that you must enter on the next screen. Once you submit the code, your account is verified and you can monetize your videos.
Click "Video Manager" in the sidebar to return to the Uploads page. Check the box next to one or more of your videos, and then select "Monetize" from the "Actions" menu at the top of the list.
Select the types of ads you want to allow with your videos. YouTube will always display banner ads above or to the side of your videos, but you can also allow preview ads to appear before a video, or allow overlay ads to appear as transparencies in the lower portion of your video.
Click "Monetize" once you make your selections. YouTube will preview your ads to make sure they meet the requirements for monetization, and then approve or reject them in about 48 hours.
In some cases YouTube may ask you for written documentation that you are the copyright holder of the material in the video. Your videos will be labeled "Monetized" on your Uploads page once they are accepted.